The use of cryptocurrencies adds a new level of complexity to the hunt for secure online processes. These new digital currencies are created by sophisticated calculations needing a lot of computer power. Cryptocurrency miners have developed fresh strategies for getting free access to that processing power, which may involve exploiting the website of your business.
There are so many moving parts that it could be difficult to understand this situation. Before drawing a connection between cryptocurrencies and the demand for greater browsing security at your firm, we’ll first go over what cryptocurrencies are and how they’re made.
What are cryptocurrencies, exactly?
These three are probably familiar to you: bitcoin, ethereum, and solana. Cryptocurrencies are an autonomous, decentralised, secure, and largely anonymous form of alternative money. There is just digital money; there is no physical money.
There is growing interest in how the value of virtual currencies converts into genuine dollars and pounds for those who are aware of how the system works, even if they have only been operating for a few years and the majority of people are unaware of them.
How do they get made?
In conclusion, counterfeiting is a possibility for both digital and traditional currency. To maintain the integrity of the system, all transactions must be verified.
These transactions are eligible for payment since they can be confirmed by miners. A user can compete to get a hexadecimal number that is either equal to or lower than the randomly generated number for the data set after validating 1MB of transactions. New money is produced and given to the first individual who provides a valid code.
Therefore, even if you approve the transaction, you are still required to be the first to generate this additional code at random. The right hexadecimal number has to be generated using a lot of processing power. This computer’s processing power is increasingly being outsourced, which takes us to the next topic, cryptojacking.
What is mining a cryptocurrency?
What is mining a cryptocurrency?New digital currencies are produced every day. As was previously said, the procedure for minting these new coins is rather difficult, and in order to be effective and profitable, it must be carried out on a large scale.
It takes a lot of processing power, thus bitcoin miners recently came up with a method to use another processing source rather than purchasing equipment.
They are now exploiting mining JavaScript to mine money on (often naïve) websites. The scripts operate in the background while a user is browsing the website, basically syphoning some of their processing power to generate those hexadecimal codes for the duration of their visit.
If there is no malicious download and they do not want your info, why should this be of concern?
This is the essential issue. Unless you actively measure your computer performance numbers for the difference, you probably won’t notice it (your computer may slow down fractionally but not enough to affect performance). The problem is that these scripts are placed in place without website owners’ consent, and end users have no control over whether or not websites may take control of their machines.
If this happens frequently, it might use a lot of energy and eventually damage equipment. The equipment, internet connection, electricity, and computer power needed to do the calculations are all provided by third parties. It poses a risk since scripts can crash and take down websites with them.
Businesses have a challenge since the code must first be placed on your website; if this happens without your permission, it is referred to as hacking.
It’s particularly concerning since malicious background programmes aren’t just used for bitcoin mining. Scripts can be used to force the display of adverts, redirect visitors to other websites, or infect computers with malware. Both companies and website visitors may be seriously harmed by these scripts. Your website is more open to malicious hackers if it is visited by bitcoin miners.
There are ways to fight back, through your workplace network you can install ad blockers and add any websites with known mining scripts to your ban list. By doing this, resources are not wasted. Additionally, certain browsers offer add-ons that may detect and alert you to fraudulent websites.
As the owner of a website, you must exercise caution to ensure that a miner has not been maliciously added to your website. If you’re unsure of how to detect these scripts, professional security audits can find them.
Remember that it doesn’t benefit you at all and affects the people who visit your website, your customers. They run the danger of using up the computing resources owned by your business, and if the mining scripts are flawed, your website can suffer as a result (crashes, data loss and security weaknesses).
The concern is that as mining scripts become more well-known and sought-after by cyber security teams, script-based malware producers may create breaches that are increasingly harder to detect.
An alternative possibility is being used by some businesses, they are allowing bitcoin scripts to run on their websites as a way of generating income from website traffic, and making a deal with users that this income will remove the need for annoying adverts that are currently placedon their website to generate revenue. This approach is very unlikely to appeal to many businesses of their customers. You’ll need to conduct some studies to determine whether the time is correct or whether it’s right for your organisation because the idea is so new and there is a lot of grey area, particularly when it comes to end user rights and authorisations.
In the still-evolving digital currency environment, cryptojacking is a relatively new practice. It will take some time for developers and other interested parties to find out how to make currency mining profitable for everyone while also putting controls in place to stop those from trying to take advantage of business websites without consent.
Computers in the City, your IT partner
Computers in the City is London’s longest-standing IT partner. With over 20 years’ experience, we can assist you to meet your IT support, consulting and cloud computing needs. We’re proud to be local, offering 24-hour support in straightforward language that takes the stress out of IT support.