Crypto Jacking – The major threat the Crypto Mining industry is facing
Crypto Jacking is an offshoot of the increasing popularity of the cryptocurrencies. These are ways of creating units of cryptocurrencies by using the others computers without their knowledge. This can be used to generate money for somebody else by using the virus-like software. Mining which is the actual form of creating additional units of cryptocurrency is the legitimate way. These involve difficult math calculations which are done with the intention of securing the transactions. This also presents an objective record of the order of the transactions.
Incentive for mining
The programmers who successfully complete each calculation are rewarded with a small amount of cryptocurrency. This helps is covering the costs involved in mining these currencies. It is therefore not surprising that the miners have found a new way to make profits at the cost of others computers and electricity. Research shows that there is over 200 websites that is actively involved in Crypto jacking.
Forms of Crypto Jacking
There are two forms by which the hackers use other systems to mine the currencies. One way is the malware attack where the unsuspecting user is tricked into downloading the mining software.This is the easiest way to embed mining software onto the web browser of the user. Another way is by inserting the mining script into the ad networks that the commonly used web browsers present to the visitors unknowingly.
It is very difficult to identify these attacks as the scripts are small. These compact codes can download small software which will do the mining on the users’ browser and credit the proceeds to the desired account. The person who wrote the code uses others computers and electricity to earn the proceeds from the crypto mining.
What harm does this have on the computer?
The task of mining is a processor intensive task which means that the computer requires more power to function. It will drain the battery sooner and the computer might slow down owing to the increased use of the processor. The electricity bills of the user might go up because of these activities as it requires a lot of energy.
Crypto Jacking is also happening with the consent of the users where certain website asks the users permission to embed these codes on their systems to allow mining of cryptocurrencies.
Cryptocurrencies are always in news for the right or wrong reasons. Is it a scam? It has been seven years now and it is still trending so that should answer the question. The ups and downs have led to the increased trade in these currencies. Crypto VIP Club is a legit way of dealing with the virtual currencies.