- Coinhive, the in-browser Monero cryptocurrency miner, made famous by cryptojackers announced that they will shut down operations on March 8, 2019.
- The two biggest reasons behind this decision are the Monero hard fork and the crypto bear market.
Coinhive, an in-browser Monero cryptocurrency miner, which became infamous for being abused by cryptojackers announced that they will shut down all operations on March 8, 2019. In their statement, they said that the main reasons behind this decision are the 50% drop in hash rate caused by the Monero hard fork and the crypto bear market which has seen XMR lose 85% of its value within a year.
The statement reads as follows:
“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 cryptocurrency 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.”
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