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In both these instances, the code solves complex mathematical problems and sends the results to the hacker’s server while the victim is completely unaware. In this method, no code is stored on the victim’s computer. When the victim visits the infected website, or if the malicious ad pops up in the victim’s browser, the script automatically executes.
In this method, hackers inject a cryptomining script on a website or in an ad that is placed on multiple websites. The script then works in the background without the victim’s knowledge.Īnother is known as a web browser miner. Upon clicking on the link or downloading the attachment, it runs a code that downloads the cryptomining script on the computer. The victim receives a seemingly harmless email with a link or an attachment.
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One of the more popular ways is to use malicious emails that can install cryptomining code on a computer. There are a few ways cryptojacking can occur. Because of the time and resources that go into coin mining, cryptojacking is attractive to cybercriminals. The more devices you have working for you, the faster you can “mine” coins. Elevated electricity bills and expensive computer equipment are major investments and key challenges to coin mining. How cryptojacking worksĬoin mining on your own can be a long, costly endeavor. Because cryptojacking can yield lucrative results, coin-mining activity increased by 34,000 percent over the course of the year. Toward the end of 2017, when the value of cryptocurrency was at its peak, there were about 8 million coin-mining events blocked by Symantec in December alone. This leaves the victim bearing the cost of the computations and electricity that are necessary to mine cryptocurrency. Cybercriminals can simply hijack someone else’s machine with just a few lines of code.
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In a sense, cryptojacking is a way for cybercriminals to make free money with minimal effort. As of June 2018, some cryptocurrencies equal as much as US$6,750.83 per unit.Īccording to Symantec’s Internet Security Threat Report, cryptojacking also skyrocketed in 2017. Before the end of 2017, the value soared to almost US$20,000 a Bitcoin. In 2010, a Bitcoin was set at less than 1 cent. There are other variables such as how easy the currency is to use, the energy and equipment put into mining it, and more.įor these reasons and others, cryptocurrency has fluctuated in value in the past several years. For example, there are only a finite number of Bitcoins that have not been completely mined. It’s hard to explain how cryptocurrencies gain monetary value however, it is based in part on the principle of supply and demand, and the difficulty of obtaining the cryptocurrency. Users can “mine” it on their computer by using special programs to solve complex, encrypted math equations in order to gain a piece of the currency. Other names may be trademarks of their respective owners.For those not familiar with this fairly new terminology, cryptocurrency is a form of digital currency that can be used in exchange for goods, services, and even real money.
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