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What is Cryptojacking?

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What is Cryptojacking?

Scammers use different means to try and exploit people to gain cryptocurrencies at the price. Cryptojacking is one of the activities used by cybercriminals to mine cryptocurrencies without people knowing. This process involves having unauthorized access to people’s devices such as tablets, mobile phones, laptops, desktops, and servers to mine cryptocurrencies. 

The owners do not know that their devices have been compromised by scammers using them to make a profit. This activity is designed to remain hidden from their victims, as people do not know that their devices have been targeted. 

An unsuspecting person may download an app on their phone without knowing that it was designed to allow criminals to mine cryptocurrencies. 

Before a new block is produced, there is a need for computing power. Those that offer this computing power are rewarded with crypto. Miners trade their computing power for crypto rewards. Reputable miners source the computing power from the right source by owning mining farms and generating electricity legally. 

On the other hand, cybercriminals decide to exploit others to generate the needed computing power. Cryptojackers want to enjoy the perks that come with mining cryptocurrencies but do not want to incur the costs. This activity allows unscrupulous elements to mine tokens without paying the huge overheads that come with setting up farms and paying for electricity. 

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There are different ways that Cryptojacking software can gain access to a person’s devices. 

Firstly, the user may unwittingly download the app. Sometimes, the person may not know that they are downloading a mining app on their phone. They may feel that they are downloading a calculator app or other types of software. 

Secondly, the victim may click on a malicious link sent to their email. The link immediately loads the crypto mining code once it is clicked on the device. Thirdly, a website or online may be infected by a code that instantly executes crypto mining activity once it is loaded.

Rose Nnamdi is a crypto content writer that loves drafting content on cryptocurrencies and innovative platforms building on blockchain technology.

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