Coinhive stops working due to economic inexpediency
28.02.19
On March 8, Coinhive, the popular browser hidden miner, stops working. In the official blog of the project, developers admitted that the project is no longer profitable. Recall: Coinhive allowed website owners to embed a hidden miner to extract Monero cryptocurrency. Mining took place with the help of visitors' computing power.

The developers wrote in a blog post: “Some of you might have been waiting for this, some might be surprised. Decision is made. We will stop the service on March 8, 2019. Over the past 18 months, we have been actively working on this project, but, speaking frankly, it is no longer economically feasible. ”

As reasons for their decision, they point to the last hard fork of Monero, which led to a drop in the network hash rate by 50%, and the depreciation of the XMR. Also, overall, during the year, the cost of the XMR fell by 85%. Coinhive also led to a decision to stop the Monero network update, which was scheduled for March 9th.

Users will automatically lose access to the cryptocurrency mining service, but will still be able to enter the command panel to make transfers. So, mining will not function after March 8, 2019. Access to the command panel will be open until April 30, 2019. Prior to this period, users will be able to order payments if the account balance exceeds the minimum limit.

Although the developers claim that we quote: “had a great time” with all users of the service, Coinhive earned a dubious reputation for using cryptocurrency for hidden mining. That, in fact, helped unscrupulous website owners and hackers to steal the resources of unsuspecting users. Written by the Coinhive team, the code was often integrated into more comprehensive malware packages capable of carrying out an attack along several vectors at once.

Troy Mursh, a cybersecurity researcher, found that at some point Coinhive scripts were used to extract XMR for $ 250,000 a month and were found on 62% of all websites that use JavaScript-based crypto miners.