The End of an Era: Coinhive to close operations from next week

As per the reports, Coinhive, a cryptojacking service will shut down from March 8 while the users can take until April 30 to withdraw any remaining Monero – the anonymity-focused cryptocurrency from their accounts.
"Your dashboards will still be accessible until April 30, 2019 so you will be able to initiate your payouts if your balance is above the minimum payout threshold.", announced Coinhive.
Coinhive was introduced in 2017 and enabled the mining of cryptocurrency in the background of visitor’s computers for cash. Some sites such as the Salon and UNICEF were transparent about using the visitor’s processing power for cash but many others avoid disclosing to the users and ignore the JavaScript code running on their servers.

Eventually, the codes are discovered and restricted by ad-blockers and anti-virus software.

In an official blog post announcing its closure, Coinhive gave a couple of reasons for their decision. Mainly, they claimed the value of Monero has decreased as much as 85 percent in the past year. Another reason for the closure is the difficulty to mine the currency.

According to Coinhive, the rising cost of mining and the low value of the Monero have significantly affected the company’s profitability and thus shutting down operations was in their best interest.

Coinhive is not the only cryptojacking service in the virtual world. However, it has certainly been one of the most popular. In fact, a PublicWWW analysis by Troy Mursch estimated that the service handled around 62% of the total cryptojacking market.

In-browser Monero cryptocurrency mining service to shut down
Previous Post Next Post