What is Cryptojacking? The spread of the question is directly proportional to the attractive increases in the value of cryptocurrencies. Crypto coins; Attempts to steal crypto are also spreading rapidly, as cybercriminals overlap with the goal of achieving high financial gain with low risk.
Before explaining the details of the attacks in question, how to detect them and how they can be prevented, let’s review the definitions of cryptocurrency, blockchain, and crypto mining. What is Cryptocurrency? Most cryptocurrencies, known as blockchains; It is based on a technology that records transactions as code and is distributed to countless computers around the world.
Cryptocurrency, also called cryptocurrency, refers to software-based virtual money. When you buy cryptocurrency, you are buying a digital asset based on the algorithm. These digital currencies, which can be used as online payments for goods and services, are decentralized, unlike centralized currencies controlled by the government. Its value is controlled by the network according to supply and demand and is more volatile than traditional currencies.
Because of its potential for intense volatility, cryptocurrency is considered risky by some financial advisors as an investment tool. Past performance is not a guarantee of future results. As with any investment strategy, there is no guarantee that the investment goals will be achieved and investors can easily lose money.
Most cryptocurrencies, known as blockchains; It is based on a technology that records transactions as code and is distributed to countless computers around the world. Most cryptocurrencies run on a “blockchain”/blockchain. Transparency, security, distribution, and traceability have led blockchain to impact a wide range of areas, from law to health, from the energy sector to logistics and even online selection processes.
Blockchain; is a rapidly growing technology that deals with the processing of digital products, online transfers or payments. Defined as a type of digital transaction ledger that uses computers to verify and secure transactions, blockchain allows transactions to be made without any central authority.
Instead of a central authority on the blockchain to approve or reject a transaction, each transaction is encrypted and added to the list of transactions waiting to be added to a blockchain. Each of these sets of lists is a “block” that has not yet been “chained” to existing blocks.
New blocks need to be verified, and that’s where crypto mining comes in: to prevent people from playing games on the system or hackers from carrying out denial-of-service attacks, it was thought that there had to be a barrier that made adding blocks a bit difficult. This obstacle is in the form of mathematical puzzles that must be solved before a block can be verified and added to the blockchain. Solving one of these puzzles brings about being rewarded with cryptocurrency.
You can think of blockchain as an ever-growing public database, a list of data. In this list of interconnected blocks, each block is designed to match the previous and next. The information contained in the middle block is encrypted by an algorithm that uses a cryptographic function called HASH. This makes the data untouchable.
Blockchain is used to record and verify all kinds of transactions on every continent, from the transfer of assets such as real estate other than cryptocurrencies and from football tournaments to voting in elections.
Anyone using a cryptocurrency creates a unified transaction record with the blockchain, in which case everyone has their own copy. The software records each new transaction as it happens, and each copy of the blockchain is updated simultaneously with the new information, keeping all the records the same and accurate.
So every time you make a purchase with a cryptocurrency, the transaction is recorded and then made public. Information about the transaction is stored in a “block” and then added to the global network of blocks known as the “blockchain”.
Blockchain data is stored on a large number of computers and servers around the world. Due to the nature of blockchain, no central institution can own or organize this information. It is almost impossible to hack the entire blockchain network. While a hacker can potentially alter some aspect of the data, there is no central system to attack.
The potential of blockchain technology is practically limitless and has already surpassed the field of cryptocurrencies. Transparency, security, distribution, and traceability have led blockchain to impact a wide range of areas, from law to health, from the energy sector to logistics and even online selection processes. What is Crypto Mining? What does cryptojacking mean when hackers take control of victims’ computing resources in order to mine cryptocurrency? is the reason why the question is asked.
Crypto mining is the process by which a machine performs tasks called “Proof of Work” to obtain some amount of cryptocurrency.
Bitcoin and other cryptocurrencies are created through this process known as mining, in which powerful computers compete with each other to solve complex mathematical problems.
Miners create cryptocurrency by decoding cryptographic algorithms and ensure its security. Crypto miners, i.e. network participants; It uses special computers with GPUs or ASICs to verify transactions as quickly as possible, and in the process, it earns cryptocurrency.
In the early days of crypto mining a decade or so ago, people could mine cryptocurrency on a home computer because the necessary calculations were much easier. But today, miners need to invest a significant amount of capital in processing power and electricity to complete calculations. In fact, the energy requirements are so great that when you do research on these subjects, you can see that comparisons are made with the energy consumption of countries. For example, according to Technopedia, as of 2019, the energy used to mine Bitcoin is equal to the energy consumed by Switzerland.
Therefore, in cryptocurrency mining, hardware and energy requirements are the biggest obstacles to competition. This may suggest that crypto mining can be lucrative in countries with relatively cheap electricity, but the energy needed could cause power outages in all cities of the country.
Some types of cryptocurrencies are easier to mine than others, and they are favorites of hackers. Monero, for example, can be mined on any desktop, laptop or server, while Bitcoin mining requires expensive specialized hardware. Mining operations can also be performed on a mobile device, IoT device, and router.
What does cryptojacking mean when hackers take control of victims’ computing resources in order to mine cryptocurrency? is the reason why the question is asked. What Does Cryptojacking Mean? Cybercriminals sneak into victims’ systems using methods commonly used in phishing, infected websites, or malware attacks to claim their rewards at no cost associated with the mining process.
Creating new cryptocurrencies, involving using computing resources to create new blocks on the chain, and demanding crypto mining requires advanced hardware that can cost thousands of dollars. However, cryptocurrency enthusiasts who don’t want to buy and configure their own mining rigs use malware by compromising other people’s systems.
Cryptojacking is a type of cyber threat that uses victims’ computing power and resources to mine cryptocurrencies or steal cryptocurrency wallets. Cybercriminals sneak into victims’ systems using methods commonly used in phishing, infected websites, or malware attacks to claim their rewards at no cost associated with the mining process.