What is mining?
To explain in simple terms, mining is the process of validating every transaction carried out with a cryptocurrency to create a new block in the blockchain. In return, the miner who validated the transaction gets a small reward in the form of that particular cryptocurrency.
Everytime a transaction takes place on the public ledger of the blockchain, it has to validated by someone in order to complete the transaction. Miners are the network nodes that carry out this task. And after a miner validates a transaction, then the miner circulate its copy all over the public ledger to all the other miners. This way one can avoid fraud in cryptocurrency transactions.
However, mining any crypto coin is not a simple task. In order to successfully create a block, it must be accompanied by a cryptographic hash that fulfills certain requirements. And the requirements for a miner to mine a single coin is too large. The hardware required is extremely costly, moreover, the system needs to be in running mode 24/7 accounting for high electricity consumption.
What is Monero?
Furthermore, there are some 36,000 websites online now which use a Coinhive code on their website to mine Monero. It means there are 36,000 websites live which are using our CPUs to mine the cryptocurrency. We tried to get into the roots of the situation and came across some facts. We tried to check the installed plugins on the respective websites and we got the results.
This is the snippet of the tools that a website named perfectlytimedphotos use. You can check the result for yourself on the website builtwith.com.
Another website named traveltune also uses the same tool. You can check the result on the website builtwith.com.
One more website we checked was hiphopdx. Its result can also be checked on the website here.
These and many more such websites like medixselect, redorbit and askives use Coinhive in order to mine Monero. And what is even more infuriating is that they do this without the user’s consent and permission.
When there are strict actions taken against cryptocurrencies and lots or harsh words are used publicly for its regulation. How fair is it for so many websites to use such tools to mine cryptocurrencies?
Comment down below what are your opinions on this.
Check next article to know how to block cryptocurrency mining from your computer.