Once upon a time, cryptocurrency lived in the dark corners of the internet. These days, crypto has gone mainstream: everyone and their grandmother is starting to invest. While most people will be happy to stop at crypto, there is a subset of people who recognize the immense potential of mining instead.
But what exactly is cryptocurrency mining? And why should you be worried about your employees doing it in the office?
What is Cryptocurrency Mining?
Cryptocurrency mining is the process by which new coins enter circulation. Mining is necessary to maintain blockchain technology because it monitors and legitimizes transactions.
By solving complex mathematical problems, cryptocurrency mining helps develop the overall blockchain ledger. The first crypto miners who discover solutions to these math problems are rewarded for their contribution.
Miners work to find a “hash” or unique 64-digit hexadecimal number. A hash includes a block header and the summary of the block. Block summaries include information like the block version, previous block hash, transactions blocked together, and metadata such as the time mined.
For successful crypto mining, prospective miners need a high hash rate. To solve these problems, miners often use a lot of power from computers.
How Much Can Crypto Miners Earn?
Depending on the coin mined, the exact value of crypto mining varies. Often, these values are decided on the technology behind it and the current market value of the coin.
For Bitcoin miners, the rewards for successfully mining are halved every four years. In the first year of Bitcoin mining in 2009, each block was worth 50BTC. In 2020, Bitcoin mining rewards hovered at 6.25 BTC. Historically, BTC prices have gone up significantly during a halving.
Crypto miners are rewarded with crypto tokens that can be kept or traded on exchanges. To learn more about real-time information on the different rates for each type of coin, you can visit Blockchain.
How Cryptocurrency Can Be Mined in the Office
To qualify for crypto mining rewards, two things must happen:
- Crypto miners need to verify a set amount of transactions depending on the coin.
- Crypto miners need to exhibit proof of work by finding the answer to the mathematical problem first.
For a miner to get a hold of a cryptocurrency, they need to invest in a rig with a graphic processing unit (GPU) or an application-specific integrated circuit (ASIC) and Wi-Fi.
Coincidentally, these are present in most modern offices. If you’ve noticed that your employees are spending a little too much time talking about crypto, it may be worth checking if they decided to mine in your office.
4 Ways to Spot Cryptocurrency Mining in the Office
While crypto mining is not inherently wrong, it is unethical to do it with company-owned computers. While it doesn’t outright damage the GPU, cryptocurrency mining can cost your company more than just your employee’s time and attention.
Crypto mining can also lead to increased electricity costs and damaged hardware. Here are some ways to spot if the resident office crypto boffin is actually using company resources to mine his crypto.
1. Slower Computers
One way to quickly spot crypto mining is an absurd amount of CPU usage for computers carrying out mundane functions. These can be found by doing spot checks of computer activity monitors during the day.
Unfortunately, some types of crypto mining software detect the PC usage and turn it off automatically when it reaches a certain level to avoid discovery. Some software can also block antivirus software discovery and re-install itself after a search.
To bypass this, you need to check regularly at various levels of CPU usage and pay attention to which programs use the most capacity.
2. Noisy Fans
The most common part of a computer that is prone to damage from cryptocurrency mining is the fan. Most mining rigs need regular cleaning every few months or less to prevent unnecessary friction caused by dust or particular build-up.
Mechanical fans have a definite lifespan, even for computers with normal use. When used for cryptocurrency mining, fans will need replacing sooner without the proper care that your employees might not bother to do.
An unusually noisy fan in a sea of otherwise quiet computers may be a sign that someone has installed mining software on it.
3. Heat Increases
Due to the high-level power usage, computers that are mining cryptocurrency will generate a lot of heat. Most employees hoping to mine crypto in the office will choose air-conditioned rooms to prevent devices from overheating. The most common places crypto miners will set up their rigs are cool, well-ventilated areas, away from direct sunlight.
Unfortunately, it can be hard to tell when a machine is overheating at first glance. In fact, physical signs such as temperature changes and burning smells can indicate that the damage has already been done.
To stay ahead of overheating, there are plenty ways of diagnose if your PC is too hot. If an office computer regularly clocks in unusually high temperatures, it may be running crypto mining software.
4. High Electricity Costs
When not monitored correctly, the increased heat can affect how much your office air conditioner needs to work. Even a single mining rig can increase a small office’s energy consumption to double or triple your previous costs.
If you notice a massive jump relative to your regular consumption, check for crypto mining software in your computers.
Protect Your Office from Unethical Crypto Mining
While crypto mining in itself is not bad, it can still be unethical. It can be increasingly difficult to determine whether or not a company-owned computer is mining crypto. If you suspect that your device is at risk, the only way to be truly safe is by rebooting it.
As cryptocurrency rises in popularity, the number of crypto-savvy employees will only increase with time. To prevent further issues, companies should establish preemptive policies against cryptocurrency mining.
Policies to protect companies should include additional contract clauses that specify bans on crypto mining and regular memos to existing employees underlining the importance of company policies.