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Cryptocurrencies

Coinhive to shut down operations in March

Thursday 28 February 2019 | 01:48 PM CET

Cryptocurrency mining service Coinhive has announced that it is shutting down its operations, as the project has reportedly become economically inviable.

The mining service will stop its operations on 8 March 2019, however its users’ dashboards will be accessible until 30. One of the reasons behind the closure is the fact that the developers note an over 50% drop in hash rate following the last Monero (XMR) hard fork. Also, the service was reportedly hit by the cryptocurrency market drop off, with the value of XMR slumped over 85% within a year.

Coinhive is a JavaScript-based digital currency mining service that requires a computer code to be installed on websites. After the installment, the service uses some of the computing power of a browser that loads the site in question. Coinhive is not an inherently malicious code, however, it has become popular among hackers for cryptojacking.

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