Be Alert : Your Computer Might Be Working for Bitcoin Miners
Oct 17, 2017 Posted / 21182 Views
With transaction fees lower than PayPal and credit cards, Bitcoin has recently revolutionised the landscape of electronic currency. Add to that, its enhanced security attributes, has a made it a potential currency for the big businesses virtual monetary streams. Being the first decentralised currency, Bitcoin is not regulated by the central government or any economic institution.
Then, the Million Dollar Question Is, Where Do Bitcoins Come From?
Bitcoin operates on the principle of 'A Bitcoin is neither created nor destroyed, it is merely transferred from one individual to another.’ Just like Gold mines, Bitcoins are mined.
What Is Bitcoin Mining?
Bitcoin mining is a process by which every Bitcoin transaction is verified and stored on an international ledger, known as Blockchain. Just about anyone can take part in Bitcoin mining, only a personal computer and a special software are the two prerequisites here. The method of validating transactions and then listing them down on Blockchain require the user or an agency to solve a sequence of specialised complex math problems.
The miners compete over the Bitcoin network, to become the first one to appropriate assemble the Bitcoin transactions into a block by solving complicated math problems. On every successful solution, the miner is rewarded in the form of Bitcoins. As per the recent update, the Bitcoin reward is 12.5 new Bitcoins for each successful mined block, this has decreased from 25 Bitcoins in the year 2016, 9th June.
The Reason, Bitcoin Miners Are Multiplying
Since the prize for mining Bitcoin blocks is high, the cut-throat competition to win the reward is also big. Every second, thousands and thousand of supercomputers worldwide are in the battle arena to mine the next block and win that the ultimate prize. With time, the Bitcoin miner network is getting stronger, to bind it into a figure, it is 10 percent per month. The strength of the Bitcoin network is pivotal for security, as an attacker, will require one half of the total computational power of this network perform an attack.
Have You Heard of the Term Hash Rate? No, Then Roll Down-
A hash is a complex math problem, which miner has to solve via his or her computer. And, the hash rate is the rate at which these mathematical problems are solved, therefore, this term defines a miners performance, and it depends upon the power of the supercomputer of the miner.
Bitcoin Hack- Your Computer Might Be Mining for Miners, Against Your Wishes
A few days back, a report surfaced from unidentified sources, saying websites with high traffic are being used as hacks by Bitcoin miners to legally leverage someone's computer to do mining for them. Except for business websites, Internet ads are quite common on websites nowadays, as this is a primary source of income for many bloggers. But, if you think that’s annoying for you as a website visitor, then some maybe be using your computer power to harness your computer to do Bitcoin mining? Wanna know how it works? Scroll down and check out:
In today’s money dominated society, just about everyone is in pursuit of big bucks to fill their lives with joy and happiness, and this leverage them to take the wrong turn, against the laws. To earn more reward from crypto currency mining, miners across the globe are heavily investing in computer hardware to enhance their computational power, while, some (only a handful of them) are putting their evil minds in practice, by embedding mining scripts on other websites for their visitors. To understand from a layman’s mind, let’s take an example, you visited an informational, health website before your web browser could load the homepage, it had an entry script, which asked your computer processor to do crypto currency mining calculation for a miner, located in any part of the world. As technically challenged, many of us will never come to know about this hack, as the notable things here are a slightly slower computer and high utility bills, and both of them are no sins.
The Bitcoin miners pay bucks to the website owners to use their visitors' computer resources unethically for mining. However, as a matter of truth is, no reputable web publishers will ink such kind of mean deal with Bitcoin miners. They will not hijack your computer for their own benefits.
On the flip side of the coin, websites which haven't earned big from popular Ad networks like the Google Adsense, especially in several parts of China- they are not hesitating from making profits by enabling browser-based mining script on their websites. What’s ironic, Showtime’s Anytime website, too had similar entry mining script.
The history of utilising other computer resources from one’s own benefits, dates back to 1999, when a group of students from the University of California, Berkeley, developed a software system, Berkeley Open Infrastructure for Network Computing, which utilises the spare capacity of a personal computer for a scientific purpose.
At the End of It All,
Like any other technology-, right from the Internet to the iOS platform- Bitcoin too, has one or two shortcomings, which evil-minded flocks are utilising to make unethical money.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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