Symantec, the company behind Norton 360 and Norton Antivirus, recently announced that it will pay its users to mine cryptocurrency, according to a post on the official Norton blog. The company’s plans, however, seem more like an attempt to increase its profits rather than something that will benefit users.
What is blockchain technology?
A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as completed blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is how new Bitcoin and Ethereum are created. Miners are rewarded with cryptocurrency for verifying and committing transactions to the blockchain.
Why would someone want to use blockchain technology?
Cryptocurrencies like Ethereum are built on blockchain technology, which allows for a decentralized, secure, and tamper-proof ledger of transactions. This is attractive to users because it means that there is no central authority controlling the currency. Additionally, blockchain technology makes it difficult for hackers to steal information or funds. It also reduces transaction fees in contrast to what banks typically charge.
For example, you might be charged $25 when you withdraw money from an ATM; this fee could be as high as $20 for international wire transfers. With cryptocurrencies like Ethereum, you can bypass these hefty fees since all transfers are done peer-to-peer with little to no interference from banks or other centralized institutions.
How does mining fit into all this?
Mining is how new Bitcoin and Ethereum are created. Miners are rewarded with cryptocurrency for verifying and committing transactions to the blockchain. Ethereum mining is currently more profitable than Bitcoin mining, so Norton 360’s plan to pay users pennies for mining could be quite lucrative. However, it’s important to remember that mining cryptocurrency requires a lot of energy and can be damaging to the environment. Furthermore, mining cryptocurrency can only generate profit if the value of the coin rises. So, even if you are paid in dollars per hour (rather than in coins), you may not make any money at all.
Is mining only for tech giants like Amazon, IBM, Microsoft, and HP?
No, mining is not only for tech giants. Anyone with a computer can mine cryptocurrency. The process of mining is how new units of a cryptocurrency are created. Miners are rewarded with cryptocurrency for verifying and committing transactions to the blockchain public ledger. You can set up a computer with the right kind of hardware and software to be able to mine without any expertise required. Even though it sounds too good to be true, you’ll need high-powered hardware in order to earn enough money worth your time on it.
The Crypto Mining Opportunity with Norton Antivirus Software.
Cryptocurrency mining is a process where individuals are rewarded with digital coins for verifying and committing transactions to the blockchain public ledger. In order to entice people to participate in this verification process, many cryptocurrency projects offer rewards, or coins, in exchange for contributing computing power. There are two types of crypto mining: Hosted Mining (wherein Norton installs a program on your computer) and Mining as a Service (wherein Norton rents you their computer).
The Crypto Mining Opportunity is only available through Norton as a Service. To start earning, you must provide your name, email address, and credit card information – after which Norton sends you an email containing an activation code which you must enter before the opportunity becomes active.
Will mining crypto be profitable long term?
Mining cryptocurrency can be a profitable endeavour, but it is important to do your research before getting started. There are a few things you need to take into accounts, such as the cost of electricity and the amount of time you are willing to put into mining. If you’re patient and dedicated, then mining crypto can be a great way to earn some extra money. However, if you’re not careful, it could end up costing you more than it makes.
When will this opportunity end?
This opportunity will end on March 14th, 2018. It is not yet known how much money Norton 360 will be willing to pay out, but it is certainly not worth your time to mine cryptocurrency for them. This is a terrible deal for anyone who was hoping to make some extra money mining cryptocurrency. Don’t waste your time on this, there are much better opportunities out there.
And finally, why is Norton doing this now?
With the recent explosion in the value of cryptocurrency, it’s no surprise that companies are looking for ways to get in on the action. Norton 360 is no exception, and their plan to pay users pennies to mine Ethereum is just one way they’re hoping to cash in.