Cryptojacking, also known as malicious cryptomining, is a new type of cybercrime that has been rapidly gaining popularity in the last few years. It involves the unauthorized use of someone’s endpoint device to mine cryptocurrency. As with most forms of cyberattacks, the motive is profit, but unlike other threats, cryptojacking software is designed to stay completely hidden from its victim.
Cryptocurrency 101
Before discussing crypto jacking, you must understand the basic cryptocurrency procedures and transactions. Essentially, cryptocurrencies are decentralized digital or virtual currencies that exist on blockchain technology. Users can transfer funds between two digital wallets with “mining,” which is typically complex mathematical puzzles that prove the transaction’s legitimacy.
This is where it can get complicated. Armies of miners attempt to solve the puzzle first to authenticate the transaction and receive the reward (which is some amount of cryptocoin). It is a never-ending “game” in which users sacrifice their time and computer power to maintain their networks and create new coins.
Over time, the complexity of these puzzles has improved, necessitating high-end PCs with powerful processors to mine effectively and efficiently. The constant amount of power and electricity you need to mine for cryptocurrencies is inconceivable. In fact, this was one of the main reasons the Chinese government cracked down on cryptocurrency farms in the country in 2021 (TIME). Supposedly, the monthly electrical bills for these farms were in excess of $80,000 and generated millions of metric tons of carbon emissions.
Even if you were mining as an individual, you would still be spending thousands of dollars to do so properly (not to mention the endless hours).
Why cryptojacking?
Threat actors secretly use your endpoint devices to mine cryptocurrency. This allows them to earn money without having to invest in a high-powered cryptomining computer and pay for monthly electricity. Instead, they use your resources to do these actions for them.
As such, it’s important for criminals that you never notice that you’re a victim of cryptojacking. All cryptojacking software is designed to stay hidden from you, but this doesn’t mean you can’t notice its effects.
Almost always, cryptojacking will dramatically increase your electricity bill and shorten your device’s lifespan. Even the most sophisticated cryptojacking software will take a toll on your device: If your computer suddenly uses more resources than usual, you may need to check for cryptojacking.
The motivation for cryptojacking is simple: Money. Cryptomining is extremely lucrative. According to the latest Statista research, you can earn around $0.0525 per day for 1 TH/s of Bitcoin. Cryptojacking allows criminals to profit without having to cover enormous costs by doing it legitimately.
How does cryptojacking work?
There are many ways for hackers to install cryptojacking software on your device. The most common—and arguably, the easiest—way is through malware, such as phishing emails. You may inadvertently click on a malicious link or attachment and load a cryptojacking code directly into your computer.
Once your computer is infected, the bad actor takes extra measures to ensure that the malicious software stays hidden and operates safely in the background. Cryptojacking software is also not easily detected by traditional anti-virus software, as they do not intend to “damage” your device other than use its local resources.
Because cryptojacking requires large amounts of computer power, cryptojackers usually target PCs and Macs; however, experts suggest that cryptojacking is now exploiting Android devices.
There is an argument that cryptojacking is not “that bad” compared to other cyberattacks, such as ransomware or man-in-the-middle attacks. After all, criminals don’t want to steal or sell your personal data on the dark web. Rather, they just want to use your device’s power, which, while annoying, is less costly.
However, we must emphasize the importance of detecting cryptojacking as soon as possible. While not necessarily dangerous, this malicious software can make your MSP, MSSP, or IT enterprise more vulnerable to attacks, decreasing your operational efficiency and damaging your brand in the long run.
How to prevent cryptojacking?
- Keep yourself updated on cryptojacking trends. As with any cyber threat, cryptojacking software is regularly updated to bypass modern security systems. Nevertheless, staying proactive and keeping yourself updated on the latest cybersecurity threats is wise. We recommend signing up for the NinjaOne newsletter to be informed of the latest IT trends (along with new offers of our product!).
- Use a good cybersecurity program. If you’re an MSP, it’s a good idea to work with an endpoint management company that integrates with the leading cybersecurity applications. Like other malware precautions, pre-emptively installing anti-malware software is crucial to reducing security vulnerabilities.
- Practice good security habits. Avoid visiting sites with questionable reputations, downloading files from unknown sources, and clicking on pop-up ads. Cryptojacking scripts are often delivered through online ads, so it’s best not to click on ads from malicious sites. You may also want to consider regular cybersecurity training for your organization.
How to detect cryptojacking?
- Decreased performance. The main symptom of cryptojacking is a sudden decrease in computing performance. You may notice your device slowing down or crashing, even when performing routine tasks. You will also notice your battery draining much more quickly.
- Overheating. Cryptojacking is a resource-intensive process that can cause your device to overheat quite quickly. This, in turn, can lead to computer damage and a shorter lifespan. Pay close attention to your computer or laptop fan and see if it runs faster than usual.
- CPU usage. See if there is an increase in CPU usage when you are not doing anything. If it’s high, cryptojacking scripts may be running in the background. A good check would be to look at your “Task Manager” and notice any suspicious processes.
How to treat cryptojacking?
There is no one way to resolve crypto jacking. The simplest way is to contact your cybersecurity vendor for their recommendations. Consider personally visiting one of their branches for a more tailored response. Unless you are an IT professional, it’s highly recommended that you not attempt to remove cryptojacking on your own, as it may damage your device further.
NinjaOne keeps your endpoints safe from cryptojacking
NinjaOne, an endpoint management company trusted by 17,000+ customers worldwide, offers a robust RMM with built-in tools to improve endpoint security. Its platform gives you complete control over all your end-user devices, allowing you to manage applications, remotely edit registries, deploy scripts, and mass configure devices.
If you’re ready, request a free quote, sign up for a 14-day free trial, or watch a demo.
