The macroeconomic downfalls have taken a huge toll on every major and minor business. However, major businesses have taken a huge hit due to the economic pressure, which is constantly rising.
Tech Sector has been affected the Most
Among all the sectors, it is the tech sector that has taken the most of the hit. This is because, with the high inflation and interest rates, the cost of living has surged.
People can live without machines but not without food and other basic necessities. This is the reason why they are spending money to keep food on their tables rather than buying new gadgets.
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In the year 2022, cybersecurity has also become a major concern. Due to the constant rise in the inflation rates, people are forced to cut down on their extracurricular expenditures to make ends meet.
Rise in Cybercrimes
However, this is not the case for criminals and thieves. For them, it is only a matter of becoming more sophisticated and technical, allowing them to increase their attacking power and steal funds.
This is the reason why the number of cyber scams has continued to rise all over the world. The hackers are even targeting government and semi-government sectors for ransomware.
Unfortunately, the attacked sectors have to comply with the hackers or cybercriminals because the hackers have found a safe haven in the form of blockchain networks.
The hackers are able to use blockchain technology to demand funds because the funds are untraceable through the technology.
Regulators are Growing Stricter against Crypto-Blockchain Technologies
This is the reason why regulators are growing more and more concerned, and stricter against crypto-blockchain technology.
They have put the technology under the microscope to make sure they keep monitoring the industry. For them, the major concern is the safety of the investors and their investments.
Over the course of time, the tech giants started to adopt crypto-blockchain technology.
At the least, they have let the crypto-blockchain businesses integrate their services through their technologies to increase operational efficiencies.
Microsoft is Offering Azure for Crypto Mining
Among the tech firms who have lent their technology to the crypto-blockchain firms is Microsoft, a cloud computing giant.
Microsoft’s cloud computing technology, Azure has been used by several cryptocurrency mining firms.
Using Microsoft’s technology, several mining firms have been offering their customers cloud-mining options.
With the recent incidents taking place in the crypto industry, every entity linked with the crypto sector is coming under the radar.
This is not the right time for Microsoft to come under scrutiny due to the market downtrend. The company cannot take the risk of increasing its losses and therefore, it is taking a step back from the crypto industry.
Microsoft is pulling out of Crypto Mining
Like the rest of the tech businesses, Microsoft is also after stability. Therefore, the company has decided that it is going to impose restrictions on the crypto-mining industry using its cloud services.
Microsoft has adopted a rather silent approach in banning cryptocurrency mining operations on its cloud services.
One of the news agencies in the United Kingdom issued a report on December 15 confirming that Microsoft has banned crypto mining on its cloud platform.
The report claimed that the tech giant has done this for the protection of its customers as well as the cloud customers. They want people to be safe from cryptocurrency mining operations that pose many risks.
Microsoft Online Services’ New Terms
According to the claims, Microsoft has recently updated its universal license terms. It has announced that the major changes are to Microsoft Online Services.
The tech giant has announced that the implementation of the new terms was made on December 1. In the updated terms, Microsoft has announced that none of the crypto mining firms are allowed to use their cloud services.
For the mining firms to be able to use their cloud service, they must acquire approval and permission from the relevant teams at Microsoft.
Any Azure-based crypto mining activity without Microsoft’s approval is banned.
If a firm proceeds with using the Azure technology for mining operations without acquiring authorization, it will be committing a breach of the new terms.