We have many different types of Cybercrime. The big one is Ransomware, data breaches, phishing, etc., so now we have Cryptojacking - a new kind of hack attack. It is not brand new - it first came to light in 2017. It is not as severe as Ransomware, but it happens all the time and you may not even notice it if it’s happening to you.

What is meant by cryptojacking?

Cryptojacking steals computing power, not data. Crypto miners hack into your system to use it to mine cryptocurrency, like Bitcoins. Cryptocurrency is earned by verifying massive blocks of digital transactions worldwide. Once enough transactions are verified, a Bitcoin or another currency unit It is earned. That takes a huge amount of computing power.

Cryptojacking is quickly becoming one of the most common forms of malicious intrusion, but one of the least known – and to the naked eye, somewhat benign. The key to a cryptojacker’s success is stealth – the longer they can operate unnoticed, the more they can mine.

Perhaps you have heard or been a part of the Berkeley SETI Research Center’s now defunct SETI@home project. They used the internet to borrow consenting volunteers’ computing power, which would analyze radio signals harvested by radio telescopes directed deep into space in the search for signs of extraterrestrial intelligence.

Cryptojacking uses computing power taken without consent to authenticate the millions and millions of global financial transactions that go into the earning of cryptocurrency. This may almost seem ‘victimless,’ but it uses up the victim’s resources. How would you feel if, every night when you went to bed, somebody ‘borrowed’ your car and put 500 miles on it? How long were you planning to keep it? Whatever the time frame was – cut it in half, at least.

Cryptojacking is on the rise, as is the targeting of business networks. Consumers with one or two computers do not fill the bill when crooks can hack into a Small to Midsize Business (SMB) and steal the power from dozens of computers.

In truth, many garden-variety ‘IT guys’ will probably not notice the intrusion because the scripts used in the practice bypass traditional Anti-Virus (AV) and other Cybersecurity threat scanning software. Since it does not ‘attack’ in the usual sense, it can go unnoticed – especially by ‘Break & Fix’ (B&F) hourly-pay hired IT amateurs. However, a proactive Managed IT Services provider that monitors the network 24/7 will notice the anomalies in power usage, and the symptoms that occur after cryptojacking.

How do I know if I have a crypto miner?

It can simply be that the computer becomes sluggishness and slow to respond. It may be that the desktop seems hotter than usual, but more so on a laptop because the overheating CPU (Central Processing Unit) that Cryptojacking uses to perform the functions is closer to the outer frame.

There are tons of low-level Break & Fix IT firms – the obsolete IT model wherein they wait for something to break and then come out and fix it. ‘IT guys’ at that level concern themselves with ‘one-off’ issues, not with the ongoing health of the network. A Managed Services Provider does the meticulous monitory and evaluates anything out of the norm.

It takes a 24/7 ‘hands-on’ proactive Managed IT Services firm that is extremely familiar with the way your network performs to spot significant changes in the network’s behaviors. Usage is analyzed on a regular basis, so the IT HelpDesk technicians can easily determine that a network is working harder than usual – without a corresponding rise in user activity. Any qualified IT technician knows that any anomalies must always be examined. Even if it’s not a technically a problem now, a good IT technician knows that it may well become an issue if left unchecked.

Here at ITFirm.com, we have never had a successful cryptojacking of any of our clients, but since the ‘Hackers vs. Cybersecurity’ contest is like an ongoing game of ‘Whack-A-Mole’, we must remain vigilant for unusual network activity events. These can happen for a variety of reasons but can also indicate different types of attacks. Whether it’s a cryptojacking, attempted breach, or a simple hardware malfunction, it means something, especially if it’s coupled with a decrease in network performance.

If a network is not performing ‘business as usual’, it needs to be investigated.

Frequently Asked Questions

Q: Is crypto mining illegal in the US?

A: Cryptojacking is illegal. Crypto mining is legal according to the federal government, but states and municipalities may have laws of their own. In California, it is legal. Consumers may sign up with legitimate crypto mining concerns to allow access to their computing power in exchange for a small ‘cut’ of the proceeds – just don’t quit your day job thinking that your new Dell is going to start paying your bills – but it may buy you lunch… eventually.

Q: What are the security issues of Cryptojacking?

A: On the surface it would seem that there is little danger to your system beyond slower performance (which is enough of a problem) or overheating. The wear and tear will shorten the life of your system, and any qualified IT expert will tell you that any unwelcome intrusion in your system must be dealt with.

Once inside, the hackers may choose to execute more malicious malware. When Cryptojacking started taking off, more than a few purveyors of Ransomware migrated to this less ostentatious and risky way of making an illegal buck.

As the trends in cybercrime change, so does the hackers’ modus operandi. The future will most likely provide more lucrative opportunities, and with the crooks’ presence in your computer or network, they are like a coiled rattlesnake - ready to strike at any time.

Varonis, a company that specializes in software for Cybersecurity, lays out an in-depth examination of Cryptojacking HERE.

Q: Is cryptomining worth it in 2022?

A:  Yes, but mining cryptocurrencies like Bitcoin can be a very complicated undertaking. To start, you need the mining hardware - the average price of a single mining device runs from around $2k up to $8k and higher, depending on the desired ‘hash rate’ – the measure of computational power.

Before you buy a mining machine (or dozens of them) online, an examination of your Return on Investment (ROI) and ‘break-even’ point  versus your capital outlay would be wise. HERE is a handy article on the ins and outs of mining. Aside from the cost of the mining machines, expect your energy bill to skyrocket, as these machines eat up a ton of power, and they run extremely hot. You may well have to install a special cooling system.

BUT: At least you don’t have to buy a shovel and a hat with a light on it.

Q: How much is a single Bitcoin worth today?

A: As of September 28, 2022, one Bitcoin is valued at $19,485.10 in US dollars – up $472 since yesterday, September 27.

How secure is your network?

As a longstanding, reputable member of the IT Support Charlotte community, ITFirm.com offers a FREE, no-risk network and Cybersecurity assessment. We perform a non-intrusive scan that allows us to deliver a comprehensive report of the state of your system and its vulnerabilities that is yours to keep. There are no strings attached, and you are under no obligation to ever use our Managed IT Services.

The two best defenses are next-generation Cybersecurity to protect your data from theft, and a top-notch Managed Services Provider to ensure continued reliability and defenses against newly emerging threats.

We put our 100% Money Back Guarantee in writing, so there is no risk in trying us out. Because we do not require a ‘hard’ contract, our clients can fire us at any time with 30 days’ notice. We have to be good.

Among the Managed IT Services we provide:

IT HelpDesk Service
Onsite IT Support
Cybersecurity
Cloud migration and management
Email migration services
Backup and disaster recovery
VoIP phone systems
IT disposition and recycling
Office moves
White label services (IT to IT)

For more information, or to receive your FREE no-risk network and security assessment, just fill out the form on this page or call us at:
704-565-9705