Cryptojacking or crypto mining is an online threat. It hides in a mobile device or on a computer and uses the machine’s resources to mine cryptocurrencies. It is a menace that can compromise laptops, desktops, smartphones as well as the network servers.
Here is how you can protect your bitcoin automated trading from Cryptojacking. However, before that, here is a little background about cryptocurrencies.
Cryptocurrency- The online money
Cryptocurrency is a digital currency that can be used to exchange services, goods, and even money. Users can trade on it on the BitQT app and use special programs to mine it on their computers. It requires the user to solve encrypted equations in Maths and complex problems to get a cryptocurrency piece.
It is legal to mine cryptocurrencies.
Cryptomining is legal and a new business where individuals and companies dedicate their CPU power to crypto mining. Cryptomining releases cryptocurrency into the system and also updates the ledger. It pays well, and this is why everyone wants to get into it.
What is the reason behind the growth of Cryptojacking?
Cryptocurrency gains value based on the economic policy of supply and demand. The difficulty in mining a cryptocurrency is also what makes it gain in terms of its value. There are a finite number of bitcoins that have not yet been mined.
Cryptojacking is used by cybercriminals to make money for free with the least amount of effort. The cybercriminals hijack someone’s machines using codes. The victim is then forced to pay the computer costs and the electricity charges. The reward, however, is kept by the criminal.
Mining cryptocurrencies is a costly and long endeavor. The main expense is for computer equipment and electricity. Cryptojacking lets criminals get more devices working for them. The victim, however, pays electricity and computer costs.
How does Cryptojacking take place?
One way is to use a malicious email that installs the crypto mining code on your computer.
The other way is the web browser miner. Here a crypto mining script is injected into a website or an ad. When the user visits the website or clicks on the ad, the script gets executed automatically.
In both methods, the code solves complex problems and sends the results to the server that the hacker uses. The victim stays unaware of the same.
Detecting Cryptojacking
Here are some signs that could be a warning sign that your system is being used for Cryptojacking.
- Slow or sluggish response time
- High processor use on your device
- Device getting overheated
How to prevent Cryptojacking?
- Install internet security software that can help in browsing Cryptojacking threats.
- Ad blocking anti-crypto mining extensions and offers an additional protective layer
- Do not click on dubious links and phishing emails
- Update your Windows software which does not let your device to be vulnerable
To sum it up
Like any other malicious attack, Cryptojacking is also done for profits. However, unlike the other threats, it stays completely hidden. Happy mining!
