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Cryptocurrency mining profits are on the way down, resulting in declining demand for hardware, such as high-end graphics cards. Sources suggest that GPUs could drop by as much as 20% within the upcoming month.

It is not the first time Unionbank shows an interest in cryptocurrency or its underpinning technology. Earlier this year, the institution announced a blockchain payment system. This venture is launched together with Visa. Although that feature does not involve cryptocurrencies, it shows its underpinning technology can effectively transform business models in the Philippines.  Additionally, the Philippines government introduced an “economic zone” for cryptocurrencies. In this zone, cryptocurrency companies are allowed to operate in a licensed environment. Surprisingly, this venture attracted a lot of attention from international firms. Especially companies from Japan, Malaysia, and Hong Kong are interested in this option. The economic zone accommodates all business models, including exchanges, mining, and initial coin offerings.  All of this is in stark contrast with a slight crackdown on Bitcoin users. The Philippine National Police has arrested Bitcoiners before. This was mainly due to allegations regarding running a Ponzi Scheme. Additionally, cloud mining is still somewhat frowned upon in this country. The Bitcoin situation in the Philippines is heading in an interesting direction right now. Unionbank’s recent “endorsement” is another surprising development in this regard.

"A new piece of so-called cryptojacking malware used half a million computers to mine 133 Monero (XMR) tokens (about $25,000) in three days, Finance Magnates reports today, May 18.