Crypto mining service firm, Coinhive will stop operation in March due to the adverse effect of the lingering crypto winter market. The Coinhive team noted this in a recent press release of recent.
Crypto Values Continues To Fall
Coinhive stated in an announcement that it would stop operation by the 8th of March, 2019. Meanwhile, its user’s dashboard will still be accessible until April 30th, 2019, for withdrawal to be initiated if the balance is above the payout threshold.
One of the reasons responsible for this action according to the team is associated with over 50 percent drop in Monero’s hashrate after the last hard fork. Also, the lingering crypto winter market has made the value of Monero drop by over 85 percent from its high. This has obviously made the company less profitable. To make matters worse, there will be an upcoming algorithm update on the Monero network on the 9th of March, this is believed to further drive Monero’s hashrate further down.
Quoting the firm, the annoucement reads; “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.”
Mining With Coinhive
The illegal usage of this tool for cryptojacking by hackers was prominent in 2018, with many websites hacked to mine cryptos illegally. In February, Microsoft removed eight windows 10 applications from its official app store after the Cybersecurity firm, Symantec identified that these apps had Coinhive XMR mining code embeded in them.
Also, in January, Israeli Cybersecurity firm, Checkpoint stated in its global threat index for 2018 that the top 3 most wanted malware strain were all cryptojacking related using Coinhive. These made the top spot on the list for 13th consecutive months.
Meanwhile, the crypto winter market has had an adverse effect on many crypto firms, exchanges, and mining firms. Their operations have been less lucrative because of the market. This has made many to stop operation like Coinhive proposed.