Popular cryptocurrency mining operation
The shutdown is due to declining profitability, according to a blog post on CoinHive’s website. According to CoinHive, “The drop in hash rate (over 50%) after the last Monero hard fork”, as well as the “crash” of crypto markets were the major contributing factors to the shutdown. Moreno (XMR), the currency CoinHive mined, has dropped 85% in the last year. Moreno’s decline follows the broader trend of declines in cryptocurrency value.
The dark side of CoinHive
When legitimately used,
The writing was on the wall
It is no real surprise that this operation folded. Cryptocurrency mining, in general, has moved away from CPU mining, as it is mostly not a profitable venture. The difficulty level of the hashes has pushed mining onto custom equipment, designed for that purpose. I was a user of CoinHive through Faucet Hub. Although I never did it to make any real money, I did it for fun, and to increase my levels on that site. I doubt I even made enough to cover the cost of the electricity I used to run my computer. CoinHive had a good ride, now we look to the future to see whhat, if anything, takes its place.