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What Is Cryptojacking? Is it the future of monetization
The best things in life were free until the internet came around. The internet has become the birthplace of a range of monetization techniques that try to squeeze every penny out of its users.
Even if you think you're on a free website you're probably paying for it in other ways. Listen to me when I say, nothing on the internet comes for free. Websites and apps that don’t charge you for their services are often collecting your data or bombarding you with advertising. While other sites have found a new way to make money from you: using your computer to generate virtual currencies.
Yes, that's right your browsing could be generating cryptocurrencies for others without you even knowing about it.
Who makes use of Cryptojacking?
Several video streaming sites and the popular file-sharing network The Pirate Bay have allegedly been “
Why do sites use Cryptojacking?
Units of cryptocurrencies such as bitcoin aren’t created by a central bank like regular money but are generated or “mined” by computers solving complex equations which require a large number of resources. Cryptojacking involves using someone’s computer without their knowledge, perhaps for just seconds at a time, to mine a cryptocurrency.
Mining usually takes the form of a competition. Whichever computer solves the equation the fastest is rewarded with the money. With Moreno and other similar cryptocurrencies, a pool of computers can work together and share the reward if they win the competition. This allows individual computers to work on a just small part of the mining task. The larger the pool, the more chance there is of winning the reward.
How much can you earn using
When a computer is
What happens to the user being
The computer being crypto jack lends some of its processor power to the mining pool making other operations take much longer. Along with lowering efficiently, the process can be accompanied by a large battery drain.
How does in-browser
How Widespread is
A recent study conducted by independent security researcher Willem de Groot revealed 2,496 individual sites running a crypto-mining script. The sites de Groot found all run outdated software that is easily exploited by hackers. A hacker compromises a site then inserts their dedicated
As a website owner - How to add Cryptojacking to your site?
There are various
- Visit the
- Register with an account
- Have a Monero wallet on hand
- Verify your account and add your wallet details
- Click on the type of
cryptojackingscript you want to use
Just like that, you're ready to have your visitors mine Monero for you. Here is an example of what visible miner looks like asking a user for consent
Cryptojacking tech has various other use cases for websites. For instance, a website can also introduce authentication captchas that use proof of work mining to not only verify that users are human and keep out bots but also earn cryptocurrency in return for authentic users visiting their sites with options like these.
Alternatives to Coinhive include Adless & WebMinePool
Below is an example:
As a visitor - How to avoid being Cryptojacked?
cryptojacking could be the future of monetization
If you're like me you're clearly no fan of ads and would easily opt for an alternative that reduces or removes the number of ads get served. Instead of just hijacking users, browsers sites could ask users if they would like the ad targetted or ad-free experience. By allowing a user to make the distinction and opt-in for a little bit of your computer’s processing power can be a better alternative to being bombarded with advertising, creating a new revenue stream while keeping users happy.
All content is created equal
In the case of
A fashion blogger stands a better chance of generating an income because there are plenty of retail sites competing for their ad spots while a technical blog like how to build your own circuit boards will struggle even though people spend more time on their site. Using
Browser mining: If you would like cryptojack your own browser and earn Bitcoin while you surf the internet you can get started with simple browser mining tool like Cryptotab. The toll is currently only available for Chrome browsers.
Pick your poison
It ultimately boils down to the lesser of two evils, would you rather be bombarded with ads and provide advertisers with your user data so they can continue to target you or lend some of your resources? The choice should be left up to you!
If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.