The 8,500 percent increase in cryptojacking that was witnessed the previous year was alarming. Symantec made the publication of the figures in March and experts in the area have made projections outlining that matters might even get worse in 2018. Cyber Threat Alliance has been following the latest developments and has eventually given its report. According to it, there is a possibility of cryptojacking escalating by up to about 500 percent.
However, there are some associated contradictions being witnessed along the way. For instance, most of the people believe that the mining malware detections have gone up in the first two quarters of the current year. Other reports have emanated recently and they purport that in fact these detections have decreased by a huge margin.
As time progresses we continue witnessing a dominant trend in the cryptojacking realm. A great deal of the mining malware seems more focused on Monero. As a matter of fact, Palo Alto Networks in July made a statement regarding the matter. According to it, 84.5 percent of the Monero accounts detected malware whereas on the other hand Bitcoin and a number of other coins detected only about 8 percent.
A proper explanation behind this scenario has been provided. Asides from Monero (XMR) being regarded as a privacy coin, it is also one of the most valuable coins in terms of the associated market cap.
There are some two aspects that make this coin the most idea for cyber criminals. The first aspect is the fact that it is able to obscure the XMR amounts being transferred using the “ring confidential transactions.”The second aspect has to do with the Cryptonight proof-of-work (PoW) algorithm in which case the user’s inputs get mixed up with others-for the rest of the users.
By the moment 2017 was starting Monero had already started becoming the most popular coin for cryptojackers. Word has been moving around that cryocurrency-mining might soon turn out to be the new ransomware.
However, this is something that we will just have to wait and see. The one thing that is for sure is that the cryptomining process cannot function without computational power which helps with the confirmation of the validity of new transactions within a decentralized network. The end result is usually the formation of some new blocks to the blockchain.