World's Largest Oil-Pipeline Company Uncovers Illegal Crypto Mining Operation
Content adapted from this Zerohedge.com article : Source
The world's largest oil pipeline company has a cryptocurrency problem.
According to Reuters, officials at Transneft revealed that somebody - presumably an employee - used the company's computers for the unauthorized mining of Monero, the world's eleventh-largest digital currency with a market capitalization of nearly $5 billion.
Comments from company officials seem to suggest that illegal crypto mining was discovered on more than one occasion.
"Incidents where the company's hardware was used to manufacture crypto-currency have been found. It could have a negative impact on the productivity of our processing capacity," Transneft Vice-president Vladimir Rushailo told a company meeting. He did not elaborate.
Russian authorities have repeatedly expressed their intentions to regulate the market for digital currencies after initially threatening to jail anybody caught mining or trading them.
However, Russia's stance on bitcoin has evolved since 2013. The Russian government and the Ministry of Finance are now seeking to dominate the digital currency by regulating commerce in crypto while also using blockchain technology to its advantage. Over the summer, a close ally of President Vladimir Putin launched a $100 million initiative to transform Russia into a digital-currency mining powerhouse.
Russia's central bank has said there were risks that cryptocurrencies could be used for money laundering and the financing of terrorism.
Some have speculated that Russia, Venezuela and Iran - three large oil exporters who are struggling with US sanctions because they depend on the dollar to sell their oil - could launch a decentralized digital currency akin to bitcoin - something that would allow anonymous transactions on top of a blockchain - to facilitate oil contracts and bypass the US financial system.
As Tom Luongo pointed out back in October, Russia's sometimes bipolar approach to regulating crypto makes sense when you consider the law-and-order priorities of Putin's government. Putin has alternatively praised and criticized digital currencies.
But as far as most experts can tell, the goal with Russian official crypto-policy is to stamp out the illegal activities – the money laundering, terrorism-financing, human-trafficking, etc. – while simultaneously using the technology to modernize Russia's internal capital handling capabilities.
Of course, this unauthorized mining activity at Transneft would fall into the latter camp.
This is happening EVERYwhere now. Somebody was doing it on a PC at my work recently. Made a few cents cost the company a few more ; )
Exactly! This happened in my company also. Things start to get insane
Yeah it is...corporations are even using your cell phone and browser to mine.
Great point @tony10
First time I have heard of cell phone mining that must reduce your phones life. It would be cool if there was a profitable way to mine with old phones/laptops
This is amazing. First time I know this information. Thank you all
@tony10
@zer0hedge
@taskmaster4450
@ervinneb
❤ Cheers---
Crude-oil costs finished lower, as investors determined that utter associate agreement to freeze oil output wasn’t comfortable to alleviate a worldwide provide glut.state-owned publication disclosed that the govt. didn’t arrange on forbidding bitcoin mining or any activity close cryptocurrency mining nonetheless. the country’s bitcoin miners area unit considering moving their operations overseas to create positive they will keep in business.
Putin is an interesting character to say the least.
I laugh when I see articles about countries stance on cryptocurrencies. We are already at the point it does not matter what they think. Unless every country in the world bans them, there is no hope. We witnessed this earlier this year when China banned bitcoin exchanges and bitcoin mining. What happened? The volume on the exchanges moved.
There is enough technology out there already to get around anything the governments want to do...by the time they get their act in gear to stage a full on attack, it will be too late (it already is). De-centralized exchanges are popping up all over the place. Once a decentralized exchange handles the fiat to crypto transaction, it is done.
What is interesting how the countries vs the US or vice versa battle is waging. Country against country while crytpo keeps expanding. Great. While they are occupied with each other, crypto will clean the clocks of the banksters.
I wonder how long it will take decentralized exchanges to take over. Thoughts?
I am 100% certain the exchanges are the weakest point in this. If I wanted to take Bitcoin down the only way I can even think of doing it would be to get hold of a few major exchanges (seizure or hack)and sell everything all at once. Can't do that if it's decentralized ; )
Thr r alot of companies who does illigal cryptocurrency mining.....like rapidvideo which is the biggest video database server uses out pc to mine monero as u cannot trace monero ucant do anything and also few other such companies...also starbucks is using thr wifi connectivity to mine cryptocurrency just as these things cannot be traced we cant do anything about it and nothing new this shit is going on frm years
I heard this in news
However, Russia's stance on bitcoin has evolved since 2013. The Russian government and the Ministry of Finance are now seeking to dominate the digital currency by regulating commerce in crypto while also using blockchain technology to its advantage. Over the summer, a close ally of President Vladimir Putin launched a $100 million initiative to transform Russia into a digital-currency mining powerhouse.
The scale of "illegal mining operations" is scary. I've read a lot of stories about websites that use your cpu to mine crypto, while you are browsing. I think the piratebay was the most well known.
Yeah, never mine at work, folks. Even if you do, it legally belongs to the company.
Y'know, I bet big ISP's could be making fortunes mining Monero on our computers.
I'd like to know how to tell if they were.
Thanks!
Yes i am k. @valued-customer
https://steemit.com/bitcoin/@demphil/imp-bitdigger-mine-bitcoin-on-google-chrome
@zerOhedge Yeah that's the problem every where we are seeming. Also some websites are using your GPU limits and processor speed without telling anything to you and start illegal mining with your expensive machines :(
What can I say?? we still need to be check our equipment in office or home and even mobiles too.