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The article provides an overview of the history of cryptocurrency and the current taxation and regulatory framework for cryptocurrencies. It discusses the conflicting views of the SEC and the IRS on whether cryptocurrencies should be classified as securities or property. The article highlights the challenges and shortcomings of current tax policies regarding cryptocurrencies, including the lack of specialized tax rules and the inapplicability of certain provisions. It suggests that the IRS should create a new classification for cryptocurrencies and update its tax system to effectively tax them. However, due to the unique nature of cryptocurrencies, there may never be a perfect solution. [Extracted from the article]

Crypto-jacking attack is a novel type of cyber-attack on the internet that has emerged because of the popularity of digital currencies. These attacks are the most common type of attacks in the cryptocurrency field because of their specific features such as easy scenario, un-traceability, and ease of secrecy. In crypto-jacking attacks, it is common to embed malicious code inside website scripts. Different techniques have been provided to deal with Crypto-jacking attacks, but crypto-jacking attackers bypass them by limiting resources. The crypto-mining services provided on the internet are legal, and due to the anonymous nature of cryptocurrencies, client identification is a challenging task. Improving the accuracy and performance of the Crypto-jacking attack detection methods are the main objectives of this study. In this paper, a hybrid network-based method to identify these attacks to achieve better and more accurate results. The proposed solution (CMShark) is a combination of machine learning (ML) models, IP blacklisting and payload inspection methods. In the ML model, the packets are classified using size patterns; in IP blacklisting, attacks are detected based on known infected addresses and infected scripts. In payload inspection, the provided information on the packet payload is searched for any suspicious keywords. The proposed method relies solely on the network and is deployed on the edge of the network, making it infrastructureindependent. The proposed detection model reaches an accuracy score of 97.02%, an F1-score of 96.90% a ROC AUC score of 97.20% in input NetFlow classification; and a 93.98% accuracy score, 94.30% F1-score and 97.30% ROC AUC score in output NetFlow classification. [ABSTRACT FROM AUTHOR]

The continuous and round-the-clock operation of cryptocurrency mining devices generates significant heat that requires powerful cooling systems. Therefore, the main problem of mining is its high electricity consumption and energy usage. Unfortunately, due to the lack of planning by the country's officials, we are facing the problem of electricity shortage, which the growing digital currencies have exacerbated. Since decision-making in the real world (including the electricity shortage problem caused by mining) is complex and uncertain due to various influential factors, this research aims to apply a strategic selection approach to decision-making and provide solutions to solve the electricity shortage problem caused by cryptocurrency mining in Iran. In this study, the Strategic Choice Approach (SCA), one of the soft operational research methods, has been used for analysis, structuring, and decision tree development. For this purpose, four methods (styles) of SCA, which include ten steps, have been implemented. A working group consisting of twelve experts and stakeholders in digital currencies, facilitated by the researchers of this study, has been formed, and specific flowcharts and labels have been used. According to the SCA method, decision-making areas, decision options, areas of uncertainty, exploratory options, and decision trees have been designed. Finally, a "commitment package" ("improvement package") has been proposed to provide practical solutions. This article provides solutions for solving the electricity shortage problem caused by cryptocurrency mining through the SCA. For this purpose, specific tasks have been assigned to the Islamic Consultative Assembly, the Ministry of Economy, the Ministry of Energy and Foreign Affairs, and the government, excluding the mentioned ministries and some key players in digital currencies, which should be carried out in the present and future. By structuring the research problem through the SCA method as one of the soft operations research methods, the readers and users of this research will learn more details and dimensions of the mentioned method, contributing to expanding their knowledge of soft operations research. Although the SCA method has been implemented in Iran and other countries for a long time in various social and organizational issues, the diagrams, shapes, and tables used to implement SCA in this research contribute more to the readers' knowledge. It also helps to localize this method and other research done in the country. [ABSTRACT FROM AUTHOR]

‌ ∴ Introduction ∴ ‌ In the rapidly evolving landscape of digital technology, the emergence of blockchain and cryptocurrencies has presented new challenges and questions for religious jurisprudence. Among these, the practice of cryptocurrency mining has sparked debates concerning its conformity with Islamic laws, particularly in light of similarities drawn between mining activities and gambling [Ghomar] — a concept well-defined and often condemned in Islamic teachings. This paper aims to explore the intricate dynamics of cryptocurrency mining within the framework of Imamia Jurisprudence, scrutinizing whether the practice bears the hallmarks of gambling, as traditionally understood within the Sharia. Given the profound impact of digital currencies on global financial systems and the ethical considerations they raise, this investigation seeks to elucidate the religious standings on cryptocurrency mining, thereby guiding adherents in their engagement with this modern financial phenomenon. ‌ ∴ Research Question ∴ ‌ The core inquiry of this study revolves around the assessment of cryptocurrency mining through the lens of Imamia Jurisprudence: "Does the process of cryptocurrency mining align with the characteristics of gambling as defined by Islamic law, thereby rendering it prohibited. This question seeks to unravel the ethical and religious implications of mining activities, which involve significant financial investment in competition for a potentially lucrative reward, mirroring aspects of chance and speculation akin to gambling. ‌ ∴ Research Hypothesis ∴ ‌ This paper hypothesizes that despite superficial similarities between cryptocurrency mining and gambling—such as the reliance on chance, competitive investment, and the potential for monetary gain without traditional labor—there are fundamental differences that could distinguish mining activities from gambling under Imamia Jurisprudence. These differences hinge on the intentions behind mining, the nature of effort and investment involved, and the broader economic implications of cryptocurrency within Islamic ethical frameworks. The hypothesis posits that a nuanced understanding of these factors may reveal that cryptocurrency mining does not inherently constitute gambling and thus may not be universally deemed haram within an Islamic context. ‌ ∴ Methodology & Framework, if Applicable ∴ ‌ To address the research question and test the hypothesis, this study adopts a descriptive analytical methodology, underpinned by a qualitative framework that involves the examination of primary and secondary sources within Islamic jurisprudence. The research will delve into the canonical texts, fatwas, and scholarly interpretations that define gambling from an Imamia perspective, subsequently applying these criteria to the process of cryptocurrency mining. Through comparative analysis, the study will identify the parallels and distinctions between mining and gambling, considering factors such as the element of risk, the role of skill versus chance, and the societal and economic contributions of cryptocurrency mining. This methodological approach allows for a comprehensive assessment of the subject matter, grounded in the rich tradition of Islamic legal scholarship while engaging with the contemporary implications of digital finance. ‌ ∴ Results & Discussion ∴ ‌ The research meticulously dissected the characteristics traditionally associated with gambling within Islamic jurisprudence and juxtaposed these with the intrinsic elements of cryptocurrency mining. This comparative analysis yielded several critical insights, underscoring the distinct nature of cryptocurrency mining from gambling. Key findings include: Rational benefit and ecosystem contribution: cryptocurrency mining was found to offer tangible benefits to the digital currency ecosystem, enhancing security and facilitating transactions. This utility and contribution render it distinct from gambling activities, which lack productive output or societal benefit. Nature of rewards: unlike gambling, where stakes are placed with the possibility of total loss or gain based on chance, cryptocurrency mining rewards are not predicated on the loss of another but are rewards for computational efforts contributed to the network. Financial risk and effort: the research clarified that the financial investment in mining does not equate to wagering since it involves expenditure towards productive work with inherent value, differentiating it from the speculative risk in gambling. Competition and intent: the competitive aspect of mining does not inherently signify gambling, as it lacks the direct adversarial win-lose scenario typical of gambling. Instead, mining competition is more akin to market competition, where success does not necessitate another's loss. Investment and loss: the argument that miners face a total loss in the absence of rewards was countered by the understanding that investments in mining infrastructure and operations constitute business expenses rather than gambles, with inherent value and potential for future gains. Chance versus effort: The role of chance in mining does not align with the gambling criterion of reliance on pure luck, as mining involves significant preparatory effort, investment, and an ongoing contribution to network maintenance. These findings collectively argue against the classification of cryptocurrency mining as gambling within the framework of Imamia Jurisprudence, highlighting the nuanced understanding required to evaluate modern financial technologies through the lens of traditional religious law. ‌ ∴ Conclusion ∴ ‌ The exhaustive investigation into the parallels between gambling characteristics and cryptocurrency mining concluded a significant divergence between the two under Imamia Jurisprudence. The research established that cryptocurrency mining does not embody the essential elements of gambling, namely, reliance on chance, direct financial wagering, and lack of productive contribution. Instead, mining is characterized by its integral role in the maintenance and security of the blockchain network, necessitating significant effort, investment, and skill. However, the conclusion that mining does not equate to gambling does not automatically confer legitimacy on all aspects of cryptocurrency operations within an Islamic context. The research underscores the need for further scholarly examination on other concerns related to cryptocurrency, such as the legitimacy of earnings and the intrinsic value of digital currencies. In essence, this study not only clarifies the position of cryptocurrency mining in relation to gambling within Imamia Jurisprudence but also opens avenues for further research into the broader ethical and economic implications of cryptocurrencies. It serves as a foundational piece for ongoing dialogue and exploration in the intersection of technology, finance, and religious ethics, emphasizing the importance of informed, nuanced scholarship in addressing contemporary issues through the lens of traditional jurisprudence.

Based on a multi‐attribute assessment of the environmental impacts and challenges associated with global Bitcoin (BTC) mining activities around the globe, we call for urgent action by the scientific, policy, and advocacy communities. The worldwide BTC mining network consumed 173.42 TWh of electricity during the 2020–2021 period, bigger than the electricity consumption of most nations. The mining process emitted over 85.89 Mt of CO2eq in the same timeframe, equivalent to the emission caused by burning 84 billion pounds of coal or running 190 natural gas‐fired power plants. The environmental footprint of BTC mining is not limited to greenhouse gas emissions. In 2020–2021, the global water footprint of BTC mining was about 1.65 km3, more than the domestic water use of 300 million people in rural Sub‐Saharan Africa. The land footprint of the global BTC mining network during this period was more than 1,870 square kilometers, 1.4 times the area of Los Angeles. These striking numbers highlight the heavy reliance of the BTC network on fossil fuels and natural resource‐intensive energy sources, resulting in major but unmonitored and unregulated environmental footprints. To mitigate the environmental costs of BTC mining, immediate policy interventions, technological advancements, and scientific research are crucial. Proposed measures include enhanced transparency, economic and regulatory tools, developing energy‐efficient alternative coins, and the adoption of greener blockchain validation protocols. Plain Language Summary: The cryptocurrency sector is increasingly integrated into the global financial system. The world's transition to a digital economy, facilitated by major technological breakthroughs, has several benefits. But as the demand for exchanging and investing in digital currencies is rapidly growing, the world must pay careful attention to the hidden and overlooked environmental impacts of this growth. The dramatic increase in the price of Bitcoin (BTC) over the last few years and the resulting global race for BTC mining is turning the cryptocurrency market into one of the world's leading polluting sectors. Yet, our knowledge about the environmental footprints of mining BTC is very limited. Here, we provide the first estimates of the carbon, water, and land footprints of BTC mining around the world to argue why urgent intervention and action to monitor, control, and mitigate the environmental impacts of the cryptocurrency market is necessary. Key Points: Cryptocurrency mining has major but overlooked carbon, water, and land footprintsChina, USA, Kazakhstan, Russia, Canada, Malaysia, Germany, Ireland, Iran, Thailand, Sweden, Norway, Singapore, and the UK are among the top contributors to the environmental footprints of the global Bitcoin mining networkUrgent regulatory intervention and technological breakthroughs are needed to mitigate the environmental impacts of the digital currency sector which is rapidly growing [ABSTRACT FROM AUTHOR]

Are the principles of Islamic finance compatible with cryptocurrency? In the current age of digital transformation, to be followed perhaps by a quantum transformation in computing, plus the involvement of central banks, resource scarcity and climate change, this is the issue addressed in the article. Financial transactions are central to digitalization through fintech and other services. This conceptual article highlights the essentials of cryptocurrency, its history, structure and how it works. Different types of cryptocurrency mining will be examined and explained in detail. The primary purpose of this research is to investigate the extent to which cryptocurrency structure complies with the maxims of Islamic finance. The article discusses the question in relation to sharia jurisprudence and conformity with the views of Islamic finance scholars. Our discussion extends the rapidly growing literature on cryptocurrency by examining its compatibility with the conceptions of Mal ('money') in sharia and Islamic scholarship and its status as fiat money. Taking the view that despite recent glitches, cryptocurrency has a future in the financial ecosystem, we sketch the challenges of facing the introduction of cryptocurrency into Islamic finance. The research has profound policy implications: for the protocols and systems adopted by Islamic financial institutions, their regulation and the role of miners. This research is particularly relevant to avoiding the pitfalls that have so often befallen conventional financial institutions. [ABSTRACT FROM AUTHOR]

In the fourteen years since official launch of Bitcoin (BTC) at the start of 2009 based on the concepts in Satoshi Nakamoto's whitepaper (Nakamoto ([18])), the number blockchain-based digital tokens has grown to over 22,000. If Bitcoin's value is derived from its value as a unique payment token, the introduction of these 17 competitors should have an impact on Bitcoin's price. This implies that even if some of Bitcoin's price is attributable to its use a payment token, other reasons for positive prices must also contribute (which can include speculation). Valuation No examination of the cryptoasset ecosystem is without a discussion of any fundamental value such assets may (or may not) contain. [Extracted from the article]

The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of the Covid-19 pandemic under the influence of certain groups of factors. System and network approaches to understanding the cryptocurrency market have been identified. The cryptocurrency market is considered from a functional and institutional point of view. From a functional point of view, the cryptocurrency market is a set of economic relations in cyberspace regarding cryptocurrency mining, initial coin offering (ICO) and circulation of cryptocurrencies based on the laws of supply and demand. From an institutional point of view, the cryptocurrency market is a set of participants in virtual currency schemes who carry out cryptocurrency transactions. The following signs of cryptocurrency market segmentation are justified such as those depending on the market capitalization of the cryptocurrency; on the nature of the crypto asset's movement; on operations carried out on the market; on the region; on consumers of services. Factors that influence the functioning of the cryptocurrency market are systematized according to the following groups: macroeconomic, price, environmental, geographic, market, behavioral and technological. The influence of gold, oil prices, the daily number of Covid-19 cases and deaths from Covid-19, the MSCI ACWI global stock index, the iShares MSCI All Country Asia ex Japan ETF, the Wilshire 5000 Total Market Index on the Bitcoin exchange rate is revealed. The trends in the cryptocurrency market development in the post-war period are justified, namely the growth of investors' interest in cryptocurrencies against the background of the initial coin offering collapse; growth of payments in cryptocurrencies; strengthening the regulatory landscape on a global and national scale; integration of the cryptocurrency market with traditional finance; attracting non-typical participants to the cryptocurrency business; expansion of participants in the infrastructure of the cryptocurrency market due to the rapid cryptocurrency market development, in particular, due to the production of equipment for its operation. [ABSTRACT FROM AUTHOR]

The paper investigates the long-run relationship between bitcoin and its marginal cost between July 2010 and July 2022. We derive Bitcoin's marginal cost of production from a model of Bitcoin mining grounded in the Bitcoin code, and show that its production cost is a function of only two variables, the electricity price and the mining hardware efficiency. We then estimate a time-varying vector error correction model, and also the cointegration between bitcoin's price and Bitcoin network's hash rate, a commonly used production cost proxy. Our results show that the time-varying cointegration between bitcoin's price and its hash rate is permanently in disequilibrium, bar a short time interval between March 2017 and January 2018. Consequently, although bitcoin's price and the hash rate are cointegrated, it is clear that the latter does not function as a stable long-run explanatory variable for bitcoin price dynamics. On the contrary, we found that bitcoin's price and its marginal cost of production have been cointegrated since its inception, and that their time-varying long-run relationship always reverts towards equilibrium - and often to equilibrium-after long periods of divergence. These results contrast with most of the empirical literature that attempted to model the relationship betweeen bitcoin and its fundamentals in a time-invariant framework, but are consistent with recent research showing a significant role for production cost in the determination of bitcoin's price dynamics. [ABSTRACT FROM AUTHOR]

Is the Financial Market ready for Cryptocurrency ETFs? Table 2 Additionally, the crypto ETFs' fund managers also report risk indicators to signify the volatility and risk inherent in the underlying cryptocurrency ETFs/ETPs. Such funds are occasionally classified as a crypto fund and labeled as crypto ETF or blockchain ETF for promotional purposes. [Extracted from the article]

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The article offers information on dangers of bitcoins and block chains. Topics include information on how crypto currencies are being generated almost as fast as Bit coins; how crypto currencies themselves come in a small variety of forms; and how there are additional energy requirements in terms of the use of Bitcoin, and other crypto currencies.

Illicit cryptocurrency mining has become one of the prevalent methods for monetization of computer security incidents. In this attack, victims' computing resources are abused to mine cryptocurrency for the benefit of attackers. The most popular illicitly mined digital coin is Monero as it provides strong anonymity and is efficiently mined on CPUs.Illicit mining crucially relies on communication between compromised systems and remote mining pools using the de facto standard protocol Stratum. While prior research primarily focused on endpoint-based detection of in-browser mining, in this paper, we address network-based detection of cryptomining malware in general. We propose XMR-Ray, a machine learning detector using novel features based on reconstructing the Stratum protocol from raw NetFlow records. Our detector is trained offline using only mining traffic and does not require privacy-sensitive normal network traffic, which facilitates its adoption and integration.In our experiments, XMR-Ray attained 98.94% detection rate at 0.05% false alarm rate, outperforming the closest competitor. Our evaluation furthermore demonstrates that it reliably detects previously unseen mining pools, is robust against common obfuscation techniques such as encryption and proxies, and is applicable to mining in the browser or by compiled binaries. Finally, by deploying our detector in a large university network, we show its effectiveness in protecting real-world systems. [ABSTRACT FROM AUTHOR]

Economy and Business Journal, 11(1), 16-31. 14 Choi, H (2020) Investor attention and Bitcoin liquidity: Evidence from Bitcoin tweets. Using an Autoregressive Distributed Lag (ARDL) model, [31] ([31]) reported that the change of economic and market conditions affected Bitcoin price in the short term, while the greater economic sensitivity fundamentals and less sensitivity of technological factors adjusted the Bitcoin price. Keywords: MGARCH; cryptocurrency; mining profitability; tweets EN MGARCH cryptocurrency mining profitability tweets 1 30 30 09/20/22 20211201 NES 211201 1. They found that Bitcoin mining was profitable above the energy cost of mining, and specialized hardware was generally sufficient to produce Bitcoin mining profitability. [Extracted from the article]

With the gradual increase of malicious mining, a large amount of computing resources are wasted, and precious power resources are consumed maliciously. Many detection methods to detect malicious mining behavior have been proposed by scholars, but most of which have pure defects and need to collect sensitive data (such as memory and register data) from the detected host. In order to solve these problems, a malicious mining detection system based on network timing signals is proposed. When capturing network traffic, the system does not need to know the contents of data packets but only collects network flow timing signals, which greatly protects the privacy of users. Besides, we use the campus network to carry out experiments, collect a large amount of network traffic data generated by mining behavior, and carry out feature extraction and data cleaning. We also collect traffic data of normal network behavior and combine them after labeling. Then, we use four machine learning algorithms for classification. The final results show that our detection system can effectively distinguish the normal network traffic and the network traffic generated by mining behavior. [ABSTRACT FROM AUTHOR]