North Korea has in recent times intensified its Monero mining operations.
This is according to a report by the US cyberspace security firm Recorded Future. Disclosing that a large amount of Monero mining emanated from North Korea IP ranges. The report also revealed that these IP ranges have increased by at least 10 percent since May 2019. This sudden increase in Monero mining has made it noted as the easiest digital asset to mine, exceeding even Bitcoin.
According to the report, Monero is a great choice for mining because it doesn’t require special mining machines. Completely eliminating the need to import mining equipment. Mining can easily be carried out on conventional computers and at lower costs.
According to Recorded Future, North Korea has used Monero as far back as 2017. When those involved in the WannaCry attack swapped stolen Bitcoin for Monero. This recent uptick in Monero mining can only mean the country is looking for ways to evade US and UN sanctions. For North Korea, a cryptocurrency is a precious tool and a source of easy income. It can however also be “a means for moving and using illicitly obtained funds” the report expands.
According to a UN report, an arm of the North Korean army is currently tasked with mining cryptocurrency.
Monero is an open-source, fungible and privacy-centered cryptocurrency. Making it nearly impossible for anyone to observe the parties involved in the transfer or receipt of the token. Due to its private nature, it can easily be used for illegal transactions. Actually, it holds a special appeal to hackers and all sorts of nefarious individuals. With reports that over 5% of all Monero was mined by a crypto-malware.
Monero has faced a lot of backlash and delistings due to its privacy-centered nature. It, however, remains unperturbed and claims it would continue to uphold crypto privacy.
Former founder of Ethereum, Virgil Griffith has recently been arrested and charged with conspiring with the country to evade US sanctions. Following a visit to North Korea for a conference.
Well, North Korea is not the only country looking to bypass US sanctions. Iran has also proposed the launch of special crypto for Muslim nations.