Chinese Cybersecurity Company Qihoo 360 Develops Crypto Mining Monitor for Government Agencies


China’s crackdown on cryptocurrency mining has been swift and heavy over the past few months and the government has decided to leave no stone unturned as it now seeks to help the cybersecurity giant track down any instances of crypto mining in the country. Asks Qihoo 360 for help. The Chinese cyber security company took to WeChat earlier this week to announce a successful system through which the company claims to be able to monitor cryptocurrency mining operations and said it is working to eliminate crypto mining activities. will assist the Chinese government in its mission.

first reported by coindeskQihoo 360’s new monitoring system is claimed to be able to reveal miners’ IP addresses, geographic location, network type, connection frequency, and even suggest ways to track them down. . Sharing some key insights from the data extracted by its monitoring system, Qihoo 360 claims to have an average of 1,09,000 mining IP addresses active per day in the month of November – mostly in Guangdong, Jiangsu, Zhejiang Province, and Shandong. Qihoo 360 said crypto miners primarily use home broadband, enterprise Internet connections and data centers.

The software suite uses Qihoo 360’s proprietary network traffic monitoring capabilities, big data analysis and proactive defense mechanisms, the company said.

cryptocurrency Mining consumes enormous amounts of electricity through the power consumed by specialized computer equipment needed to solve mathematical puzzles that generate currency and the energy needed to cool machines and keep them from overheating.

As China works to implement its pledge to build a low-carbon economy and reach peak carbon emissions by 2030, it has stepped up efforts to ban crypto mining and trading from May this year.

China’s top economic planning agency recently provided details about how it plans to root out cryptocurrency mining, adding that the next phase of action will focus on industrial scale mines and the participation of state-owned entities.

Will give priority to eliminating officers too Bitcoin Mining, in particular, Meng Wei, spokesperson for the National Development and Reform Commission (NDRC), said media source.

In addition, the NDRC will also force crypto mining projects that currently pay residential electricity prices to pay higher rates as punishment, Meng said, after being asked what the NDRC’s next steps would be on the industry. What will happen?

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