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How Can Cryptocurrency Be Mined

What Is Cryptojacking? The Bitcoin And Monero Mining Process That Steals Your Computing Power, Explained.

What Is Cryptojacking? The Bitcoin And Monero Mining Process That Steals Your Computing Power, Explained.

Future Tense is a partnership of Slate , New America , and Arizona State University that examines emerging technologies, public policy, and society. Cryptojacking, an internet scam found on thousands of websites in which nefarious actors mine cryptocurrencies on computers without users permission, has been on the rise since the prices of bitcoin and many other cryptocurrencies began spiking last year. The con involves websites stealing computational power from a visitors computer to execute the algorithms that are involved in cryptocurrency mining, which requires significant amounts of energy . While its most common in the sketchier corners of the internet, hackers have also been able to inject the cryptojacking software onto websites for Showtime and PolitiFact and on e-commerce platforms . Patrons of a Buenos Aires, Argentina, Starbucks branch discovered in December that its Wi-Fi service was covertly using their computers for mining, and last week disgruntled netizens complained on social media that YouTube ads were also stealing mining power. AdGuard estimates websites can earn up to $326,000 per month from cryptojacking based on traffic to popular websites found to have the mining software. Cryptocurrencies are digital currencies that exist on a blockchain, an encrypted digital ledger that securely keeps track of the order of transactions between computers. Mining in general requires a computer to solve extremely complex mathematical puzzles in order to produce a piece of data, which serves as a unit of a given cryptocurrency. The mining process needs to be difficult and energy-intensive to make sure that these data sets are scarce enough to serve as a currency. If it were too easy to mine a bitcoin, then the coin would have no value. Cryptojackers are essentially Continue reading >>

Cryptocurrency Mining: What You Need To Know

Cryptocurrency Mining: What You Need To Know

Cryptocurrency mining: What you need to know Ever thought about setting up your own cryptocurrency mining empire? Here are the must-know facts before you attempt to Ever since Bitcoin and other forms of cryptocurrency strode into the scene, cryptocurrency mining has become a topic of discussion among computer enthusiasts and interested parties looking to make money or have an alternative revenue stream going. For those of you who've ever thought about Bitcoin, or ethereum, or monero, and wanted to get into the mining side of things, there are a couple of things you need to know beforehand. For the most part, cryptocurrency mining is essentially a form of digital bookkeeping. A miner performs accounting actions (also known as transaction verification) for the coin network of his choice. He gets paid for the service with a fraction of cryptocurrency every few days. You'll need a couple of things just to get started, aside from cryptocoin wallet where cryptocurrency will go into. Here's a basic list of things needed adapted from Lifewire's beginner's guide : a custom-built computer for mining cryptocurrency a graphics processing unit (GPU) which will do the bulk of accounting services and mining for you reliable internet connectivity of at least 2Mbps and higher A membership at a currency exchange so you can trade in your cryptocoins for money It may sound easy, but it's not cheap or as simple a solution as one may think. CRYPTOMINING. Some people are taking advantage of other people's phones to mine cryptocurrency. Screenshot in phone from Malwarebytes Malicious cryptomining is becoming a thing Yes, it is an expensive enterprise to set up even just one miner. The returns do not necessarily justify spending as much unless you're willing to go in it for the long haul and w Continue reading >>

Everything You Need To Know About Bitcoin Mining

Everything You Need To Know About Bitcoin Mining

Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Visualize and Download High-Resolution Infographic Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as we Continue reading >>

Cryptocurrency - Wikipedia

Cryptocurrency - Wikipedia

HitBTC cryptocurrency exchange terminal window A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. [1] [2] [3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies . Bitcoin , created in 2009, was the first decentralized cryptocurrency. [4] Since then, numerous cryptocurrencies have been created. [5] These are frequently called altcoins, as a blend of bitcoin alternative. [6] [7] [8] Bitcoin and its derivatives use decentralized control [9] as opposed to centralized electronic money / central banking systems. [10] The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger . [11] Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System , corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto . [12] As of September 2017 [update] , over a thousand cryptocurrency specifications exist; most are simil Continue reading >>

How Cryptocurrency Mining Is Hurting Astronomers

How Cryptocurrency Mining Is Hurting Astronomers

How cryptocurrency mining is hurting astronomers Aaron Parsons is on a quest to discover the first stars that formed in our Universe around 13 billion years ago. But one thing is getting in the way of his primordial cosmic quest: cryptocurrency. The mining craze of cryptocurrencies like Ethereum is draining the supplies of graphics cards on the market. And that’s spiking the prices of so-called graphics processing units, or GPUs, super powerful chips that can process huge amounts of data. Without GPUs, astronomers like Parsons can’t do their job. Parsons, at UC Berkeley, works with radio telescopes. These are made of hundreds of antennas that pick up radio emissions permeating the cosmos. All that data needs to be processed in real time by a supercomputer to create a map of the sky that can help Parsons spot the earliest stars, and ultimately understand how our Universe transitioned from hot plasma into a cosmos made of galaxies and planets. Parsons is currently trying to upgrade his radio telescope, called the Hydrogen Epoch of Reionization Array (HERA), to a total of 350 antennas in South Africa. But this week, he found that the GPUs he needs to process data from all those antennas doubled in price — from $500 to $1,000 apiece. That will cost an extra $32,000 that won’t go to paying extra graduate student researchers. “I kind of rolled my eyes a little bit,” Parsons tells The Verge. “I usually think of cryptocurrency as some kind of peripheral thing, and I was surprised and a bit annoyed to discover that it’s impacting the bottom line of our telescope.” Cryptocurrency miners need the GPUs to solve the ever-more-complicated mathematical problems to create new cryptocurrencies. It’s a system that makes the network safe, but it has also spiked energy Continue reading >>

Hijacking Computers To Mine Cryptocurrency Is All The Rage

Hijacking Computers To Mine Cryptocurrency Is All The Rage

Hijacking Computers to Mine Cryptocurrency Is All the Rage Hackers are using old tricks and new cryptocurrencies to turn stolen computing power into digital coins. Have you visited Showtime’s website recently? If so, you may be a cryptocurrency miner. An observant Twitter user was the first to sound an alarm last month that the source code for the Showtime Anytime website contained a tool that was secretly hijacking visitors’ computers to mine Monero, a Bitcoin–like digital currency focused on anonymity. It’s still not clear how the tool got there, and Showtime quickly removed it after it was pointed out. But if it was the work of hackers, the episode is actually part of a larger trend: security experts have seen a spike in cyberattacks this year that are aimed at stealing computer power for mining operations. Mining is a computationally intensive process that computers comprising a cryptocurrency network complete to verify the transaction record, called the blockchain, and receive digital coins in return (see “ What Bitcoin Is, and Why It Matters ”). Can a booming “crypto-currency” really compete with conventional cash? Lately the same mining tool that appeared on Showtime’s website has been showing up all over the Internet. Released just last month by a company called Coinhive , the tool is supposed to give website owners a way to make money without displaying ads. But malware authors seem to be among its most voracious early adopters. In the past few weeks , researchers have discovered the software hiding in Chrome extensions, hacked Wordpress sites, and even in the arsenal of a notorious “malvertising” hacker group . Coinhive’s miner isn’t the only one out there, and hackers are using a variety of approaches to hijack computers. Kaspersky Continue reading >>

Cryptocurrency Mining Explained | Fortune

Cryptocurrency Mining Explained | Fortune

© 2017 Time Inc. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy ( Your California Privacy Rights ). Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data . ETF and Mutual Fund data provided by Morningstar , Inc. Dow Jones Terms & Conditions: . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions . Powered and implemented by Interactive Data Managed Solutions . Continue reading >>

Introduction To Mining Cryptocurrencies: What You Need To Know

Introduction To Mining Cryptocurrencies: What You Need To Know

Introduction to Mining Cryptocurrencies: What You Need to Know Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn If youre new to the crypto space, you may feel a bit overwhelmed. Fortunately its easier to understand than you might think. This guide is for beginners with little to no prior understanding of cryptocurrency or mining. Cryptocurrencies are the future; the time is now to understand how they work and more importantly, how they can help you. Before you get started mining Bitcoin, its useful to understand what Bitcoin mining and the blockchain really are. Bitcoin is the first virtual currency that utilizes a completely peer-to-peer network. This is huge. Before Bitcoin, all currency was controlled by either a bank, credit card company, or government. It is revolutionary because it gives its users control. In fact, Bitcoin wouldnt be around without its users. Its a decentralized currency meaning its not controlled by one single entity. It allows everyone on the network to share data amongst everyone else. Well, plenty of people illegally download copies of data like songs and movies from the internet, so whats stopping people from sending the same Bitcoin twice? Unlike files that can be downloaded fromthe internet like an MP3 or a JPEG, a Bitcoin cant be copied or duplicated. Every time a transaction is made (Bob sends Gary a Bitcoin) it is visible on a public database called the blockchain. Everyone who owns Bitcoin can see the data on the blockchain. This includes information like a transaction amount and the wallet address. Every single Bitcoin transaction since its creation is stored on the blockchain. However, it doesnt show the name of the sender, recipient, or any identifiable information. Bitcoin is a safe and encrypted way to pay. Al Continue reading >>

How To Mine Cryptocurrency And Make Bitcoin Without Knowing Anything About It - Business Insider

How To Mine Cryptocurrency And Make Bitcoin Without Knowing Anything About It - Business Insider

A vertical stack of three evenly spaced horizontal lines. * Copyright © 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our FILE PHOTO - Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture Cryptocurrency mining isn't for everyone, and it might seem daunting even if you are interested. You might think you need an extreme know-how of computers to do any kind of crypto mining, that it couldn't possibly be done by the average person. You just need computer parts that are powerful enough to make mining profitable, and a handy piece of software called Nicehash. You literally press a green button on Nicehash to start mining. I've been experimenting with crypto mining on Nicehash myself, and it's been a fun little project. I'm not raking in a huge amount of cash, as my mining rig is small enough that it's more like looking for change on a sidewalk. Bigger mining organizations have warehouses full of powerful computer parts that can generate a ton of cryptocurrencies. And at the end of the day, I'd only really suggest it if you already have a gaming PC with an appropriately powerful graphics card - the key component for mining. And you need to make sure your electricity costs aren't too high, as mining can suck up a ton of energy. Before anything, you have to make sure you have the right gear. Whether or not you know anything about mining, you need to have some powerful hardware. You could mine with a basic computer that only has a processor, like an Intel or AMD processor. But graphics cards that PC gamers use to power their games are much better suited for the job. For the best results, you'll need desktop PC and Nvidia or AMD graphics cards. Laptops, Continue reading >>

How Bitcoin Mining Works - Coindesk

How Bitcoin Mining Works - Coindesk

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other. People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the blockchain, creating an increasingly lengthy list of all the transactions that ever took place on the bitcoin network. A constantly updated copy of the block is given to everyone who participates, so that they know what is going on. But a general ledger has to be trusted, and all of this is held digitally. How can we be sure that the blockchain stays intact, and is never tampered with? This is where the miners come in. When a block of transactions is created, miners put it through a process. They take the information in the block, and apply a mathematical formula to it, turning it into something else. That something else is a far shorter, seemingly random sequence of letters and numbers known as a hash. This hash is stored along with the block, at the end of the blockchain at that point in time. Hashes have some interesting properties. It’s easy to produce a hash from a collection Continue reading >>

What Is Cryptocurrency Mining?

What Is Cryptocurrency Mining?

Ever wondered how bitcoins are actually made? Over the past several years, cryptocurrencies like Bitcoin have been quietly growing in popularity, with an ever-larger number of people buying and selling them. Now that Bitcoin has hit the mainstream and become a worldwide phenomenon, more people than ever are looking to get into the cryptocurrency game. However, the production of cryptocurrencies isn't anything like that of regular money. There's no central authority that issues new notes; instead, bitcoins (or litecoins, or any of the other so-called 'alt-coins') are generated through a process known as 'mining'. So what is cryptocurrency mining, and how does it work? Before getting to grips with the process of cryptocurrency mining, we need to explain what blockchain is and how that works. Blockchain is a technology that supports almost every cryptocurrency. It is a public ledger (decentralised register) of every transaction that has been carried out in that cryptocurrency. These transactions are assembled into what are called "blocks". These are the verified to ensure they are legitimate by cryptocurrency miners. This checks if the same coin hasn't been expended again before the transaction has cleared, and that the input and output expenses tally. Then the next sequential transaction block is connected to it. This is how cryptocurrencies are created and how new cryptocoins are made. As there is no central authority or central bank, there has to be a way of gathering every transaction carried out with a cryptocurrency in order to create a new block. Network nodes that carry out this task called dubbed 'miners'. Every time a slew of transactions is amassed into a block, this is appended to the blockchain. Whoever appends the block gets rewarded with some of that crypto Continue reading >>

How To Stop Your Browser From Secretly Mining Cryptocurrency

How To Stop Your Browser From Secretly Mining Cryptocurrency

How to Stop Your Browser From Secretly Mining Cryptocurrency There's no surefire way, a handful of precautions help keep your hardware under your control. Despite a crash that saw the price of Bitcoin and other cryptocurrencies plummet, the fever is not dead. Look no further than the race for computing power, which is reaching new and bizarre heights. Cryptocurrencies in general and Bitcoin in particular requires an enormous amount of computing power to mine. That's by design . As the difficulty of mining goes up, the cyber-prospectors of this new gold rush are employing all kinds of methods to corner as much horsepower as they can: Buying up graphics cards in bulk , co-opting high-tech government equipment , and most recently, illicitly employing the services of thousands of web browsers. Cryptojacking, as this process is often called, has exploded in popularity ever since folks figured out how to sneak it into websites using Javascript . Some websites, like Salon.com , are even using the tactic on the up-and-up as an alternative form of economic support. Cryptojackers typically have no interest in invading your privacy or messing up your computer, but the power they pull can trash your battery life and put strain on your device. If the prospect of your computer being used for such purposes without your consent makes you a little nervous, there are a few ways you can try to stop it. Surreptitious forms of cryptojacking can be cleverly hidden. One website, for example, was hiding a cryptojacking script in a browser tab icon. Fortunately, even the most well-hidden cryptojacking scripts necessarily reveal themselves in action. To do their work, they need to use a very noticeable amount of CPU power, enough that it might make your laptop's fans kick on or slow down your s Continue reading >>

Help Me, Laptop: Can I Mine Cryptocurrency?

Help Me, Laptop: Can I Mine Cryptocurrency?

Help Me, Laptop: Can I Mine Cryptocurrency? I'm not an economist, nor am I a financial advisor, but you would have to have been living under a rock not to have heard of cryptocurrencies by now. How couldn't you? In the last couple of weeks, the topic has been everywhere, after Bitcoin hit a record high in value. Now, reader ddermedgoglou is asking Laptop Mag, can you mine cryptocurrency on a laptop? "I would be keen to learn a little more about crypto mining and was thinking of giving it a crack on my laptop," they wrote. "However, I am a bit of a noob when it comes to mining specs and wasn't really sure if it is worth [pursuing]." Ddermedgoglou is using an MSI GP62M 7RDX Leopard, a fairly recent machine with a 7th Gen Intel Core i7 CPU, a GTX 1050 GPU with either 2GB or 4GB of VRAM (depending on how it was configured), and up to 32GB of RAM. In theory, it's the GPU that matters most for cryptocurrency mining. But depending on what our reader is planning on mining, even the GPU might not matter. Bitcoin, they already know, is out. Even the most high-end GPUs aren't powerful enough to mine Bitcoin anymore, and most users need dedicated hardware called application-specific integrated circuit chips, or ASICs, that are designed exclusively for mining. So that leaves smaller coins like Ethereum, Litecoin, Monero or a bunch of cryptocurrencies so small that you'd have to do research just to find them. You can still use a high-end GPU for mining those currencies, though ddermedgoglou's GTX 1050 won't cut it. Crypto miners are buying up high-end cards like the GTX 1060, 1070 and 1080 in bulk, but the 1050 just isn't as popular, because it's far less powerful (on the desktop side, it's one of the few cards whose prices aren't skyrocketing). That doesn't mean mining impossible, Continue reading >>

Proof Of Work - What Exactly Is Mining? - Bitcoin Stack Exchange

Proof Of Work - What Exactly Is Mining? - Bitcoin Stack Exchange

I have heard that mining is for people with ready hardware and blah blah blah... But what exactly is it? Does it operate like real mining? I mean, people talk about it like you are physically mining. Transaction validation process is called mining. For each block of transactions validated, the successful miner receives bitcoin reward. michaelnielsen.org/ddi/how-the-bitcoin-protocol-actually-works RP. Mar 4 '14 at 4:13 David Schwartz's answer is entirely accurate, but all that "bitspeak" might be a little intimidating to the average user. Let me try and put it into more plain language: The way Bitcoin works is that instead of having one central authority who secures and controls the money supply (like most governments do for their national currencies), this work is spread out all across the network. Most of the heavy lifting for Bitcoin is done by "miners". Miners collect the transactions on the network (like "Alice pays Karim 10 bitcoins" and "Liam pays Sofia 8.3 bitcoins") into large bundles called blocks . These blocks are strung together into one continuous, authoritative record called the block chain , which doesn't permit any conflicting transactions. This is necessary because without it people would be able to sign the same bitcoins over to two different recipients , like writing cheques for more money than you have in your account. The block chain lets you know for sure exactly which transactions count and can be trusted (so no bad cheques!). The way Bitcoin makes sure there is only one block chain is by making blocks really hard to produce. So instead of just being able to make blocks at will, miners have to compute a cryptographic hash of the block that meets certain criteria. Bitcoiners refer to this process as "hashing". The only way to find a cryptographic Continue reading >>

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It

Cryptocurrency Mining: What It Is, How It Works And Who's Making Money Off It Shanthi Rexaline , Benzinga Staff Writer   NVIDIA Corporation (NASDAQ: NVDA )'s second-quarter earnings released earlier this month, though exceeding expectations, elicited cautionary reaction from the investor as well as analyst communities. Traders bid down the stock by over 5 percent on Aug. 11. One of the reasons cited for the negative reaction was cryptocurrency contributing to much of the outperformance. Start mining crypto currencies with HashFlare . Analysts Blayne Curtis and Christopher Hemmelgarn of Barclays believes revenue stream from cryptocurrency is fickle. Therefore, the analysts were not in favor of assigning a multiple to it, as it has the potential to become an eventual headwind. Rival Advanced Micro Devices, Inc. (NASDAQ: AMD ) also had a similar tale to tell. The company indicated that cryptocurrency demand remains strong, while also suggesting that the demand might not last forever. Cryptocurrency, as the name suggests, is a form of digital money designed to be secure and anonymous in most cases. It uses a technique called cryptography — a process used to convert legible information into an almost uncrackable code, to help track purchases and transfers. Giving a simple definition, Blockgeeks says it is just limited entries in a database no one can change without fulfilling specific conditions. Cryptography is a technique that uses elements of mathematical theory and computer science and was evolved during the World War II to securely transfer data and information. Currently, it is used to secure communications, information and money online. Cryptocurrencies allow users to make secure payments, without having to go through banks. Some cryptocurrencies include bitcoin, Continue reading >>

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