Facts About Cryptocurrency
The following facts and statistics capture the changing landscape of cryptocurrency and how security experts, investors and enthusiasts are keeping up with the changing trends in decentralized currency.
is an alternative currency -- a digital money that can be purchased, transferred, or sold securely using cryptography to encrypt and protect the data used to help identify and track cryptocurrency transactions. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology that serves as a public financial transaction database.
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.
10 Cryptocurrency & Mining Facts to Know in 2018
The following facts and statistics provide interesting tidbits about Cryptocurrency.
Cryptocurrencies market cap is approximately the same as wireless services or healthcare supplies. Cryptocurrencies are expected to continue to increase to upwards of $700 billion or more by the end of this year. -
Completed encrypted transactions are added to a "block" until a fixed number of transactions has been recorded. That block then gets added to the blockchain, which is publicly available.
These transactions leave no trace of who is behind them. -
Security experts saw a spike in cyber attacks in 2017 that were aimed at stealing computer power for mining operations. Last year it was discovered that a tool that was secretly hijacking visitors’ computers to mine Monero, a Bitcoin–like digital currency, was contained in the source code for the Showtime Anytime website. -
Although Malware containing cryptocurrency mining tools can be detected using antivirus software, illegal mining operations set up by insiders are also on the rise. Turning a company’s computing infrastructure into a currency mint is often carried out by employees with high-level network privileges and technical skills. -
Research has identified 470,000 unique malware samples that hijack computers and mobile devices to mine cryptocurrency. With limited battery resources, this is particularly devastating to mobile devices. The malware overtaxes the CPU so much that irreparable damage can be done to mobile phones such as a depleted battery life or an overheated, malfunctioning phone. -
Defeating cryptocurrency miners being delivered via malware requires defenders to have an in-depth approach to security. Many malware authors will limit the CPU utilization, or ensure that mining operations only take place during specific times of the day or when the user is inactive. The malware itself is delivered via a large number of methods. -
Cryptocurrency has been around for nearly ten years and started with the well-known Bitcoin. There are now over one thousand different digital currencies, with Bitcoin being worth the highest. -
In June 2017, top cryptocurrencies saw a dramatic rise in their value due to an increase in investors, which resulted in a high influx of cryptocurrency miners within the WildFire platform. WildFire is a means of combating network threats for Palo Alto Networks customers. -
The lack of security on most mobile phones, the number of subscribers who download applications, and the ease of malicious code being embedded into websites and application stores make malicious cryptocurrency mining on mobile devices increasingly easy for malicious actors. This is a threat to both subscribers and mobile network operators. -
The dramatic fluctuation of the Bitcoin leads many analysts to believe that the value could range anywhere from $50,000 a coin to $1,000,000 a coin. That would mean Bitcoins would be more valuable than gold. -
This article was originally published on October 01, 2018
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