Slow mobile? Hackers could be mining crypto coins on your cell

Browser-based cryptocurrency mining has seen a rapid rise in recent months, with cybersecurity company Symantec reporting a 34% increase in the number of mobile apps incorporating the code to mine virtual currencies. 

Crypto coins are not produced by any central authority such as RBI. These currencies like Monero and Bitcoin are created by computer codes, solving complex math problems. The process requires huge amount of computing power. 

By incorporating a piece of code into a website, cyber crooks use the laptop or mobile device of the website's visitors to 'mine' cryptocurrencies without their knowledge. The mining process can start quickly and quietly in the browser without anyone noticing. 
"Indian websites with high traffic should take stock of this development," said security researcher Indrajeet Bhuyan. 

Though browser-based mining had been around since 2013, the activity seems to have exploded in the last few months of 2017 as the value of cryptocurrencies skyrocketed. "After many years of deathly silence, the catalyst appears to be the launch of a new browser-based mining service in Sept by Coinhive," a Symantec report said. 

The service offered by Coinhive allows website owners to use their code to harness the power of visitors' hardware. "For instance, if there are 1,000 people who visit a ticket booking website, the owner of the website can earn money (cryptocurrency) using the CPU power of the 1,000 computers to mine," Bhuyan said.