The popularity of cryptocurrency, a form of digital currency, is rising; Bitcoin, Litecoin, Monero, Ethereum, and Ripple are just a few types of the cryptocurrencies available. Though cryptocurrency is a common topic of conversation, many people lack a basic understanding of cryptocurrency and the risks associated with it. This lack of awareness is contributing to the rise of individuals and organizations falling victim to illicit cryptocurrency mining activity.
What is cryptocurrency?
Cryptocurrency is a digital currency used as a medium of exchange, similar to other currencies. However, unlike other currencies, cryptocurrency operates independently of a central bank and uses encryption techniques and blockchain technology to secure and verify transactions.
What is cryptomining?
Cryptocurrency mining, or cryptomining, is simply the way in which cryptocurrency is earned. Individuals mine cryptocurrency by using cryptomining software to solve complex mathematical problems involved in validating transactions. Each solved equation verifies a transaction and earns a reward paid out in the cryptocurrency. Solving cryptographic calculations to mine cryptocurrency requires a massive amount of processing power.
What is cryptojacking?