Many individuals fall into the false impression that mining encryption operations are handled exclusively by large companies with data centers that can be compared to a villa. However, this is far from the case, since there are mining methods that can be used to collect cryptocurrencies, such as Monero, through any old computer system.
According to a report by the German RWTH Aachen University, which was broadcast by The Next Web, Coinhive-based miners make up a remarkable 1.18% of the total hashing power of the Monero blockchain. While the 1% may not seem like something extraordinary, it is surprising considering that the encrypted mining industry is backed by billions of dollars. Moreover, Monero miners represent 75% of all browser encryption operations.
After a further discussion, the academics noted that after a thorough analysis of the Monero network that Coinhive could generate more than 300 XMRs each week. This translates into around $ 29,000 a week, $ 120,000 a month and $ 1.4 million a year at prices on August 17th (1 XMR = $ 96). The report elaborated, noting:
"If we summarize the blocking bonuses of the blocks actually extracted in the observation period of [four] weeks, we find that Coinhive [sic] has earned 1,271 XMR."
While website owners using the script were raking in XMR, the developers behind CoinHive have also integrated a feature where they get 30% of all mined cryptocurrencies. As such, it is assumed that the developers behind the project have raised hundreds of thousands of dollars in XMR since its release.
Feature & # 39; Short Link & # 39; by Hackers And Coinhive
Although Coinhive developers originally created the screenplay with good intentions, it quickly became a method for hackers who acted maliciously to polish their cryptocurrency portfolios. These hackers often secretly integrate the Coinhive code on websites to infect thousands of computers, forcing the devices of unsuspecting victims to mine for the personal gain of a hacker. This is a chosen attack vector because the setting of an CoinHive XMR miner is relatively simple and transactions are kept confidential on the Monero blockchain.
According to the report mentioned above, CoinHive can operate using the so-called "short link" system, where a user is required to unconsciously or knowingly send a variable amount of hashes to the Monero network to reach a specific website.
After analyzing the nearly two million active shortcuts, academics have found that most of these direct links are directed to shady sites, indicating how widespread the dilemma of cryptojacking has become. In addition, most of the XMR collected through the two million shortcuts mentioned is directed to 10 individuals.