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