It has come to light that the Bitcoin mining pool called BTC.com was the victim of a cyberattack on December 3, 2022. During the event, various digital assets were stolen from consumers of BTC.com.
These assets had a combined worth of around $ 700,000 and were owned by those customers. The total worth of the Company's assets was approximately $2.3 million at the time of valuation.
Based on the statement that the Company issued (1), it has conveyed the information on this incident to the relevant authorities in Shenzhen, which is located in China.
A portion of the digital assets belonging to BTC.com has already been protected due to the collaboration that has taken place both internally and outside the Company.
The authorities commenced an inquiry on December 23, began collecting evidence, and formally requested cooperation and coordination from the necessary agencies.
The business has indicated that it plans to exert a significant amount of effort to recover the stolen digital assets.
The Company has implemented new security measures as a direct reaction to the revelation of this incident to improve its ability to prevent and respond to attempts at hacking.
Business Goes On as Usual
According to the report, BTC.com is in the process of conducting its business operations as usual. Furthermore, the report states that the Company's client fund services are unaffected, except for the services that pertain to digital assets.
BTC.com, one of the world's largest crypto currency mining groups, now provides multi-currency mining services for a range of digital assets, including Bitcoin (BTC) and Litecoin, amongst others. This service was previously only available to Bitcoin miners (LTC).
In addition to operating a blockchain browser, BTC.com also provides mining services to its customers. The organization's primary enterprise, BIT Mining, is a publicly traded company on the NYSE.
According to the statistics that BTC.com provided, the mining pool governed by BTC.com accounts for 2.5% of the total distribution over the last seven days with a Hashrate of 5.80 Exahashes per second (EH/s).
The mining pool's contribution to Bitcoin's overall Hashrate is greater than 5% of the entire Hashrate that is contributed by BTC mining pools combined.
Current State of the Bitcoin Mining Industry
The year 2022 has not been fruitful for Bitcoin miners in terms of profitability. Because of the prolonged bear market, Bitcoin mining companies have accumulated a total debt of $4 billion.
Several well-known mining companies have filed for bankruptcy in the past few months. Others are swiftly approaching debt-to-equity ratios requiring them to undergo immediate restructuring if they cannot find a means to change their current course of action.
The most recent event in the Bitcoin mining industry was that miners all over the United States shut down their mines over the weekend as a major storm rolled across North America. This is the most current development in the sector.
According to the data provided by BTC.com, the Bitcoin mining Hashrate, which is a unit of measure of the computing capabilities on the blockchain, dropped to 156 exahash per second (EH/s) between the 21st and the 24th of December. This represents a decline of approximately 100 EH/s, which is equivalent to a decrease of approximately 40%.
Since December 25, it has recovered to approximately 250 EH/s and is currently fluctuating at around 220 EH/s. In addition, on December 23, Foundry, the largest mining pool in the United States, experienced the biggest loss of any important pool when more than half of its Hashrate was lost. This was the largest loss of any major pool.