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The explosive growth of cryptocurrencies within the last yr was accompanied by a corresponding increase in coin mining. 

According to security firm Symantec, cryptocurrency mining was the largest trend of 2017. “The surge in interest on this area was such that detections of coinminers on endpoint computers in 2017 surged by 8,500 percent,” the maker of antivirus software wrote in a blog post on its site. (See also: What is Bitcoin Mining?)

Coinminers are scripts to generate recent coins. Typically, they’re run on nodes which are connected to networks of computers accountable for this task. These are generally known as bitcoin mining farms. Some individuals also run bitcoin mining machines at home. Symantec’s statistics pertain to mining of cryptocurrencies on such systems. As cryptocurrencies became popular within the last yr, bad actors inside the cryptocurrency ecosystem began using the script to mine on end user’s computers without their permission. For example, a malware used to generate Monero, which is the preferred cryptocurrency used for mining coins on user computers, even made profits last yr. 

Not all instances of coinminer algorithm use are illegal, nevertheless. Online publication Salon unveiled a program this yr that used coin mining to assist offset promoting revenue shortfall. The publication’s pitch to users was to present coin mining as a substitute for ad blocking software, which has turn out to be popular with users lately. But it just isn’t clear whether the initiative was successful. Coin mining is a CPU-intensive activity that slows down systems and will even crash them. (See also: Sites Are Now Using Your Computers To Mine Coins. It Could Be A Good Thing.) 

Symantec’s post drew attention to the results of coinminers for organizations. According to the corporate, self-propagating coinminers or coin mining algorithms that spread through a network by replicating themselves on user machines could shut down corporate networks. If a majority of the network relies within the cloud, then it could increase overall electric usage (on account of CPU-intensive activities) and increase overall maintenance costs for organizations. 

The post’s authors also highlighted the results of coinminer algorithms on IoT devices. “We observed a 600 percent increase in overall attacks on IoT devices in 2017, showing that while they don’t make headlines like they did due to the Mirai botnet in 2016, they’re still very much a goal for cyber criminals,” the report states.

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