Coinhive, the browser-based service used to mine the Monero cryptocurrency, announced they are shutting down operations in March.

The old adage that all good things must come to an end is definitely true. The reality is that nothing is permanent, and the highly technical world we live in is an example of almost nonstop innovation and evolution. Even items in the cryptocurrency ecosystem eventually come to an end, and the latest project to reach its final destination is the Coinhive mining project.

Coinhive Shutting Down

Coinhive is a JavaScript-based service that installs code on websites to allow visitors to mine for the Monero cryptocurrency via their browser. A number of websites installed this mining program in order to generate revenue, with some informing users while others kept it quiet.

Just like any technology, Coinhive is essentially neutral. It can definitely be used for good if people are willing to allow it to mine crypto while visiting a site. However, it has also been used a great deal by hackers for cryptojacking, a process that sees a person’s device used to mine crypto without their knowledge.

The bear market of 2018 crushed the value of Monero (XRM), and the last hard fork seems to have put the final nail in the Coinhive/Monero coffin. On their official site, Coinhive states they are shutting down the project completely on March 8th, stating:

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. 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. Thus, mining will not be operable anymore after March 8, 2019. Your dashboards will still be accessible until April 30, 2019 so you will be able to initiate your payouts if your balance is above the minimum payout threshold.

Monero in the News

For those who used the project to mine the privacy-focused coin, this is sad news. While a useful resource, Coinhive did develop an unsavory reputation due to being deployed by hackers for illicit means.

As for Monero, it has garnered some attention this year. Earlier this year, it was reported that the Fortnite merchandise store was accepting Monero for purchases, but this turned out not to be true as the game company called its inclusion as a payment option “accidental.” The kidnappers of a Norwegian millionaire’s wife demanded a ransom of $10 million, payable in Monero. Just a few weeks ago, eight cryptojacking apps, which used the Coinhive script, were removed from the Microsoft Store.

Are you saddened by Coinhive shutting down? Let us know in the comments below.

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