Coinhive will close in early March

The Coinhive browser mining service has announced its closure. Startup clients could install special software on their websites for the production of Monero cryptocurrency on visitors’ computers.

The platform will stop the service on March 8, 2019. The head of the firm said that Coinhive is no longer economically viable. He added that the company’s profits fell sharply after the last update of the Monero network and the decline in the rate of altcoin by 85% over the past year. This resulted in a 50% reduction in hashrate of the network. Representatives of Coinhive added that a new hard fork of cryptocurrency, which will take place on March 9, influenced the decision about cessation work.

Mining will not function after March 8, 2019. Access to the command panel will be open until April 30, 2019. Clients will be able to order payments if the account balance exceeds the minimum limit.

Unscrupulous website owners and hackers, which used the computing power of unsuspecting visitors, worked with the service. Experts often find the code, written by Coinhive startup developers, in complex malware packages.

According to analyst Troy Marsh, the Coinhive was a leader in the cryptojacking industry in the summer of 2018. Hackers used the service for illegal mining Monero in the amount of $250 thousand per month. Malicious code was found on 62% of all websites, which use hidden miners based on JavaScript.

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