Page 36 - Payout Magazine Online Volume 10.02
P. 36
Cryptojacking –
Report Says 99%
Sites Stopped
After CoinHive
Shut Down
Cryptojackers have wreaked havoc on Cryptocurrencies are a form of alternative in the cryptocurrency community because
university and government networks money that only exists in the digital world – it is considered virtually untraceable – unlike
using CoinHive. But now that CoinHive has complex algorithms generate new coins in a Bitcoin. CoinHive intended the feature to be
shut down – is cryptojacking still a concern? process called mining. Mining turns computing used as a way for website owners to generate
A recent report examines whether sites who resources into cryptocurrency coins, which new revenue without relying on ads. Some
engaged in cryptojacking with CoinHive are inherently have value. websites disclosed their use of CoinHive and
again doing so after the CoinHive closure. its resource jacking, while others didn’t.
Most crypto-mining happens on powerful
What is Cryptojacking? hardware built for the purpose, but that is Pretty soon, malicious actors began
expensive. Cryptojacking allows users to steal inserting the code onto hacked websites,
Cryptojacking is the act of using a resources to mine for cryptocurrency without turning it into a form of malware. CoinHive shut
computer or mobile device’s resources to needing equipment of their own. down in March 2019 for several reasons. The
mine cryptocurrency without the owner’s initial blog post that made the announcement
permission. This type of malware is sometimes What was CoinHive? cites the decline in the value of Monero as one
called malicious crypto mining. Cryptojackers reason.
use malicious scripts to compromise CoinHive allowed website owners to
browsers, websites, and even network servers borrow their visitor’s resources to mine the At the time of the CoinHive closure, the value
to mine for cryptocurrency. Monero cryptocurrency. Monero is valued of Monero fell 85% over a year. Cybersecurity
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