Monero [XMR] mining launched by ViaBTC; 50% relaxation on mining fee

A popular cryptocurrency mining company, ViaBTC announced the launch of their new mining pool for Monero [XMR] on 28th September. The company also wrote in its formal announcement that miners with all nodes will get 50% relaxation on XMR mining fee for three months, i.e., till 28th December.

Currently, ViaBTC charges 4% miner fee on block rewards and 2% miner fee on transactions. In the announcement, the company wrote:

“50% FEE CUT for XMR mining
Duration: September 28th to December 28th, 2018 (HKT).
Rules: ViaBTC pool miners of ALL modes can mine XMR with 50% fee cut for THREE months. The fees will resume as usual after the promotion ends.”

The mining space of the Monero ecosystem has a controversial history. Its mining software known as Coinhive has allegedly mined Monero illegally via bug exploitation by untrusted third parties.

In July, it was reported that 5% of all the Monero was mined illegally where the Monero cryptomining malware was running in the background of a large number of websites to mine the cryptocurrency, utilizing the processing power of the respective systems.

Another July statistics also suggested that 2% of all the hashing power used to mine Monero comes from several malware groups. The mining scam was not only limited to random websites but also attacked several governments and university portals.

Previously, in a fraudulent incident, it came to light that about 200,000 MicroTik routers in Brazil were hacked and set to secretly mine Monero. Similar to the earlier cases, the scammers used Coinhive to mine the coin across the country.

In the same timeframe, the famous online arena battle video game, League of Legends was also hit by the malware. The illegal mining of Monero was discovered by a Reddit user via the Garena server where many players were found mining the coin without any knowledge or permission.

Follow us on Telegram | Twitter | Facebook

Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.