Coinhive, the crypto mining software tool famous among cryptojacking hackers is shutting down its operations this week, after a massive drop in the price of Monero (XMR). After the suspension of operation, Monero mining script will no longer be supported.
The firm has sighted economic reasons behind shutting down its operation and has decided to abandon all the products. According to the blog post, Coinhive mentioned:
“It isn’t economically viable anymore. The drop in hash rate (over 50%) after the last Monero hard fork hit us hard. So did the “crash” of the cryptocurrency 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 led us to the conclusion that we need to discontinue Coinhive.”
This Germany based crypto firm rose to fame soon after it launched its operation in September 2017. And, since then the mining firm has been attracting a host of miscreants with the intent of cryptojacking activities that used to mine Monero. It quickly gained the reputation of being the “Cryptocurrency Poster Child”. As per a person familiar with the affairs of Coinhive, he said:
“Coinhive was touted as a way for website owners to generate revenue other than via ads, doing so by enabling websites to use visitors’ computing resources to mine for Monero, presumably with their consent.”
But unfortunately, miscreants started alternating code to mine Monero using other computing power without having their consent.
Coinhive will go out of service on 9th March, before the implementation of a hard fork. Currently, the privacy-focused cryptocurrency, Monero is the 13th largest cryptocurrency with a market cap of $804 million and prices $48.31.
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