Unfortunately, due to the huge number of critics and non-professionals and technology fans, it can be difficult to get to the bottom of cryptocurrency and find the truth. It is obvious that the use of blockchain is one of the safest technologies when it comes to any online transaction. But that's not the main danger.
The biggest challenge when using cryptocurrency is social media. Since miners need to be online all the time, if someone finds out what device you are mining from, you will be a target.
Some prominent media have been convinced that blockchain can be the cause of hacking, and this is completely wrong. The moment an attacker tries to break into the chain, they will be detected by the rest of the network and everything will go back to normal.
The only way for any attacker to steal your money is to steal your information first. He will need data either from your miners or information about the wallet where your cryptocurrency is stored.
Cryptocurrency mining is not dangerous to your individual cybersecurity per se because of the nature of the blockchain. Rather, the risks are all related to how we use the technology and our tendency to brag that we can become crypto-rich.
Cybersecurity Aspects of Cryptocurrency MiningThere are four issues that need to be addressed as soon as possible if you want to mine cryptocurrency.
First and foremost is the problem of having a constant presence on the network, which means that your cyber security must be continuous and very reliable. Since disconnecting the main connection is out of the question, you need to hide your location.
Those who know what a VPN hides understand that the anonymity of your connection point is paramount if you want to stay safe.
In addition, everyone needs to make sure that the platform they use to sell or buy their cryptocurrency is trustworthy and does not ask for any unnecessary data that is not necessary for the process.
These rules also apply to merchants and service providers who accept cryptocurrency, as they should not ask you to enter more information into the system than is necessary for the transaction. If you are prompted to enter your username to log in, you should find another merchant.
Cryptocurrency mining is always a matter of efficiency, and everyone is trying to mine as much as possible.
If your cryptocurrency mining is visible, you will be constantly under attack, which will reduce efficiency anyway. But with a virtual private network that has an emergency switch, you'll simply move to another secure server and avoid the threat of a hacker attack.
Unreliable merchantsAs more merchants begin to accept cryptocurrency as a means of payment, there will inevitably be an increase in the number of those who will want to use the service for malicious purposes.
Especially when it comes to buying "non-tangible" services and entertainment, as well as using unlicensed online casinos. It is extremely important to check who you are working with.
If you intuitively feel that partners are unreliable, you should avoid them completely.
Physical attacks and MITM hacksFor those who understand energy consumption, cryptocurrency mining that uses electricity from the power grid is visible as a bright beacon. Some even dare to try to hack your local or even personal router directly.
Such an attack is less likely in places where there are police, but it is usually unprofitable to mine in such places because of higher electricity prices.
Ideally, it's a good idea to use as little power from the grid as possible, using alternatives such as hydropower to both power and cool the miners. But, if that's not possible, make sure your routers are secure and reliably encrypted.
The question of whether or not cryptocurrency mining is a cybersecurity risk cannot be posed solely with respect to the technology itself. The infrastructure surrounding it must be considered.
With premium VPN service providers, you'll be able to remain anonymous and hackers won't be able to figure you out. Even so, you shouldn't advertise cryptocurrency mining unless you want to attract the attention of people who would like to take it away from you.