What is Cryptojacking?
Let's find out Cryptojacking meaning, definition in crypto, what is Cryptojacking, and all other detailed facts.
Cryptojacking can also be seen as a type of cyberattack.
The targets of cryptojacking can be anyone from individual people to large organizations.
Furthermore, cryptocurrencies can be mined, so individuals are able to employ their computational resources to provide protection for the operation of the blockchain and gain newly issued coins. These coins can be traded on crypto exchanges for fiat currencies.
To do so, users must acquire, set up, and manage specialized equipment, as well as incur large electrical power costs, all of which cut into the profit generated from selling the mined coins. So, a hacker might choose to mine cryptocurrency by hijacking the computational resources of other people, instead of participating in a fair competition.
The two most popular types of cryptojacking:
- File-based
- Browser-based
File-based cryptojacking occurs when hackers send perfectly authentic emails to their targets. When the user opens the attachment, the software runs, and the crypto mining script is installed on their machine. It can also be referred to as the “drive-by” cryptojacking.
Browser-based cryptojacking happens when hackers inject harmful code into different websites. The crypto mining script is activated on the targeted computer as soon as he or she visits the infected websites. In other words, by using a trojan. The program keeps running on the host computer, consuming its resources.
These cryptojacking tactics can go undetected for a long time, allowing hackers to mine with carelessness from unwary users' devices. Mining operations have expensive power charges, which hackers transfer to their victims in order for them to obtain token payouts without incurring financial hardship.
Cryptojacking scripts might lead to devices breaking due to wear and tear. Besides, a specific class of cryptojacking scripts has a worming ability that allows it to replicate fast, infecting multiple devices and servers within a network.
Tesla Inc. was a subject of cryptojacking in February of 2018. Mining malware was operating on the company's Amazon Web Services cloud infrastructure. Although the data exposure was revealed to be minor in this example, cryptojacking offers a broad security danger to a firm in general.
Furthermore, the distinctions between cryptojacking and "genuine" browser mining are often not evident.