Bitcoin other cryptocurrency mining are primarily done by firms with large server farms located outside the United States. However, NortonLifeLock, a cybersecurity provider, is trying to bring mining to your PC.
On Wednesday morning, NortonLIfeLock (NLOK) announced the launch of a new feature for a limited number of early Norton 360 platform clients that will allow users to mine for Ethereum on their personal computers.
Vincent Pilette, CEO of NortonLifeLock said that as the crypto economy grows in importance in their customers’ lives, they want to enable the customers to mine cryptocurrency with Norton, a trusted brand.
NortonLifeLock, was formerly known as Symantec. After Broadcom (AVGO) purchased Symantec’s enterprise security software business (which focuses on large corporate customers) in 2019, the company changed its name.
The new tool, named Norton Crypto, will initially be available to a restricted number of clients, but the company says it plans to make it available to all of Norton 360’s over 13 million users in the coming months.
NortonLifeLockalso said that while the firm will start slowly, with a focus on helping clients safely mine Ethereum, NortonLifeLock is contemplating adding trustworthy cryptocurrencies in the future.
While the firm did not specify whether it planned to add other prominent cryptocurrencies, it did claim that it will be focused on top cryptos that allow our members to obtain the best compensation for their processing ability.
It’s not for the faint of heart to go into mining.
For the most part, crypto mining has been a risky business for ordinary people. People have expressed concerns about their currencies being taken after removing their security to run mining software. Individual miners are also vulnerable to ransomware being installed on their computers.
People losing access to their crypto wallets due to forgotten passwords or hard disk failures is also a problem.
NortonLifeLocksays that its Crypto Miner service has overcome these issues by adding security and storing cryptocurrency earnings in a Norton Crypto Wallet that is hosted in the cloud rather than on a user’s hard disk.
In a new statement, Gagan Singh, chief product officer at NortonLifeLock said that they are thrilled to be the first consumer Cybersecurity firm to provide coin miners the chance to safely and quickly turn the idle time on their PCs into a chance to earn digital money.
Singh also uttered that With Norton Crypto, their consumers can mine for bitcoin with only a few clicks, avoiding many of the cryptocurrency ecosystem’s obstacles to entry.
Crypto is going through a period of transition.
The announcement comes at a difficult time in the bitcoin investing sector. May was the greatest monthly loss in a decade for bitcoin, Ethereum, and other major cryptos.
Elon Musk, the CEO of Tesla (TSLA), scared investors last month when he revealed that the company will no longer take bitcoin as payment for its automobiles due to concerns about bitcoin mining’s environmental impact, which requires a lot of energy.
Concerns concerning crypto mining and the environment were not addressed by NortonLifeLock.
Musk, for one, changed his attitude when crypto bull Michael Saylor, the CEO of software business MicroStrategy (MSTR) and a big bitcoin investor, convened a meeting between Musk and executives of leading bitcoin mining companies to discuss energy usage concerns.
However, concerns about rising bitcoin regulations from China and the United States have frightened crypto investors recently.