Cryptocurrencies have undoubtedly changed the world of finance by providing a secure and decentralized alternative to conventional currencies. Cryptocurrencies operate via a distributed ledger called blockchain; the electronic database is updated with data on every transaction since the previous update. Blocks are generated when people who work as miners contribute their computer power in exchange for rewards. But this digital paradise is not without pitfalls. Attackers worldwide often try to use malicious scripts to obtain Bitcoin without spending any money. Crypto mining requires expensive equipment and consumes a lot of electricity.
According to Techopedia, the annual global electricity consumption of Bitcoin mining was roughly 95.58 terawatt-hours in May 2023. Additionally, reports show that Bitcoin consumes around 60-77% of all the electricity used for crypto assets worldwide. Cryptojacking is a type of cybercrime that combines cryptocurrency and hijacking.
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How Does Cryptojacking Work?
Hackers employ various methods to execute cryptojacking. Some of these involve:
- They insert malicious crypto-mining code into victims’ devices through phishing emails, exploiting unsuspecting users.
- Alternatively, they inject JavaScript code into websites or online ads, running silently in victims’ browsers.
No matter the choice of method, what happens is that the script carries out complex mathematical calculations on victims’ computers. After that, it sends the results to a server under the hacker’s control without compromising the device’s data. However, they take computer processing power from them, impacting computer performance.
As a result, businesses can incur increased expenses (for electricity and IT maintenance) and run the risk of infecting other computing resources. In addition, these scripts can also carry out a scan of the system. This is carried out in order to check if there is any other crypto-mining malware. If another crypto miner is discovered, the script stops it.
Typically, a cryptojacking malware lifecycle consists of three main stages: script preparation, script injection, and the attack. The script preparation and attack phases are the same for all types of crypto-mining malware. The script injection phase, in contrast, gets done locally by inserting the malicious script onto websites or other apps.
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Cryptojacking Malware: Where Do These Threats Come From?
Cryptojacking programs primarily originate from service providers. For example, Coinhive was a notable provider that offered an in-browser mining script. However, it gained popularity among attackers in 2017 until it was eventually shut down. Attackers may also exploit hardware and software vulnerabilities, infecting computers with mining malware. Additionally, mining pools offer plug-and-play solutions that attackers can modify.
Protecting Against Cryptojacking Malware
Knowing the most recent trends in crypto mining software might help one protect themselves from cryptojacking. With the help of cryptojacking blockers, users can find and stop malicious malware code. Similarly, Ad Blocker Plus can stop cryptojacking through online advertisements. People can also install cybersecurity tools like Kaspersky Total Security to protect themselves from crypto mining viruses. Experts also advise that users upgrade their programs, operating systems, and software, especially web browsers.
Conclusion
Cryptojacking takes advantage of cryptocurrency’s appeal for unethical gain. The first step in defending oneself against this digital threat is understanding its mechanisms and effects. The most effective defenses against the dangers of cryptojacking remain vigilance and education as the cryptocurrency world continues to develop.
