Is Cryptocurrency Mining Dangerous for Cybersecurity?

Is Cryptocurrency Mining Dangerous for Cybersecurity?

With the price of a single Bitcoin passing $50,000, there is a new rush not only to buy or mine cryptocurrency but also to debate is cryptocurrency mining dangerous for cybersecurity or not.

Regretfully, because of the sheer number of doomsayers and laymen fans of the technology, it is hard to get to the middle and find the truth. On one side, using blockchain is one of the safest technologies when it comes to any online operation. But, there’s not where the danger lies.

There are three weak points when mining and using crypto, and this is where we need to ramp up our cybersecurity:

  1. Accessing exchange platforms
  2. Buying online services
  3. Connecting to social media

The most problematic issue when using crypto is social media. Because the miners need to be online all the time, if someone knows from which device you are mining, you will be targeted.

This is why it is best to keep both your personal and online devices connected through a VPN. And with premium providers like Le VPN, there will be next to no lag, significantly lowering the risk of your devices missing any coins they ”dig up”.

Theoretically Safe

Is Cryptocurrency Mining Dangerous for Cybersecurity? | Le VPN

While some prominent media voices have shouted how you can be hacked through the blockchain, which is completely false, the moment someone would try to tamper with the chain, they would be corrected by the rest of the network and pushed back to square one.

The only way for any malicious entity to steal your money is by stealing your information first. They would need to have the data from either your miners or the wallet where the crypto is stored.

Cryptocurrency mining is not dangerous for your cybersecurity on its own or due to the nature of the blockchain. Rather, all of the risks involved are due to the way we use the technology and our tendency to brag about becoming crypto-rich.

Cybersecurity Aspects of Cryptocurrency Mining

There are four issues that need to be addressed as soon as possible if you want to mine crypto.

Primarily, there is the issue of always being online, which means that your cybersecurity must be constantly vigilant. Because severing the primary connection is out of the question, hiding the location is necessary.

Those who know what does a VPN hide will realize that the anonymity of your POC (Point of Connection) is paramount if you want to stay safe.

Further, everyone needs to be certain that the platform they are using to sell or buy their crypto is trustworthy and doesn’t take any data that is not necessary for the process.

These rules also go for providers of goods and services that accept cryptocurrency, as they shouldn’t log in more of your information than it is necessary for the transaction. If you are requested your username for entry, you should find another seller.

Finally, you will need to secure your POC physically and from MITM (Man in the middle) attacks. Such a risk depends on your location but can prove to be the most expensive issue.

Always Online

Mining crypto is always a question of efficiency, and everyone is trying to scrape as much as possible. In this case, it might sound too expensive to sacrifice ~2% due to lag when connected to an online VPN. But, such a choice might be necessary.

If your mining operation is pinpointed, it will be under constant attacks, which will lower its efficiency regardless. But, with a virtual private network that has a kill-switch, you will just transfer to another protected server and never be under any danger.

Exchange Platforms

If you don’t want to use proven platforms like Coinbase to trade with the crypto you mine, you will need to invest some time into investigating an alternative. Making a wrong choice can cost you both the crypto you have and can even infect your mining operation.

For would-be traders, it is even more dangerous as they can be offered to buy fake crypto on websites that are just a facade, without any connection to the blockchain whatsoever.

Untrustworthy Sellers

As an increasing number of places is starting to accept crypto as a mode of payment, there is bound to be a rise in those who want to use the service for malicious means.

Especially when it comes to buying ‘’under the radar’’ services and entertainment, as well as unlicensed online casinos, it is of crucial importance to check who you are working with.

If you even sense they are untrustworthy, you should avoid them completely.

Physical and MITM Hacks

For those who have insight into power-usage, cryptocurrency miners that use network power light up as beacons. Some are even daring enough to try to hack your local or even personal router directly.

Such an attack is less likely in places where it would be noticed and prosecuted by the police, but such places also have higher electricity prices.

Ideally, you want to be as little a drain on the network as possible, using solutions like hydropower for both electricity and cooling. But, if such an invention is impossible, be certain that your routers are safe and heavily encrypted.

Conclusion

The question is cryptocurrency mining dangerous for cybersecurity can’t be posed only in regards to the technology itself but the infrastructure surrounding it as well.

With premium VPN providers like Le VPN, we will stay anonymous and impossible to pinpoint by hackers. But, even then, we should stay clear from promoting our mining operation if we don’t want to draw the attention of people who would want to take it from us.

Subscribe Today!

Get Le VPN from $4.95 per month with a 7-Day Money-Back Guarantee and
Enjoy the Internet by Your Own Rules!

NO LOGS

SERVERS IN 120+ COUNTRIES

P2P ALLOWED

EASY TO USE APP

7-DAY MONEYBACK

SMARTDNS & HYBRIDVPN

CONNECT 5 DEVICES AT ONCE

ULTRA HIGH SPEEDS

Written by Vuk Mujović @VukMujovic

Vuk Mujović

Vuk Mujović is the founder of MacTíre Consulting, an analyst, data management expert, and a long-term writer on all things business & tech. He authored blogs, articles, and opinion pieces aimed to help both companies and individuals achieve growth without compromising their security. Vuk is a regular guest author to Le VPN Blog since January 2018, where he gives his expert opinion on the topics related to cybersecurity, privacy, online freedom, and personal data protection. He also often shares his tips and best practices in relation to internet security and digital safety of private individuals and small businesses, including some additional applications of using a VPN service.

Leave Comment