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THE ILLICIT CRYPTOCURRENCY MINING THREAT Table 1. Comparison of Example Cryptocurrencies. 15 Assessment of anonymity and features taken from the source of the table, and prices are current as of 07/28/1816. Cryptocurrency prices are volatile and constantly fluctuate. CRYPTOCURRENCY Litecoin Monero ANONYMITY Low Medium PRICE (PER COIN) $83.27 $140.04 FEATURES $4 Billion market cap. More frequent block generation and faster confirmation times than Bitcoin. $2 Billion market cap. Focused on privacy. Mining algorithm is considered “ASIC resistant,” meaning that no specialized hardware is required to mine, making traditional CPU/GPU mining more profitable. Bitcoin Low $8,166.08 $140 Billion market cap. First blockchain coin. Ethereum Low $465.03 $46 Billion market cap. Is mined due to its popularity as well as ease of mining. Zcash Medium $219.19 $976 Million market cap. Privacy feature to conceal sender, recipient, and amount being transacted. costs, and allow sellers to be protected from fraud by making transactions mathematically difficult to alter. However, there are ways for actors to fraudulently manipulate cryptocurrencies, especially ones with smaller market caps.14 CRYPTOCURRENCIES Since the advent and growing popularity of Bitcoin, many derivatives and other cryptocurrencies have been developed, with a sampling of some of the most popular shown in Table 1.1516 According to data gathered by Palo Alto Networks in July 2018, the clear majority of illicit cryptocurrency malware mines Monero (85 percent), followed by Bitcoin at 8 percent. All other cryptocurrencies make up the remaining 7 percent. Although Monero is significantly less valuable than Bitcoin, several factors make this the cryptocurrency of choice for malicious actors. Monero provides advantages over Bitcoin in privacy and anonymity, which help malicious actors hide both their mining activities and their transactions using the currency. Transaction addresses and values are obfuscated by default, making tracking Monero incredibly difficult for investigators. Additionally, the resources required to mine Monero are significantly lower, making it possible to mine the cryptocurrency on most personal computers, increasing the potential number of targets for malicious actors. Monero’s mining algorithm is designed to encourage more users to contribute to its network, meaning that more profit can be squeezed out of processing power stolen via botnets with Monero mining rather than Bitcoin mining17. CRYPTOCURRENCY MINING At its most fundamental level, cryptocurrency mining is simply the directing of a computer’s resources toward performing complex mathematical 14 https://www.ccn.com/website-outlines-the-cost-of-51-attack-on-altcoins-its-lower-than-you-think/ 15 “Comparison of cryptocurrencies, “Bitcoin wiki, https://en.bitcoin.it/wiki/Comparison_of_cryptocurrencies 16 https://coinmarketcap.com/ 17 https://www.proofpoint.com/us/threat-insight/post/smominru-monero-mining-botnet-making-millions-operators 9PDF Image | ILLICIT CRYPTOCURRENCY MINING THREAT
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