Cryptomining and Cryptojacking

Cryptojacking is a form of cybercrime. It is a cyber threat that sneaks into and hides on a smartphone or a computer system to use the device’s computing resources to mine digital currencies known as cryptocurrencies. “Cryptojackers” have profit as their motive. They are after money. You should note that the strategy of cryptojacking involves hiding the whole process from the user of the device.

What are Cryptocurrencies?

The term “cryptocurrency” comes from the words “cryptography” and “currency.” Cryptography involves solving problems with complex mathematics and encryption, and currency means money. Therefore, cryptocurrency is digital money that relies on the use of encryption and complex mathematical principles.

Just like there is hardware and software when it comes to computer systems, there is hard currency and digital currency. Cryptocurrency is a form of digital currency. The popularity of cryptocurrency increased because of its flexibility, exponential growth, and confidentiality.

The most popular cryptocurrency is Bitcoin. This digital coin was introduced in 2009 and has become more popular as the years have passed by. There are other examples of cryptocurrency that you might have heard of, like Ethereum (ETH) and Binance Coin (BNB).

Just as people use money (hard currency) to purchase things and secure investments, bitcoin and other examples of cryptocurrencies are used to make payments and investments.

What is Cryptomining?

In more straightforward terms, imagine cryptocurrency as electricity that has been converted to complex lines of code (through heavy computing power and resources) that can be spent in place of hard currency. Cryptocurrency works with a decentralized database called a blockchain, meaning no one or group of people, including the government or banks, regulates the circulation of these currencies. This decentralized nature of cryptocurrency is exactly what gave birth to crypto mining.

Cryptomining is the process of bringing new cryptocurrency into existence and verifying blockchain transactions. Cryptomining uses a high amount of computing power to solve complex cryptographic equations. Put it like this; you mine for cryptocurrency when you use a specialized computer (with enough hardware and software resources) to generate or validate blockchain transactions. Cryptomining was lucrative a long time ago until some individuals and organizations figured out that they were spending more than they were gaining. They were spending more in terms of electricity. For example, Bitcoin presently uses over 73TWh in one year.

The massive cost that large-scale and profitable cryptomining acquires is what gave birth to cryptojacking.

What is Cryptojacking?

There are several crypto scams and laundering techniques. Some are visible to the “potential victim” and others are not. Cryptojacking falls into the hidden category. Cryptojacking is a type of cybercrime where the perpetrator utilizes the victim’s computing resources to mine cryptocurrency. This is done majorly to bypass costs. Cryptojacking can also involve stealing from someone’s cryptocurrency wallet by hacking into their device.

The Technique Behind Cryptojacking

The main idea for cybercriminals is to get the cryptojacking software into the computer system. This software always runs in the background to wreak havoc while you perform your everyday activities on the same computer system.

Computer systems can be infected in two ways:

• By clicking malicious links from emails
• By visiting compromised websites

Cryptojacking scripts are not executed to damage the host computer, nor do they steal information or resources from the host system. Cryptojacking is a malign form of cryptomining.

Some advanced cryptojacking scripts have worming abilities; they can spread through devices and networks. It makes it more difficult to identify and get rid of. Some scripts even identify other cryptojacking scripts to disable them. This is simply to ensure no interference.

Popular examples of Cryptojacking attacks

• In 2019, apps that secretly mined cryptocurrency were discovered and removed from the Microsoft store.
• In 2018, cryptojacking codes were discovered embedded in the Los Angeles Times Homicide Report page.
• Mid 2018, a cryptojacking attack affected over 200,000 MikroTik routers in Brazil.

How You Can Detect Cryptojacking Threats

1. Reduced performance: Cryptojacking automatically leads to decreased performance, no matter how little it is. You might notice frequent system hangs or crashes. The battery of the device would, in return, drain faster than usual.
2. Overheating: Cryptojacking is a tasking activity that can lead to the host device overheating. Constant overheating can lead to a reduction in the lifespan of the device. If you feel the fan of your computer system making unusual noises, it’s properly trying to cool down the excessive heat of the system.
3. Central Processing Unit (CPU) usage: If you check your CPU usage and see that it’s a lot without you being on heavy media sites, then there is a possibility that a cryptojacking script might be running.

How To Protect Yourself from Cryptojacking Attacks

• Use a proper anti-malware program.
• Use browser extensions that can block crypto-mining.
• Use ad-blockers.

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