It takes 16,000 phones to mine for £1k of cryptocurrency

Cybersecurity firm Avast is using its presence at Mobile World Congress in Barcelona to expose the security vulnerabilities of the Internet of Things (IoT). It is doing this by mining Monero, the popular cryptocurrency, using a smart TV.

Research from the firm suggests that 15,800 devices would be needed to mine just $1,000. As a result, cyber criminals are mounting mass attacks to pass the costs of mining onto strangers.

“The costs involved in mining are so high that profit from cryptocurrency mining is very low, encouraging cybercriminals to attack not tens of thousands, but millions of devices.

See: It takes 16,000 phones to mine for £1k of cryptocurrency