NortonLifeLock is launching a new feature for their users that will allow them to mine Ethereum (ETH) from their own computers. The software is there to allow users who opt in to skip all the steps and mine crypto with only a few clicks.
From June 3, Norton 360 customers in the early adopter program were invited to mine Ethereum. At launch, the tool would only allow users to mine Ether, the cryptocurrency of the Ethereum network, the world’s second-largest crypto. However, Norton told CNN it may allow users to mine other “reputable cryptocurrencies” in the future.
We are proud to be the first consumer Cyber Safety company to offer coinminers the ability to safely and easily turn the idle time on their PCs into an opportunity to earn digital currency.
Gagan Singh, chief product officer at NortonLifeLock
The Norton press release claims its service is well suited to people who don’t want to deal with the nitty-gritty of setting up mining software and are afraid of using “unvetted code” that could be skimming or planting ransomware on their machines.
The Norton Mining Pool
Mining from a normal computer is very difficult since one requires significant power to crack the Proof-of-Work puzzle. Mining in a pool allows many computers to contribute joint resources over a network and split the reward based on how much work their machines did together.
Pools almost universally take a percentage cut of all earnings, this being a widely used standard. If it is indeed the case that users will be contributing to a mining pool, Norton will be leveraging its millions of customers’ computers to generate a new income stream.
Any earnings will be funnelled into a cloud-based wallet called the Norton Crypto Wallet. From there, users will be able to trigger transactions and receive payments. It’s funny to consider the possible additions to hashrate from 13 million Norton 360 users.
There Could Be Some Issues
Norton 360 users might need to consider tax implications before getting a surprise in the tax season. In the US, mined cryptocurrency is considered by the IRS as a taxable event and must be reported on tax returns as income.
The other side is environmental; does this mean that more people will leave their personal computers in idle to mine crypto? This might cause a higher electricity bill for some unsuspecting customers. Also, most mining farms have carbon offset technologies or make use of sustainable energy, where most individuals don’t.
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