Home News Alt Coins Citing Financial Issues, Coinhive Announces Shutdown

Citing Financial Issues, Coinhive Announces Shutdown

February 28, 2019 13:55
|
Share with your friends

In what will come as welcome news, Coinhive, the name that was associated with numerous cryptojacking cases will soon be shutting down. When the company was in operation, many customers were unwitting victims to Monero being mined on their computer systems.

Coinhive, in a statement said, “Some of you might have anticipated this, some of you will be surprised. The decision has been made. We will discontinue our service on March 8, 2019. It has been a blast working on this project over the past 18 months, but to be completely honest, it isn’t economically viable anymore.”

It added, “The drop in hash rate (over 50%) after the last Monero hard fork hit us hard. So did the “crash“ of the crypto currency market with the value of XMR depreciating over 85% 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.”

While Coinhive always maintained a hands-off approach whenever there was any Monero-related cryptojacking case, there was ample proof stating the obvious. In August last year, Monero Mining Systems was involved in a controversy as a rumor spread among the investors that over 200,000 routers have been hacked using malicious software script ‘Coinhive’. Since Coinhive script has been rumored earlier also for allowing hackers to mine Monero (XRM) using visitors’ browsers, thus it threatened the investors about browser mining.

While Monero did earn its fair share of bad reputation, it also earned its fair share of glory. Last month, popular video game, Fortnite announced that it was integrating Monero as a payment option. Although this glory was short-lived when the Chief Executive Officer (CEO) of Epic Games, said that it was an accident. Tim Sweeney had said, “Actually, Fortnite’s brief foray into crypto was accidental. We worked with a partner to open a merchandise store, and somewhere along the way Monero payment was enabled.”

Liked what you read? Join us on Telegram

A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

LEAVE A REPLY

Please enter your comment!
Please enter your name here