February 28, 2019 / Business

Coinhive Cryptocurrency Company Announced Its Closure

coinhive good-byeOn February 26, Coinhive cryptocurrency company announced its closure. According to representatives of the company, further operation is still commercially unattractive and the company will reduce their activities on March 8.

Coinhive gained fame for its flagship product, JavaScript miner for the mining of cryptocurrency Monero (XMR). Miner is able to imlement on the website through UI and earn money on visitors who will extract XMR coins by opening an Internet portal in a browser.

The official report of Coinhive indicated that the decision to close the company was due to a decrease in profits from the work of JavaScript miner. After the hard fork Monero Bulletproofs, which was implemented in October 2018, the computational power of the network decreased by 50%, and the rate of cryptocurrency over the last year fell by 85%. On March 9, a hard fork is planned in the XMR blockchain, which introduces changes to the PoW Monero consensus algorithm aimed at combating the extraction of virtual currency on ASIC miners. Coinhive believes that after the upcoming upgrade, the profits from the mining of XMR coins will drop even more, so the production of Monero will lose relevance.

From March 8, the Coinhive miner will no longer work. However, the company’s website will continue to operate until April 30, 2019, so if you have earned XMR coins, they will need to be withdrawn until the moment the Internet resource is closed.


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