Most everybody wants to get in on cryptocurrency mining these days. However, cybersecurity is one of the things holding people back from reaping their own coins from their personal computers. A piece of news from NortonLifeLock (NASDAQ:NLOK) is hoping to solve this issue for its customers by allowing safe Ethereum (CCC:ETH-USD) mining. The Ethereum (ETH) crypto news is doing well to bolster the coin’s value today.
Cybersecurity and crypto mining don’t always mesh. There are a number of issues associated with mining, since one can’t run security software whilst hashing. Malware is a huge issue, as are issues around crypto wallet password security.
NortonLifeLock is introducing a way to allow users to passively mine for Ethereum while running the company’s security software in an attempt to make crypto mining safer. Norton Crypto is the company’s newest product, and it’s rolling out now to a select user base.
The Norton Crypto service seeks to correct issues with crypto-centric security measures, including cloud-based Norton Crypto Wallets. The service is available now to some Norton 360 users. The company says it hopes to roll out the service to all of its 13 million users in the next few months.
As of right now, the service only accommodates the mining of Ethereum. The company is hoping to add other large crypto players to the Norton Crypto umbrella, given the success of the initial product.
Ethereum (ETH) Crypto News Boosts NLOK Stock
The new product corrects an important issue facing cryptocurrency mining today. However, there is still a long way to go for the activity before it is likely to be widely adopted. Alongside security issues are longstanding concerns over the environmental impact of mining, as well as the supply issues regarding mining hardware.
The Elon Musk saga has done much to uncover environmental issues with Bitcoin (CCC:BTC-USD). Investors are now skeptical of Bitcoin mining, and Ethereum is in hot water as well thanks to it using the same proofing algorithms as BTC. Likewise, lack of hardware is an ever-growing concern, as mining takes top-of-the-line equipment to yield any real profits. The result is a growing GPU shortage, which is likely to continue.
In the meantime, the Norton Crypto reveal is helping boost ETH prices significantly. The coin is gaining over 8% on today’s trading session. NLOK stock is also up just under 2% on Wednesday.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.