This is not just a WP issue. About a week ago, I got a notification from my Joomla site of repeated failed attempts to log in to the admin site. I looked at the logs and saw that it was from one address, every few seconds loosely following a pattern of 2 attempts with a password followed by 1 without. coming at a rate of between 2 and 12 seconds apart. I inserted an iptables rule to block that ip and then investigated it further. It is a "well-known" address and I set up a chain to log and drop any hits from that block of addresses. Joomla is quieter now, but the attempts continue unabated.
As it is just a bot, mindlessly pumping out the hits, would there be any advantage in changing the DROP to REJECT, hoping that it might stop annoying me? The hits are all coming from 188.165.243.45 though ocassionally a few will come from another address in their ranges. I've not managed to find any ipv6 addresses associated with them or they would be blocked as well.