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Cryptocurrency miners are responsible for 5% of all Monero mined

Cryptocurrency miners are responsible for 5% of all Monero mined. This is according to a recent research that was conducted by cybersecurity company Palo Alto Networks. The California based company that offers advanced firewalls that provide network security says malware groups have collected at least $99 million from Monero cryptocurrency miners that are added to their codes.

The research came about after Josh Grunzweig of Palo Alto Networks noticed an uptrend in the number of cryptocurrency miners that were identified by the company’s WildFire platform. This led him to seek answers to two questions; which crypto coins were mostly mined? And how much money had been made historically by use of this malware?

Josh says that back in June 2017 Bitcoin and the other crypto coins saw a massive surge in value and coincidentally it was at this time when he noticed an increase in the number of cryptocurrency miners found within the WildFire platform.

The information he managed to collect using WildFire reports and associated PCAP data reveals Monero (2,341 wallets) to be the preferred coin by these malicious miners followed by Bitcoin (981 wallets), Electroneum (131wallets), Ethereum (44 wallets) and Litecoin (28 wallets).

By querying specific addresses against mining pools, Josh was able to determine with a high degree of accuracy the amount of Monero that has been mined to date. The total number of coins mined from the addresses is 798613.33 XRM. Multiplying that figure by $125 per XRM coin brings a total of $99,826,666. The interesting thing is that these figures represented roughly 5% of all XRM tokens in circulation at the time of writing.

Another interesting insight from the study is that of all the 2,341 wallets, 55% (1,278) managed to earn at least 0.01 XRM ($2.20) or more. Josh notes that nearly half of all the wallets identified were unable to generate any meaningful XRM, probably due to the malware being unsuccessful.

Of the 55% successful addresses only 244 wallets (10%) managed to earn 100 XRM and more. 99 wallets (4%) managed to mine over 1,000 XRM and finally, 16 wallets (0.68%) managed to obtain over 10,000 XRM.

Even though Cryptocurrency miners are responsible for 5% of all Monero mined, it remains to be seen if their popularity will go on as the market corrects to more realistic expectations.

Which are some of the ways can individuals use to protect themselves from Malware? Share your thoughts in the comment section below.

coinmag

Basil is a Bitcoin and blockchain evangelist with several years of writing in tech and finance related industries. Having several years of experience with leading cryptocurrency and tech related sites in past, he believes strongly in the revolutionary power of the blockchain technology.

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