Coinhive Cryptojacking Service Will Shut Down Next Week

Coinhive, an in-browser Monero cryptocurrency miner famous for being abused by malware gangs, announced this week its intention to shut down all operations next month, on March 8, 2019. From a report: The service cited multiple reasons for its decision in a blog post published yesterday. 'The drop in hash rate (over 50%) after the last Monero hard fork hit us hard,' the company said. '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,' the company said. Coinhive said all in-browser Monero mining will stop working after March 8, and registered users will have until April 30 to withdraw funds from their accounts. The service, which launched in mid-September 2017, promoted itself as an alternative to classic banner ads. In its heyday, the site was making around $250,000 per month, according to some estimates.

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