The team of developers of the Coinhive mining script designed to mine Monero on web site visitors' computers announced that the service would stop working due to its economic inexpediency.

End of era

The Coinhive mining service will stop working on 8 March. Users will have access to their dashboards until 30 April. As the dev team clarified, the decision was caused by the economic inexpediency of Coinhive due to the drop in the Monero hash rate after the last hard forks. Moreover, on 9 March, Monero is expected to activate a new hardfork, with the network switching to the CryptonightR PoW-algorithm and dynamic block size. In addition, the XMR rate also declined sharply in recent months (about 85% per year), which makes the service not enough profitable.

“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 developers said in a statement.

Site owners could embed Javascript-based Coinhive into their pages and receive additional earnings from mining on the web sites visitors' computers.

Coinhive and cyber fraudsters

The Coinhive service was actively used not as monetization of websites, but rather as a criminal tool in the hands of fraudsters who secretly embed it in many web pages whose owners did not know that visitors of their resources fell victims of hidden mining.

According to Check Point Software, a supplier of cybersecurity solutions, Coinhive was ranked the sixth malware in the ranking of the most popular malwares in 2017.

The hidden miner infected not only web pages, but also routers. Thus, the cybersecurity company Trustwave discovered a hacker attack, which targeted more than 200,000 MikroTik routers. Cybercriminals changed the configuration of the devices and implemented in them a version of the hidden miner Coinhive, which then extracted the Monero cryptocurrency on the browsers of the connected users.

According to researchers from the University of Aachen, in the spring of 2018, mining on Coinhive accounted for 1.18% of all blocks in the Monero network or computing power of 5.5 megahash per second.