How Dangerous is Cryptocurrency Mining Malware?

 

The cryptocurrency market is one of the fastest-growing markets of today. Cryptocurrencies allow financial transactions without banks or other third parties, which means that transaction fees are low, and more money goes to business owners.

Cryptocurrency also makes it easier for people to send funds internationally because there’s no need for conversion rates, unlike traditional currencies like dollars and euros. The best part about cryptocurrencies? No government or institution controls them. They’re decentralized, meaning that they belong to anyone who uses them.

But not everything is good here, there is malware used to mine cryptocurrency illegally, and it is perilous. Read the whole article to understand more about the dangers of cryptocurrency mining malware.

What Is Cryptocurrency?

A cryptocurrency is a sort of digital money protected by cryptography. The first cryptocurrency was created in 2009, known as Bitcoin. Cryptocurrencies are based on distributed ledgers called blockchains, which are difficult to manipulate or hack due to the use of cryptography.

How Does Cryptocurrency Work?

Cryptocurrency uses cryptography to secure and verify transactions as well as to control the creation of new units. Cryptocurrencies are a subtype of alternative currencies or specifically digital currencies. Bitcoin is the 1st decentralized cryptocurrency that was developed in 2009.

Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternatives. Moreover, cryptocurrencies use decentralized control instead of centralized electronic money/centralized banking systems.

What Is Cryptocurrency Mining?

Cryptocurrency mining is a complex process of solving cryptographic equations with the use of high-power devices. That entails solving complex mathematical problems and rewards miners with coins. While mining on a large scale is typically done through computers, it is also possible to perform it on devices like Android smartphones. 

There are three ways cryptocurrency mining can happen.

• Mining on your own. Mining on your own means dedicating the time, high-power computing power, and space to running your mining operation.

• Mining with others in a pool. Many people prefer joining a pool as it is more effective. There are several pools out there, and some have low fees or are free.

• Cloud mining. Cloud mining enables users to buy the mining power of the hardware placed in remote data centers. It is efficient as users don’t have to maintain any equipment themselves and participate in mining with minimal investment.

What Is Cryptocurrency Malware?

Cryptocurrency malware is a type of software designed to illegally mine cryptocurrency using victims’ computers. This mining process is the same one used in everyday computing, but with the difference that it is done in undisclosed ways. 

That implies that you would not even know if something like this happens on your PC. One of the recently detected variants is Crackonosh, a malware concealed in free versions of popular games. 

Cryptocurrency malware has become an attractive business for cybercriminals. By hijacking your PC to mine cryptocurrency, they can make money without even setting up a website or engaging in any other form of direct marketing.

The problem here is that the mining process taxes your computer’s hardware, leading to overheating and even permanent damage. The malware developers have no interest in keeping your device functional beyond the time required for them to extract as much cryptocurrency as possible from it. 

That means they will not bother fixing any resulting problems either. Moreover, there are many other dangers of cryptocurrency mining.

What Are the Dangers of Cryptocurrency Mining Malware?

• Stealing information. The cryptocurrency mining malware present in the victims’ device can easily steal all the information on the device.

• Using victims’ resources. The malware steals resources of the devices and affects their performance. It significantly increases the wear and tear of the victims’ device and increases the power consumption, eventually harming the processing.

• Hijacking systems. This malware can also pose a threat to the integrity and security of any organization. They can steal and use critical pieces of information by hijacking the whole system. Further, the data can be used for ransomware or to sell in the black markets.

• Can hack any device. The IoT devices are also affected by cryptocurrency mining malware. The DVRs, surveillance cameras, set-up boxes, network-attached storage devices, Wi-Fi routers can be easily affected by this malware and can be used for mining cryptocurrencies.

How to Prevent the Dangers of Cryptocurrency Malware?

• Install an Ad-block extension. The cryptojacking scripts are generally sent through website ads; therefore, installing an ad blocker can protect your device. Use good ad-blockers like AdBlocker Plus; they can detect crypto-mining scripts.

• Use endpoint protection. Antiviruses are acknowledged as endpoint protection. They can protect you from online malware attacks. Many advanced antiviruses can detect crypto miners and block them right away.

• Disable JavaScript. Disabling the JavaScript on your device can prevent cryptojacking code from entering and infecting your device. However, there might be some functions that you use for browsing that also gets blocked after disabling it.

• VPN. Use tools like Atlas VPN to encrypt information about your internet activities and IP address. Additionally, this tool has additional features, like helping you evade potentially dangerous websites. The latter could perform automatic downloads and set up cryptojacking scripts on your device. 

In Conclusion

Cryptocurrencies are undoubtedly changing the way of doing transactions and using money, but illegal mining of cryptocurrency is becoming a challenge. The methods mentioned above can help you in protecting your device from getting attacked by cryptocurrency mining malware. Thus, be cautious and stay safe!