In the world of cybercrime, a new and insidious threat has emerged: cryptojacking. This term refers to the unauthorized use of other people’s computing power to mine cryptocurrency, often without their knowledge. As the popularity of digital currencies like Bitcoin and Monero has increased, so has the prevalence of cryptojacking attacks. In this blog, we’ll explore what cryptojacking is, how it works, how it affects you, and what steps you can take to protect yourself.
What is Cryptojacking?
Cryptojacking occurs when cybercriminals secretly install malicious scripts on a victim’s device — be it a computer, smartphone, or tablet — to use processing power for cryptocurrency mining. Unlike traditional mining, which requires expensive hardware and significant electricity costs, cryptojackers exploit victims’ devices, making it a cheap and profitable venture for attackers. Monero is often the cryptocurrency of choice for these criminals because of its privacy features, which make it difficult to trace transactions back to miners.
How does Cryptojacking work?
The cryptojacking process usually starts with the victim accidentally visiting an infected website or clicking on a malicious link. Once the malicious script has been executed, it begins to use the device’s CPU to perform complex mathematical calculations necessary for cryptocurrency mining. This can cause noticeable performance issues, such as slower processing speeds, overheating, and even unexpected device shutdowns.
A systematic study revealed that out of nearly 854,000 popular web pages analyzed, 2,770 were found to host cryptojacking scripts, indicating a significant level of threat in the online landscape. The scale of this threat is underlined by the fact that cryptojackers can make huge profits. For example, a single cryptojacking website can generate more than 1.7 million dollars per month from more than 10 million users.
Impact of Cryptojacking
The consequences of cryptojacking go beyond discomfort. Victims may experience degraded device performance, resulting in increased productivity and electricity costs. For businesses, the implications can be even more severe, as compromised systems can lead to data breaches and loss of customer trust.
Additionally, the environmental impact of cryptojacking should not be overlooked. Cryptocurrency mining is notoriously energy intensive. The Bitcoin network alone consumes more than 73 terawatt-hours of electricity per year, which is comparable to the energy consumption of an entire country. When cryptojacking occurs on a large scale, it exacerbates this energy demand, contributing to the carbon footprint associated with cryptocurrency mining.
The Rise and Fall of Cryptojacking
Cryptojacking tends to rise and fall with the value of cryptocurrencies. As prices rise, so does the incentive for cybercriminals to engage in such activities. However, there are efforts to counter this trend. Shutting down Coinhive, a popular service that allows websites to integrate mining scripts, has significantly reduced the number of cryptojacking incidents. The closure of Coinhive in March 2019 led to a drastic drop in infections, showing that regulatory action can have a real impact on cybercrime.
How to Protect Yourself from Cryptojacking
While the threat of cryptojacking is real, there are steps individuals and organizations can take to reduce the risk:
- Monitor Device Performance: Check the performance of your device. If you notice unusual slowdowns or overheating, it could be a sign of cryptojacking.
- Use Security Software: Install reputable cyber security software that includes protection against cryptojacking. Many antivirus programs today offer features specifically designed to detect and block mining scripts.
- Browser Extensions: Try using browser extensions that block cryptocurrency mining scripts. These tools can help protect your device while browsing the web.
- Stay Updated: Update your operating system and applications regularly to patch vulnerabilities that cryptojackers can exploit.
- Educate Yourself: Awareness is key. Understanding how cryptojacking works and recognizing the signs can help you avoid becoming a victim.
Conclusion
Cryptojacking is a stealthy and growing threat in the digital landscape, but by taking proactive steps, individuals and organizations can protect themselves from this form of cyber crime. As the cryptocurrency market continues to grow, staying informed and vigilant will be important to combat the risks associated with cryptojacking. Remember, while the appeal of cryptocurrency may be strong, the consequences of illegal mining can harm individuals and the environment.
