Well, if you thought cryptojacking was a profitable business, think again. You would be surprised to know that the amount of money an average cryptojacker makes per day is well below the developed world’s poverty line.
This has been highlighted in a report titled, “Web-based Cryptojacking in the Wild,” conducted by the researchers at Germany’s Braunschweig University of Technology. The study revealed that there are some exceptions, like some high-traffic websites which profit handsomely from cryptojacking, the average ones only manage to reap minimal returns.
“On an average these websites attract 24,721 visitors per day and keep them for roughly 3 minutes on average. Overall, we thus observe a range of 0.17 to 89,000 core hours, with a mean of 1,550 core hours,” wrote the researchers.
“With a hash rate of 80 H/s and CoinHive’s payout ratio, a miner earns about $5.8 per day and website on average, which supports our observation that web-based cryptojacking currently provides only limited profit.”
There’s room for some exceptions
While the low payout comes as a surprise, there are some profitable illegal crypto mining websites featured in the top 10 which make somewhere in between $119 to $340.
According to the study which was conducted by Marius Musch, Christian Wressnegger, Martin Johns, and Konrad Rieck, one website in every 500 (about 0.2%) possesses a web-based miner targeting the mining of memory-bound cryptocurrencies such as Monero.
Cryptojackers mostly use pornography as the easiest way to lure visitors to their websites. Other things that entice visitors are entertainment, technology, and business.
Another startling revelation brought to fore by the report is that most of the cryptojacking websites have their servers in the United States, Russia, Germany, France, and Netherlands.
Methods to detect cryptojacking not efficient enough
The study suggest that the existing detection methods used to detect cryptojacking malware are not efficient enough and the researchers proposed that a hybrid approach that was both static and dynamic in nature was the need of the hour.
The researchers also stressed the need for browser developers to develop methods for detecting crypto mining activities, implementing tab-based CPU quotas that could help them detect any unauthorized mining activity.
Stressing the need to appreciate the legitimate use cases of crypto mining, the researchers noted:
“Web-based mining certainly has legit use-cases and may pose an alternative to online advertisements as scheme of monetization. Moreover, mining might even replace CAPTCHAs used for rate limitation by requiring a proof-of-work.”
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