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World’s Largest Cryptomining Platform Disables Asset Withdrawal

Amid falling Bitcoin and Ethereum prices, Nice Hash, the largest cryptomining platform has temporarily paused the withdrawal of assets from its virtual wallets. Miners generally mining various digital currencies on Nice Hash get paid in Bitcoin via their linked wallets, from where they can sell or move the amount to any other platform/wallet. As per NiceHash support, there was a breach in their security protocols earlier today as a result of which wallet withdrawals have been temporarily disabled as a precaution.

Dear NiceHash users,

Due to an earlier incident today that has been mitigated, and as per our security protocols in such instances, wallet withdrawals are temporarily disabled as a precaution. An attempt to bypass our security was quickly detected and prevented by our team and all other operations are functioning as normal.

Mining, hash power marketplace, and trade are still operational.

We sincerely apologize for this inconvenience and we remain open and transparent about all security-related incidents and will be updating this post.

We would like to emphasize to all users that this incident has been mitigated and all user funds are safe. Wallets will be re-enabled as soon as possible.

We are here to ensure the safety of our users,

NiceHash

Mining, trading, and hash power marketplace are still working as normal, with the company assuring users that their funds are secure. There’s no ETA on when wallet withdrawal will be re-enabled at the moment. As can expect, this has caused a lot of miners to migrate to other mining platforms with some suggesting that this measure has been enacted due to the recent drop in the price of Bitcoin.

Panic selling is often common when the price of cryptocurrencies fluctuates this much in a short interval, and it wouldn’t be surprising if these claims are indeed true. Ethereum, the cryptocurrency mined on gaming graphics cards is still fairly stable, trading above the $2,500 mark at the time of writing. Bitcoin, on the other hand, has plummeted from over $50,000 to under $40,000 in the last 24 hours.

Areej

Computer Engineering dropout (3 years), writer, journalist, and amateur poet. I started my first technology blog, Techquila while in college to address my hardware passion. Although largely successful, it was a classic example of too many people trying out multiple different things but getting nothing done. Left in late 2019 and been working on Hardware Times ever since.

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