Crypto Mining Explained

Satoshi Nakamoto described Bitcoin in 2008. The idea was that the digital currency should be organized decentrally, i.e. without the administration of banks or government. Bitcoins are not like banknotes and can be generated by computing power. The base for the generation of bitcoin is block chain because in bitcoin or crypto mining, each transaction is combined into blocks linked by a decentralized peer-to-peer network. Every block has “hash values,” like the check number for the transactions done. The check number contains the current transaction’s hash value and the previous transaction’s hash values. 

A conventional computer is used for its generation and performs a cryptographic function known as a hash function. No manipulation of the transactions is possible as no change in the chain is possible. Any single value shift can lead to deviation of the actual sequence.  

Possibilities with the Crypto generation 

Mining cryptocurrency comes with two possibilities: crypto mining through the Cloud and private mining from home. Let’s discuss two of them in detail. 

Crypto Mining vie the Cloud

Cloud mining providers can rent hash services if you do not want to get into trouble with crypto mining from home. Several providers operate mining farms. You can visit the provider website to conclude the contracts for different cryptocurrencies. The contract price is based on the rented service, and providers are independent of the crypto value. 

Private cryptocurrency Mining from home

E-wallet is the foundation of crypto mining. The wallet is used for storing cryptocurrencies that are generated from mining. Moreover, a unique program is required in private Bitcoin for executing the hash function. Any PC owner can easily install and set up. It is possible to run Crypto Mining with the computer CPU; however, it is not recommended today due to economic reasons. Now special chips called ASIC are developed for crypto mining. Application Specific Integrated Circuit can mine Crypto efficiently and faster. This is not profitable as compared to mining through Cloud. 

Crypto Mining is resource intensive which makes it an expensive process. Initially, it was sufficient to use a PC for mining the cryptocurrency, which is different today. With the increased generation of units, the value of the Crypto decreases, and halving takes place at specific intervals. At times it is twice as time-consuming to generate a crypto currency unit. This is necessary to prevent inflation. Thus more computing power is required to create the crypto unit. 

The hardware damage and power consumption is rapidly increasing. Mining with own PC becomes unprofitable. For profitable crypto mining, resourceful crypto miners look for new methods. New possibilities establish themselves quickly. The first is crypto mining in countries with low energy prices like Venezuela or Iceland. In these countries, industries are already developed, and some are causing issues for stability of the country’s power supply. Energy shortage has occurred in Iceland due to increased crypto mining activities. 

The production is expensive with a shortage of the commodity. Illegal and free methods of cryptocurrency generation developed. The idea is to use several computers as a part of a network and utilize them in mining. The units generated are then credited to an e-wallet. To do this, they enter Malware onto their victims. Let’s discuss how criminal miners do this. 

 How cybercriminals attack your computer-Illegal Crypto mining 

JavaScript Commands for Crypto Mining

First of all, it is necessary to distinguish between types of illegal crypto mining. The popular method is to use the Coinhive crypto mining program, which is a harmful program classified by most antivirus programs. It is based on JavaScript and can be downloaded by several browsers and easily installed on web pages. The legal method is a clear and great threat to web users. Websites that are Coinhive infected force visitors to devices to dig cryptocurrencies without prior consent. Some use full CPU power like a mining program included on the website of Cristiano Ronaldo. This method has a demerit for Coinhive users like Crypto is mined only as long as someone is active on the website, and once they leave the site, the mining process is terminated.

Crypto Mining via Malware

When it comes to crypto mining via Malware, the method is different. This uses special Malware that is designed for crypto mining. Cybercriminals use other methods to smuggle it onto the victim’s computers. The most used distribution method is via infected websites.  

The Malware is loaded onto the computer using a drive-by download if a user calls up an infected download website. This starts digging the selected Crypto for the hackers. The maximum computing power of the device must be used to the full; it becomes necessary for cybercriminals to proceed with care so as not to get discovered while digging. If the device always runs at 100% computing power, the owner can hardly operate it. 

Generally, the user will take precautions. Consequently, crypto-mining Malware usually utilizes only two-thirds of computing power. Sometimes Malware is programmed to detect the application start that uses resources and check the malware activities. 

It is seen that crypto mining malware also bypasses antivirus programs. Many independently infected devices are not of much use to cybercriminals. The crucial thing is that they can gather their power for mining cryptocurrency. The ideal tool for this is a bot network. Some networks compromise many computers, and cybercriminals make high profits.  

How to protect from illegal Crypto Mining? 

There is no specific protection solution against illegal crypto mining, but several security solutions can prevent unwanted mining. It is necessary to understand cybercriminals’ tools in illegal crypto mining. The correct security awareness can lead to effective prevention. 

Moreover, an antivirus program is like a booster that must be installed on the PC and updated regularly. This is also important for the operating system and other programs. You must use trustworthy sources to download software from the internet. Prestigious download portals also provide software for download that want installation of additional software during installation. 

It isn’t easy to find that this may carry additional Malware. Moreover, spam emails also contain links to contaminated websites. It is difficult to distinguish regular emails from spam emails. You must be attentive while web surfing, and it is recommended to use a web filter. This helps warn the user about the harmful content before the page comes up. This protects against harmful content and crypto mining hardware. 

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