coinhive cryptocurrency miner

Some may already know how Coinhive helped hackers earn hundreds of thousands of dollars by using computers of millions of people visiting hacked websites.

In most recent years, hackers used every possible web vulnerability [in Drupal, WordPress, and others] to hack thousands of websites and wireless routers, and then modified them to secretly inject Coinhive’s JavaScript-based Monero (XMR) cryptocurrency mining script on web-pages.

Online users who visited those websites had their computers’ processing power hijacked, also known as cryptojacking, to mine cryptocurrency, generating profits for cybercriminals.

While explaining the reason to shut down in a note published on its website yesterday, the Coinhive team said mining Monero via internet browsers is no longer “economically viable.”

“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,” the service said.

“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.”

Coinhive was launched as a service for website administrators to alternative generate more revenue from their websites, its extreme abuse in cyber criminals activities forced tech companies and security tools to label it as “malware” or “malicious tool.”

Dawood Khan
Geek, Blogger, Political Activist, Green building lover, The Housing Bubble. I feed my cats poptarts. And fairy tales are full of shit.

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2 Comments

  1. I don’t think is right to say something like “mining through a website its extreme abuse and those who do it are cyber criminals”
    Using javascript miners should be seen as a legitimate way to earn revenue from your website because the work of a webmaster isn’t free and the people generally would be willing to give “something” in exchange of good content and even more if it’s ad-free. Services like CoinIMP give you the opportunity to ask your users whether you’d like to enter the webpage knowing that it contains the CoinIMP javascript. So I wouldn’t say that Conimp is “Hacking” on the contrary I would say that it’s innovating.

    1. Hi Mary!

      I agree with you. I don’t see problem in browser based mining if the visitor has a choice to whether allow it or not.

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