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Crypto

‘Secret Mining’ Vexes the Crypto Industry

In late May, the creators of Bitcoin Gold—a currency that split off from Bitcoin last year—said a hacker had robbed people of as much as $18 million worth of the currency. They suspected the thief used mining hardware—computers that verify crypto transactions in exchange for currency—that was far more powerful than normal, allowing the attacker to amass enough mining capacity that it was able to divert digital coins into their own pocket.

Cryptocurrencies are built on the egalitarian idea that it’s possible to create a monetary system no one controls. But that idea is being challenged by people who are throwing money at technology to do just that, with the goal of hoarding profits and even stealing digital money.

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“Secret mining is a huge security threat because whoever is doing the secret mining can easily perform a 51% attack and steal millions of dollars.”