If you are interested in investing or trading in cryptocurrency and have done your research, you may have also heard of the term cryptojacking. In this article, we will talk a little about how cryptocurrency works, what is crypto mining, who are cryptojackers (known as crypto hackers as well) and tips on how to detect and avoid them.
Cryptocurrency boomed with the invention and entrance of Bitcoin. Since then, the interest and involvement in the whole world of crypto have only increased with other altcoins and platforms such as Bitcoin Cash, Ripple, Litecoin, and Ethereum.
To break it down, these cryptocurrencies are a digital form of currency. They are used from online or offline wallets with a unique passkey that cannot be misplaced, or with the use of special ATM cards.
Cryptocurrencies are decentralized and work on blockchain technology. All transactions are visible to everyone else on the blockchain, but the identities are kept hidden. For the most part, barring entry from your own computer, the transactions are highly secure.
What is Crypto Mining?
Crypto mining is the process of adding transactions to your blockchain ledger or mining new coins into the current circulation mix. People who mine for these coins are known as crypto miners.
In order to mine new coins, a miner needs a computer, sophisticated hardware like Canaan, etc., and a special program. A lot of people then sit to compete in solving complex mathematical problems that cannot be solved easily. The first to solve it receives a block.
In Bitcoin, the reward for successfully mining a block is over 12 BTC. There are only a finite number of coins available in order to maintain the value of the coin, the more coins that are mined, the more difficult the problems become.
Ever since companies have started to see the lucrative side to mining, they have formed their own teams to mine coins for them. To combat this and have a fighting chance, individuals have joined forces in areas known as pools, to collectively mine together. The highest mining operations happen in such pools.
Read also – The biggest crypto scams
Where Does Cryptojacking Take Over?
Where there is a lot of money involved, there is also fraud. Likewise, there are stories of fraud in crypto as well. Since security is very high when it comes to mining, crypto hackers need to access your accounts to illegally mine for coins. In order to do this, they need to access your hardware.
Cryptojackers can gain access in two ways. In one method, they use infected ads on most commonly visited websites. Unbeknownst to people who click on these ads, these run code in the background of their computers.
Another way is through phishing emails. When opening an email, the victim clicks on a link that they think will benefit them and the link automatically runs the code in the background of the computer.
Besides slight lags in execution, there may be no other way for people to know that someone else is using their accounts to mine. The best way to solve this problem is to nip the possibility of getting infected with this malware.
Read also – 20 interesting facts about Bitcoin
Update your security portal to recognize phishing sites and emails, and block them. Do not open these pages. You could also install ad blockers such as MinerBlock, that are specialized for this purpose.
When it comes to safeguarding your coins, make sure to stay vigilant. Keep your software updated, enable 2-factor authentications, secure your computer safety protocols, back up information off-site and if you find your hardware or software malfunctioning, scan your computer to remove any foreign malware.
And finally, be alert and only click on links from known sources.