Altcoin mining comparison bitcoin
Before you get into a definite comparison between Bitcoin and Litecoin, and their correlation in the world market, it is crucial that you understand the concept of cryptocurrency and how it saw the first light of global inception. Born out of a dire need to secure communication during the onset of the Second World War, cryptography has, by far, evolved in this modern world of digitized shopping.
An innovation that calls to attention all curious minds, cryptocurrency has established itself as a form of digital currency that has been devised to secure online transactions and to scan the transfer of all assets. Often associated with the broader spectrum of digital, virtual or alternative currencies, it is anonymous in most cases, so as to protect the identity of its users.
Now, with all the recent buzz about Bitcoin and Litecoin doing the rounds, it may pose a problem for a currency miner to come to fruitful a conclusion about the profitability of the two. The year was a watermark in the history of digital currency with Satoshi Nakamoto launching the precious 'digital gold' for all miners. Indeed, bitcoin has been a revolutionary invention- the first ever cryptocurrency to take the online market by storm.
The code used by Bitcoin is open source, and can thus be modified by any user, or used for multiple projects. In fact, Litecoin shares almost the same features as Bitcoin, and at the same time, incorporates some special attributes that are so much lacking in Bitcoin despite its popularity. Though both these mining methods operate via similar networks, Litecoin has every reason to take an upper hand when it comes to mining benefits.
All said and done, Bitcoin continues to attract more miners because of its easy acquisition. It is easier to buy, and all crypto exchanges support Bitcoin. This has meaningful implications on the so-called computing power which helps mine the 'digicoins' and ensures the security of the units, thus making bitcoin a more preferred choice in this regard.
The world of digital currencies is developing at an increased pace. The overall market cap keeps on growing and has already broken its previous record. In case you wish to own Litecoin, you can simply acquire it from an exchange platform like Coinbase. But if you wish to try Litecoin mining given you. Of late, Bitcoin Cash has turned out to be a major player in the world of cryptocurrencies.
With an end goal to improve transacti. Bitcoin and Ethereum are two world-renowned cryptocurrencies that have led the crypto market and sur.
Today, digital currencies are doing kind of things that investors and Wall Street have never seen be. In the last year, the highest price of Bitcoin created headlines in the cryptocurrency market tha.
By an estimate of round million milestones — officially, it has been declared that 17 milli. Presently, the crypto trading market will receive invasion of hedge funds, big banks, and financi. The bullish predictions of Bitcoin seems to have validation from the recent markets, reported by Blo.
The Use of Cryptography in the Derivation of Digital Currencies Born out of a dire need to secure communication during the onset of the Second World War, cryptography has, by far, evolved in this modern world of digitized shopping. The Digital Gold The year was a watermark in the history of digital currency with Satoshi Nakamoto launching the precious 'digital gold' for all miners.
Litecoin has four times the transaction capacity of Bitcoin The fact that Litecoin has opted for Segwit a software update that doubles the capacity of any network where it is activated and not Bitcoin makes the former a current favorite, even though Bitcoin has been leading in popularity While Bitcoin takes 10 minutes to generate a block, Litecoin takes only about 2.
Litecoin, on the other hand, makes mining relatively easier. The overall market cap keeps on growing and has already broken its previous record Read More. But if you wish to try Litecoin mining given you Read More.
With an end goal to improve transacti Read More.
Browser-based cryptocurrency mining activity exploded in the last few months of After many years of deathly silence, the catalyst appears to be the launch of a new browser-based mining service in September by Coinhive. This service wraps everything up nicely in an easy-to-use package for website owners and has injected new life into an idea that was long thought of as dead and buried. Browser-based mining, as its name altcoin mining comparison bitcoin, is a method of cryptocurrency mining that happens inside a browser and is implemented using scripting language.
This is different compared to the more widely known file-based cryptocurrency mining approach which involves downloading and running a altcoin mining comparison bitcoin executable file. Browser-based mining dates back to May of when an innovative service called BitcoinPlus. That service was in many ways remarkably similar to its modern reincarnation, Coinhive. It used JavaScript code for pooled mining and website owners could sign up to the service and embed these scripts into their web pages to make page visitors mine for them.
The big difference is that back in BitcoinPlus. Back inbefore the advent of ASIC mining inBitcoin was still in its infancy, mining difficulty was relatively low, and cryptocurrency prices were even lower. It was just about possible to do some mining with home-grade hardware.
Even though it was possible at that time to mine for Bitcoin via BitcoinPlus. The reward was minuscule compared to the amount of mining power and electricity required. Due to this fundamental profitability problem with browser-based mining, it soon withered away. The growing problem of profitability was made even worse by the increasing use of ASIC miners. The advent of ASIC miners dragged bitcoin mining out of the realm of home users and into an industrial age dominated by the massive mining farms that we are more familiar with today.
After the demise of Tidbit, the idea of browser-based JavaScript cryptocurrency mining largely died away once again. Despite these setbacks, key lessons were learned. The point of a service like Tidbit was never about single servers or high-end computers doing solo mining. The true power of altcoin mining comparison bitcoin service came from scaling up and pooling the potentially altcoin mining comparison bitcoin combined mining power of masses of users with average hardware visiting a website.
Fast forward to Septemberthe cryptocurrency landscape compared with had changed drastically. The market for cryptocurrency was extremely limited and illiquid, meaning that even if you got some, it was not easy to turn it back into fiat currency altcoin mining comparison bitcoin spending. Together with the diversity of coins to choose from inthere was also now a diversity of coin reward mechanisms.
It's against this backdrop that Coinhive released its browser-mining scripts designed to mine Monero, effectively bringing the idea of browser-based mining back from the dead. Coinhive is marketed as an alternative to browser ad revenue. The motivation behind this is simple: Users hopefully then get a cleaner, faster, and potentially less risky website remember malvertising? What could go wrong? Soon after the release of the Coinhive service, the hash rate for the service altcoin mining comparison bitcoin to climb, and quickly too.
Hashing is the process of carrying out cryptographic hash calculations which are used to help process transactions. Miners who participate in altcoin mining comparison bitcoin mining pool get paid a share of income generated by altcoin mining comparison bitcoin pool.
The Coinhive pool reached just over five percent altcoin mining comparison bitcoin that total which is quite an achievement in such a short time. However, the idea was once again revived in December by a group of MIT students in a project called Tidbit—ostensibly touted as an alternative way for website owners to raise revenue. According to one early adopter, the revenue generated by his particular site was far lower than the revenue generated from ads.
In fairness to Coinhive, it recommends being transparent with site visitors and that website owners notify users of the mining that will be taking place and, better still, offer users a way to opt in.
The first high-profile site to start using Coinhive mining was The Pirate Bay torrent website. The Pirate Bay has had a checkered history and, being a highly trafficked site global ranking with million visitors in the last six monthshas been looking for alternative ways to monetize its considerable traffic.
Its initial attempts at browser mining were quickly spotted by users and they were not too happy about it. At least in the case of The Pirate Bay, this was a case of the site's owners making a decision to use Coinhive. The Pirate Bay's initial attempts at browser mining were quickly spotted by users and they were not too happy about it. One of the Showtime sites affected was its content streaming site which has high traffic and user sessions are lengthy as visitors stay on the site while content is streaming.
Showtime is a premium-based service so it would seem strange that users are made to pay twice for content. The scripts were promptly removed after they were discovered, suggesting that they were planted there maliciously.
Altcoin mining comparison bitcoin of many other sites using the Coinhive mining scripts soon followed. Over the Thanksgiving holiday in the U.
As with Showtime, LiveHelpNow is already a legitimate revenue-generating business and there's no obvious reason as to why it would risk user confidence to earn a few extra bucks from users. So the most likely scenario is that the server was compromised either by an outsider, or even an insider.
There are many reasons why browser-based mining is back with a vengeance. Unlike in previous failed attempts, recent developments in the cryptocurrency and threat landscapes have made this a much more viable activity. Let's have a look at some of these factors in more detail:. Privacy is important if you want to mine coins maliciously, in order to ensure others cannot easily follow the money trail back to you.
Monero, which came to the market incan offer a high level of transaction privacy. Unlike with most other cryptocurrencies that use public transparent blockchains where transaction addresses can be easily viewed by anyone, Monero does things differently. By default, everything is private, including the amount in a transaction, who sent it, and who received it.
There is an option with which wallet owners can selectively reveal altcoin mining comparison bitcoin information via what's called altcoin mining comparison bitcoin view keybut this is not a feature that cyber criminals are likely to want to use.
As mentioned earlier, Coinhive provides a altcoin mining comparison bitcoin neat and easy-to-use package for people to get involved in Monero mining. All you have to do is add a few lines of script to your website code. You don't have to make website visitors download and install executable files. The Pirate Bay was soon followed by another high-profile site—this time Coinhive's miner was altcoin mining comparison bitcoin on two of Showtime's websites.
With browser-based mining, the cost of mining is borne mostly by the website visitors through hardware wear and tear as well as energy costs. Scale is achieved by using high-traffic sites with sticky content. Coinhive currently pays 0. The user would have to spend 3, seconds on the site, or roughly 55 minutes, in order to achieve a million hashes. However, if you can get 3, users to spend approximately one second each on the site it would achieve a similar result. Even under optimal conditions, the amount of hashes produced in each instance will be small, but when it comes to distributed computing power, it's all about scale and every little bit adds up.
As we noted earlier, the value of mining rewards are not great, at least not initially. To get a better understanding, we need to look at the profitability of this activity over the longer term and take in the macroeconomic picture to get a true sense of the reward. The value of cryptocurrencies like Monero is going up dramatically. Under these circumstances where the price of Monero can go up substantially in dollar terms over a relatively short time, mining Monero can become an attractive proposition.
A small amount of Monero mined today could potentially be worth a great deal more in a matter of months conversely it could also drop significantly depending on the altcoin mining comparison bitcoin of the overall cryptocurrency economy.
Mirroring the rising interest and price of cryptocurrency, we have also seen a big jump in our detections of both file- and browser-based cryptocurrency mining activity in recent months. Malicious cryptocurrency mining isn't just confined to desktop computers and servers. Always-connected mobile devices are also a growing target. We have even seen growth in coin mining on mobile phones in recent years.
Inwe discovered 26 different Android apps that were mining cryptocurrencies. So far in we have found 35, which is around a 34 percent increase. But cryptocurrency mining is always an energy-intensive activity so the biggest problem facing mobile mining is of course battery drain as battery technology has not progressed as fast as processing power. Mobile mining will inevitably be noticed by the heat generated and the fast-draining battery, not to mention any performance impacts that it may also have on the device.
If we consider the cryptocurrency market as whole, we can see altcoin mining comparison bitcoin just as the total value of cryptocurrencies increased manifold during the year, interest in malicious mining activity, both browser- and executable-based as indicated by detections of malicious mining altcoin mining comparison bitcoin, increased in tandem with it.
As interest increases, more participants, both as miners and tool makers, join the fray. Coinhive, while being the best known at this time, doesn't have the market to itself. Similar projects like Crypto Loot are cropping up, and other browser mining projects like JSEcoin have been in beta since August and are trying to generate growth in this activity.
Symantec has observed a significant jump in all cryptocurrency mining activity in recent months as evidenced in our increasing detection rate See Figures 4 and 5. Despite the genuine aspirations of most browser mining projects to offer a real and potentially better alternative to traditional web revenue generation methods, the sad reality is, it can and is being misused.
Increasing user awareness and detection by security vendors will trigger a new arms race between cyber altcoin mining comparison bitcoin and defenders. We can expect to see adoption of a wide range of traditional malware propagation and evasion techniques to help spread and prolong mining activity in order to maximize profit.
For as long as the current enabling factors are in place making it favorable for mining, altcoin mining comparison bitcoin can expect to see interest in browser altcoin mining comparison bitcoin to be sustained or even increase in the short to medium term. Symantec is keeping a watchful eye on the growing trend of browser mining.
We are making adjustments as necessary to prevent unwanted cryptocurrency miners from stealing your computing resources to enrich others. Website owners should watch for injection of the browser-mining scripts into their website source code. Our network solutions can altcoin mining comparison bitcoin you spot this in the network traffic as your server communicates altcoin mining comparison bitcoin visitors.
In addition, file system scans can also show up any files where the browser-based miner code has been injected, enabling you to identify and clean up the content. Symantec helps prevent others from stealing your computing resources by protecting various stages of the attack chain:. All mining software, whether it is file- or browser-based, altcoin mining comparison bitcoin be able to connect to either the cryptocurrency network or a mining pool to exchange data, in other words its proof-of-work.
Without this connection, it altcoin mining comparison bitcoin get the data it needs to generate hashes, rendering altcoin mining comparison bitcoin useless. We can also block the mining scripts from being downloaded in the first instance. Our network protection operates on our endpoint solutions as well as our gateway and cloud touch points; all these solutions help build a solid defense against unwanted mining altcoin mining comparison bitcoin.
Here are some of the network protection signatures geared towards detection of browser-based altcoin mining comparison bitcoin. Our endpoint solutions, including those for mobile devices, can detect and block all types of mining activity whether they are file-based or in-browser.
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