Once thought to be extinct until its unexpected revival in the latter part of 2017, browser-based cryptocurrency mining has a history dating back to 2011 when BitcoinPlus.com introduced its groundbreaking service.
During the early days of Bitcoin, when mining was inexpensive and the concept of using a website to mine for miners gained popularity, browser-based cryptocurrency mining was widely embraced. However, it faded into obscurity until the cryptocurrency market experienced a surge in 2017, leading to a resurgence of browser-based mining in certain circles today.
The evolution of this technology is partly attributed to the emergence of blockchain-based coins that can be mined using user-friendly JavaScript application programming interfaces (APIs) and home hardware. Unfortunately, this accessibility has also opened the door to numerous malicious browser-based mining services.
Cryptocurrencies are built on blockchain technology, which ensures the security of financial transactions by embedding them in an immutable and public chain of blocks. To sustain and advance the system, new blocks must be continuously added to store pending transactions, a process known as mining.
Miners compete to solve a cryptographic puzzle called proof-of-work (PoW). The difficulty of this puzzle adjusts constantly to maintain a consistent rate of block creation, ensuring the predictability and security of the process. As more miners join the hunt for blocks, the complexity increases while the steady creation of blocks remains intact.
Browser-based cryptocurrency mining is a method of mining that takes place within a web browser using scripting language. It differs from the more common file-based mining approach, which involves downloading and running a dedicated executable file.
In its early stages in 2011, browser-based mining was cheap and relatively easy. It utilized JavaScript code for pooled mining, allowing users to embed scripts in their websites and invite visitors to mine for them. Initially, browser-based miners only mined for Bitcoin (BTC), but nowadays, newer cryptocurrencies like Monero (XMR) can also be mined using browser-based miners.
So, how does browser mining work? The answer is yes. By embedding mining code into websites, individuals can harness the computing power of their website visitors to increase their mining capabilities. Browser mining enables miners to significantly reduce their energy bills and hardware expenses.
Monero is an example of a cryptocurrency that supports browser-based mining. It utilizes the RandomX hash function, a hashing algorithm specifically designed for certain PoW blockchains like Monero.
RandomX is designed to resist application-specific integrated circuit (ASIC) mining, utilizing random code execution and memory-hard techniques. This ensures that specialized mining hardware, such as ASICs and graphics processing units (GPUs), cannot dominate the network. RandomX optimizes general-purpose CPUs, promoting a more decentralized network and equal distribution of block rewards.
Browser-based mining has gained popularity as an innovative way to generate income from web-based services. However, it is also exploited for malicious purposes, as it can be used to run cryptocurrency mining scripts on users’ machines without their consent or knowledge, a practice known as “cryptojacking.” To protect themselves, users should exercise caution when visiting websites and granting permissions to services.
For those interested in browser-based cryptocurrency mining, there are various options available. Services like CryptoTab Browser allow users to create an account and browse the internet as usual while mining takes place in the background. Users are rewarded in BTC. Other browsers like Brave Browser enable users to interact with decentralized applications (DApps), decentralized finance (DeFi) protocols, decentralized exchanges (DEXs), and more.
It is important to note that browser cryptocurrency wallets are specific to certain blockchains. For example, MetaMask is compatible with Ethereum-based DApps, while Phantom is designed for the Solana network. To ensure a secure experience, users should choose a browser that comes preloaded with a wallet compatible with their preferred DApps or install multiple extensions on their cryptocurrency browser.
The profitability of browser mining depends on factors such as the cryptocurrency being mined and the device’s hashing power. Additionally, the value of cryptocurrencies fluctuates over time, impacting mining rewards. Despite this, many people find browser mining a fun and potentially lucrative way to earn cryptocurrencies.
Browser mining offers several benefits, including lower energy costs compared to traditional mining methods, accessibility to anyone with a computer and internet connection, and increased autonomy and control over the mining experience.
When using cryptocurrency browsers, users should take precautions to protect themselves. Keeping software up-to-date, using strong passwords, and avoiding suspicious links or files from untrusted sources are essential measures. Choosing reputable browsers with robust security features can also mitigate common security risks and ensure a safe and enjoyable browsing experience.