New research shows that Cryptojacking is responsible for more than 4% of Monero’s supply


A recent report, which explores the crypto-mining malware ecosystem, has concluded that more than 4 percent of Monero’s total circulation supply is attributed to cryptocurrency mining malware. Therefore, the flagship privacy coin earns number one spot among the most popular cryptocurrencies with cryptojackers, even outperforming Bitcoin.

What the heck is cryptojacking?

Cryptojacking is defined as the secret use of your computing device to mine cryptocurrency.

Cryptojacking used to be confined to the victim unknowingly installing a program that secretly mines cryptocurrency.

In-browser cryptojacking uses JavaScript on a web page to mine for cryptocurrencies.

JavaScript runs on just about every website you visit, so the JavaScript code responsible for in-browser mining doesn’t need to be installed.

If you think it’s nothing, think again…

You load the page, and the in-browser mining code just runs. No need to install, and no need to opt-in.

In-browser mining is available for the Monero cryptocurrency.

Back to the research report!

There have been more than 2,200 active cryptojacking campaigns that accumulated $57 mln worth of XRM, the above-mentioned study claims. Notably, only one campaign is responsible for 23 percent of this sizeable sum of money (and it’s still running).

However, things are getting even more exciting if to take into account that 720,000 XMR (the total amount of coins mined by cryptojackers) constitutes 4.32 percent of the total circulation supply (16.6 mln XMR).

The report points out there was a short-lasting spike in the popularity of other altcoins but cryptojackers decided to ditch them due to low mining profitability.

Cryptojacking is a big problem in 2018 and will be in 2019 as well. Hackers went as far as distributing fake Adobe Flash Players installers and even malicious Steam games in order to stealthily mine Monero over the clock.

 


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Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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