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Cryptojacking: Cryptocurrency enthusiasts have found a way to make profits

The user's computer and electricity do all the work, and the person who wrote the code gets all the proceeds

bitcoin, cryptocurrency, cryptojacking
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A copy of bitcoin standing on PC motherboard is seen in this illustration picture

Pranshu Bajpai & Richard Enbody | The Conversation
Right now, your computer might be using its memory and processor power – and your electricity – to generate money for someone else, without you ever knowing. It’s called “cryptojacking,” and it is an offshoot of the rising popularity of cryptocurrencies like bitcoin.
Instead of minting coins or printing paper money, creating new units of cryptocurrencies, which is called “mining,” involves performing complex mathematical calculations. These intentionally difficult calculations securely record transactions among people using the cryptocurrency and provide an objective record of the “order” in which transactions are conducted.
 
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First Published: May 09 2018 | 10:12 AM IST

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