Cryptojacking is a threat that infiltrates a computer or mobile device and then uses the device’s resources to mine cryptocurrency. Cryptocurrency is digital or virtual money in the form of tokens or “coins. The most famous cryptocurrency is bitcoin, but there are about 3,000 other types of cryptocurrency. Some cryptocurrencies have moved into the real world through credit cards or other projects, but most remain virtual.
Cryptocurrencies use a distributed database known as blockchain to operate. The blockchain is regularly populated with data about all the transactions that have occurred since the last update. Each set of recent transactions is combined into a “block” using a complex mathematical process.
New processing power is required to create new blocks. Cryptocurrency is a kind of fee for providing computing power. Those who exchange computing power for currency are called “miners.
Larger cryptocurrency mining organizations hire teams of miners to run dedicated mining farms that perform the necessary mathematical calculations. This activity requires a significant amount of electricity, for example, the Bitcoin network currently consumes more than 73 TWh of energy per year.
Cryptojacking: present and future
Cryptojacking has its origins in individuals wanting to profit from mining cryptocurrency without incurring visible costs. Cryptojacking allows hackers to mine cryptocurrency without large overhead costs: not paying for expensive mining equipment and large electricity bills. Cybercriminals are primarily attracted to Monero cryptocurrency, which is mined on personal computers, because it is difficult to trace.
There is debate as to whether cryptojacking is on the decline or on the rise. There has been a tendency for cryptojacking to grow in proportion to the rising value of cryptocurrencies, especially Bitcoin and Monero. But in recent years, two factors have had a dampening effect on cryptojacking:
Harsh law enforcement action.
The closure of Coinhive, the main site used by cryptomakers. Coinhive provided embedded JavaScript code on websites. As a result, the computers of visitors to these sites were able to mine Monero cryptocurrency. The Coinhive code was quickly abused: attackers embedded the mining script on websites without the knowledge of the owners of those sites. The site was shut down in March 2019, and with that came a dramatic decrease in the number of infections coming from that site.
The motivation for cryptojacking attacks is simple – it’s money. Cryptocurrency mining can be very lucrative, but making a profit is difficult without funds to cover substantial costs. Cryptojacking is a criminal manifestation of cryptomining and offers an illegal but effective and inexpensive way to mine cryptocurrencies.