Crypto mining service Coinhive is shutting down, as the project has reportedly become economically inviable

Cryptocurrency mining service Coinhive is shutting down, as the project has reportedly become economically inviable. The team behind Coinhive announced the news in a blog post on Feb. 26.

Per the announcement, the mining service will stop its operations on March 8, 2019, while users’ dashboards will be accessible until April 30, 2019. Among the reasons behind the closure, the developers note the over 50 percent drop in hash rate following the last Monero (XMR) hard fork.

The service was reportedly also hit by the cryptocurrency market drop off , with the value of XMR slumped over 85 percent within a year. “This and the announced hard fork and algorithm update of the Monero network on March 9 has lead us to the conclusion that we need to discontinue Coinhive,” the post reads.

Coinhive is a JavaScript-based digital currency mining service that banks on a computer code to be installed on websites. Once installed, the service uses some of the computing power of a browser that loads the site in question. Although Coinhive is not an inherently malicious code, it has become popular among hackers for cryptojacking.

Also read: U.S. Department of Justice has charged a New York-based operator of a purported crypto payment services firm with a wire fraud and unlawful monetary transactions

Source: https://cointelegraph.com/news/crypto-mining-service-coinhive-to-shut-down-operations-in-march