CoinHive, hackers’ favorite crypto-mining service, has announced it is shutting down operations next month, saying it can no longer make a profit.
Extensively used by bad actors to conduct cryptojacking campaigns, but also by legitimate users to make a buck in the cryptocurrency market, CoinHive has garnered mixed reviews, to say the least.
CoinHive explains the reasons for the shutdown in a short notice on its blog:
“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,” the team writes. “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 [sic] us to the conclusion that we need to discontinue Coinhive.”
Mining with CoinHive will remain operable until March 8, or just over a week from now. Customers will be able to access their CoinHive dashboards and withdraw their funds until April 30.