Called cryptocurrency mining

If so, you may be a cryptocurrency miner. But if it was the work of hackers, the episode is actually part of a larger trend: security experts have seen a spike in cyberattacks this year that are aimed at stealing computer power for mining operations. Released just last month by a company called Coinhive , the tool is supposed to give website owners a way to make money without displaying ads. But malware authors seem to be among its most voracious early adopters.

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Content:

• Cryptocurrency for Dummies: Bitcoin and Beyond
• How coal country lawmakers came to love crypto
• US lawmakers probe into crypto mining companies’ energy use
• Bitcoin Mining Turns Electricity Into Money
• Bitcoin Mining in Upstate New York Is Environmental Concern
• Bitcoin operation ignites debate around the waste from coal mining in Pennsylvania
• Bitcoin ‘mining’ is growing dirtier than coal. Here are 5 things the U.S. can do about it
• Blockchain, crypto mining and the environment: towards sustainable solutions
• China crypto mining ban triggers exodus, bitcoin rigs sell like scrap
• How does a transaction get into the blockchain?

WATCH RELATED VIDEO: What is Bitcoin Mining? (In Plain English)

Cryptocurrency for Dummies: Bitcoin and Beyond

With the establishment of cryptocurrency, the era of a new means of payment has been ushered Crypto Mining in. We started with Bitcoin, which was first described in by the Japanese Satoshi Nakamoto in the Bitcoin white paper. His idea: The establishment of a digital currency. This should be organized decentrally, i. The maximum number of Bitcoins should be limited to a total of 21 million, in order to exclude inflation from the outset.

Unlike central banks, however, Bitcoin units are not printed like banknotes, for example, but can only be generated digitally by computing power. These are then lined up in a linear sequence and linked together via a decentralized peer-to-peer network. The check number in turn contains the individual hash values of the current transaction as well as the hash values of the respective previous transaction.

Thanks to this procedure, manipulation of the transactions is impossible, since a subsequent change within the chain would not only stand out, but is not even mathematically possible. If only one value were to be manipulated, the subsequent value would also deviate from the actual sequence. Simply explained, there are two different possibilities to mine cryptocurrency.

These are private crypto mining from home and crypto mining via the cloud. The two possibilities will be examined in more detail below:. The foundation stone for every type of crypto mining is the so-called eWallet, which is used to store the cryptocurrencies generated during mining e.

Bitcoins, Moneros and Co. In addition, private Bitcoin Mining requires a special program that can execute the hash function for mining. This can be installed and set up quite easily by any PC owner. Although it is still possible to run Crypto Mining from home with the CPU of your own computer, it is not recommended nowadays for economic reasons.

But even this is not always profitable compared to crypto mining via the cloud. If you want to save yourself the trouble of operating Crypto Mining from home, you can rent hash services from a cloud mining provider. Meanwhile there are countless different providers, some of which operate entire mining farms. The contracts can be concluded for different crypto currencies via the website of the respective provider.

The costs of the contracts depend on the rented service. Thus the providers remain independent of the value of the cryptocurrencies. Crypto Mining is an extremely complex, resource-intensive — and therefore expensive — process.

While in the early days of Bitcoin and Co. This ensures that from a certain point in time it is twice as time-consuming to generate a unit of a crypto currency. This measure is necessary because otherwise inflation would occur. Conversely, this means that more and more computing power is required to generate the unit of a cryptocurrency. The power consumption and the wear and tear on the hardware are increasing rapidly. Resourceful Crypto Miners soon began looking for new ways to mine crypto currencies more profitably.

Completely new possibilities quickly established themselves: One is the mining of cryptocurrencies in countries with very low energy prices, such as Iceland, Venezuela or Georgia.

Entire industries have already developed in these countries, some of which are now a problem for the stability of the national power supply. Iceland has already experienced an energy shortage due to the rapid increase in crypto mining activities.

The consequences: A significant shortage of the sought after commodity and increasingly expensive production An almost free, but also illegal method is the generation of cryptocurrencies with the help of a botnet. The aim here is to make as many computers as possible part of such a network and have them mine crypto currencies in a network. How the criminal miners succeed in this is described below.

Basically, a distinction must be made between two types of illegal crypto mining. Since it is based on JavaScript, it can be easily installed on web pages and is easily downloaded by most browsers.

However, the legal situation is anything but clear. Some of them even use the full CPU power, such as the Crypto Mining program that was included on the website of Portuguese football star Cristiano Ronaldo. But this method has a decisive disadvantage for Coinhive users: Cryptocurrencies are only mined as long as someone is actually actively on the website.

If they leave the site, the crypto mining process is aborted. Crypto mining using malware is a completely different matter. This method uses malware specially designed for mining cryptocurrencies. The cybercriminals use different ways to smuggle it onto the computers of their victims. The most popular method of distribution is via infected websites.

But pirated software is also suitable as a hiding place for a crypto mining dropper. If a user calls up an infected download website, the malware is loaded onto the computer unnoticed via a drive-by download and begins to dig up a selected crypto currency for the hackers. Since the maximum computing power of the devices is to be used to the full, the cyber criminals must proceed with caution in order not to be discovered while digging.

Because if the device is always running at percent computing power, it can hardly be operated by its owner. In most cases, the user will then take countermeasures. As a result, Crypto Mining Malware usually uses only about two thirds of the computing power. Crypto Mining Malware has even been detected that is able to bypass antivirus programs.

However, many independently infected devices do not yet give cybercriminals much use. The important thing is that they can bundle their power to mine crypto currency. A bot network is the ideal tool for this. Some of these networks comprise several thousand computers, and the profits that cybercriminals make are correspondingly high. On the one hand, it is important to understand how cyber criminals proceed in illegal crypto mining and what tools they use.

The right security awareness can lay the foundation for effective prevention. As a supplement, an anti-virus program should be installed on the computer, which is always kept up to date — this naturally also applies to all other programs and the operating system.

If you want to download software from the Internet, you should only do this via trustworthy sources such as heise. Renowned download portals also offer software for download that wants to install additional software during the installation process.

It cannot be ruled out that this may contain additional malware such as crypto mining droppers. Furthermore, spam e-mails may also contain links that lead to websites contaminated with Crypto Mining Droppers.

As it can be difficult to distinguish well-done spam e-mails from normal e-mails, it is recommended that companies in particular use a managed spam filter service. Increased attention is also advised when surfing the web. Since dubious, malware-infected pages are of course only rarely recognized as such, the use of a web filter is also recommended. This reliably warns the user of potentially harmful content before calling up the page. This provides protection not only against Crypto Mining Malware but also against all other harmful content.

Did you like our contribution from the knowledge database on Crypto Mining? Then you can access the overview page of our knowledge database here. Price and product request Onboarding Contact Form Call us now. Crypto Mining: Definition and Function Explained What danger does Crypto Mining pose to companies and how can you protect yourself against them? Table of Contents. How Does Cryptocurrency work?

Difficulties with the Generation of Cryptocurrencies Simply explained, there are two different possibilities to mine cryptocurrency. Private Bitcoin Mining The foundation stone for every type of crypto mining is the so-called eWallet, which is used to store the cryptocurrencies generated during mining e. Crypto Mining vie the Cloud If you want to save yourself the trouble of operating Crypto Mining from home, you can rent hash services from a cloud mining provider.

Legal and Illegal Crypto Mining — What are the differences? Illegal Crypto Mining — How cyber criminals tap into your computer. Crypto Mining using JavaScript Commands. Crypto Mining via Malware. How do I effectively protect myself from illegal crypto mining?

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How coal country lawmakers came to love crypto

So, he sent hundreds of dollars. Then thousands. Then he started telling friends and family, who sent even more money. When [the scammer] had all our money at the same time, that's when she disappeared. It's caused immense stress and embarrassment, and some of his friends still don't talk to him. I'd shown them my profits, and I was actively promoting it, almost like a salesman for her," he says. Scammers like to use Bitcoin and other cryptocurrencies because transactions are irreversible and don't require disclosure of personal details.

US lawmakers probe into crypto mining companies’ energy use

Cynthia Lummis R-Wyo. And lawmakers on Capitol Hill are moving to facilitate the trend. And in Kentucky, Democratic Gov. The action in the states is now getting wider attention in Washington. Democrats are looking to keep tabs on the industry. Many Republicans have shed their suspicions and are now full-fledged supporters. And Rep. William Timmons R-S.

Bitcoin Mining Turns Electricity Into Money

Entrepreneurs and companies are buying, selling and investing funds in cryptocurrencies like Bitcoin. Some retailers are accepting payments in cryptocurrency already. And, most recently, Miami Mayor Francis Suarez proposed that the city begin using Bitcoin for some of its financial transactions, including for employee salaries. The popularity of cryptocurrencies is attracting a number of people — including hackers. The result?

Bitcoin Mining in Upstate New York Is Environmental Concern

We present a visual analytics tool, MiningVis, to explore the long-term historical evolution and dynamics of the Bitcoin mining ecosystem. Bitcoin is a cryptocurrency that attracts much attention but remains difficult to understand. Particularly important to the success, stability, and security of Bitcoin is a component of the system called "mining. Mining pools have emerged as collectives of miners that ensure a more stable and predictable income. MiningVis aims to help analysts understand the evolution and dynamics of the Bitcoin mining ecosystem, including mining market statistics, multi-measure mining pool rankings, and pool hopping behavior.

Bitcoin operation ignites debate around the waste from coal mining in Pennsylvania

Kosovo has banned the mining of cryptocurrencies to curb electricity use as it grapples with an energy crisis caused by soaring global prices. The government says security services will identify and clamp down on sources of cryptocurrency mining. The mining is energy intensive and involves verifying digital transactions to get cryptocurrencies as a reward. While all of Europe faces sharp price rises, Kosovo is enforcing rolling blackouts amid an electricity shortage. The Balkan state's largest coal-fired power plant was shut down last month over a technical issue, forcing the government to import electricity at high prices.

Bitcoin ‘mining’ is growing dirtier than coal. Here are 5 things the U.S. can do about it

The reason for the change is to prevent games from scamming Steam users into buying fake items, which is what happened when the game Abstractism renamed itself Team Fortress 2 to sell a bogus rocket launcher. Valve apparently hopes to make these refunds automatic. In a statement to Kotaku , Valve explained it had "removed Abstractism and banned its developer from Steam for shipping unauthorised code, trolling, and scamming customers with deceptive in-game items". But according to Steam code shared by Reddit users , Valve has also taken steps to actively prevent fake item scams via the Steam marketplace.

Blockchain, crypto mining and the environment: towards sustainable solutions

Get the best experience and stay connected to your community with our Spectrum News app. Learn More. New York gubernatorial candidate Jumaane Williams called for a moratorium on proof-of-work bitcoin mining in the state, pointing to concerns raised by advocacy organizations the process is harming efforts to combat climate change. The push backed by Williams, the New York City public advocate, as well as local groups in the Finger Lakes region of New York, is the latest effort to raise the issues surrounding the relatively new currency technology. At issue is the massive amount of energy generated by bitcoin mining operations and the servers needed to operate them, which environmental organizations have argued hamper efforts to reduce climate change.

China crypto mining ban triggers exodus, bitcoin rigs sell like scrap

Think about it like mining for gold — no pickax required. Only these miners are racing to unearth Bitcoin, the leading digital currency. To do so, they load up on super powerful computers capable of solving complex puzzles to verify digital Bitcoin transactions and add them to a ledger. For essentially acting as auditors to secure the payment network, miners earn bitcoin — the process by which new bitcoins are put into circulation. Welcome to the world of Bitcoin mining, a growing industry across the globe, and in Pennsylvania, that requires a substantial amount of energy. For that reason, many mining facilities have popped up near power plants. The latest example: Talen Energy Corp.

How does a transaction get into the blockchain?

George: that they would not mine cryptocurrency. It was a desperate attempt to deal with what has become an intractable problem: chronic energy shortages in Svaneti due to unscrupulous use of power-hungry computers mining cryptocurrency. Svaneti is best known for its towering, snowy peaks, picturesque stone-hewn hamlets, and strict traditional code of honor. Increasingly, however, it is also known for cryptocurrency production.