Cryptocurrencies are highly vulnerable to the security issues as well as some inherent potential risks. With the inception of Blockchain and cryptocurrencies, people are attracted more towards mining. Bitcoin mining is one of the most profitable mining and people are doing it even in their homes.
Various cryptocurrency projects also offered Mobile mining facilities. So, these days people are also mining crypto on their smartphones as well, though Apple recently made an announcement in which it warned users not to use iPhone for mining cryptocurrencies as it provides excessive computing load on device, resulting in various potential issues.
But apart from performance issues, there are some other risks which crypto mining poses and Kaspersky notified to all the mobile users.
As per this source, let's have a look at those potential risks:
- “The total number of users who encountered ransomware fell by almost 30%, from 2,581,026 in 2016-2017 to 1,811,937 in 2017-2018.”
- “The proportion of users who encountered ransomware at least once out of the total number of users who encountered malware fell by around 1 percentage point, from 3.88% in 2016-2017 to 2.80% in 2017-2018.”
- “Among those who encountered ransomware, the proportion who encountered cryptors fell by around 3 percentage points, from 44.6% in 2016-2017 to 41.5% in 2017-2018.”
- “The number of users attacked with cryptors almost halved, from 1,152,299 in 2016-2017 to 751,606 in 2017-2018.”
- “The number of users attacked with mobile ransomware fell by 22.5% from 130,232 in 2016-2017 to 100,868 in 2017-2018.”
- “The total number of users who encountered miners rose by almost 44.5% from 1,899,236 in 2016-2017 to 2,735,611 in 2017-2018.”
- “The share of miners detected, from the overall number of threats detected, also grew from almost 3% in 2016-2017 to over 4% in 2017-2018.”
- “The share of miners detected, from overall risk tool detections, is also on the rise – from over 5% in 2016-2017 to almost 8% in 2017-2018.”
- “The total number of users who encountered mobile miners also increased – but at a steadier pace, growing by 9.5% from 4,505 in 2016-2017 to 4,931 in 2017-2018.”
So, if you're mining cryptocurrencies on your phone, please have a look at above instances and decide for yourself.
Thanks for reading ..!