The Coinhive service, which provides site administrators with the means to mine Monero at the expense of the processors of their visitors, ends its work early next month. The reason is traditional – a bear market.
The official reason for the closure of the company called a sharp drop in the price of cryptocurrency by 85%. Coinhive also noted a 50% drop in the network hashrate due to the last Monero hard forks.
“After the last hard fork, the hashrate fell by more than 50% – it hit us hard. We were also affected by the general decline in the cryptocurrency market, ”says the company’s blog.
Formally, the service stops its work on March 8, but the administration panel will be available until the end of April. It was noted that this was done to ensure that customers had time to carry out the planned payments.
It is worth noting that the Coinhive service became one of the favorite tools of hackers who hacked into websites, including government, and without the knowledge of administrators, they embedded the script into the code of a web resource.