Bear Market of Crypto Takes Down Another Mining Service in Coinhive, Plans for March Shutdown

The bear market has been incredibly difficult for the price of nearly every cryptocurrency, but exchanges and mining companies are seeing the damage impact their own brands as well.

Several companies have had to lay off a considerable number of staff members, while others have had to shut down operations all together. Unfortunately for Coinhive, their situation is the latter, according to reports from The Block and other publications.

The crypto mining service is no longer viable from an economic standpoint, and the team ultimately announced their departure from the industry in a blog post from their official website. The annoucement begins,

“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.”

As the blog goes on, Coinhive explains that a massive 50% drop in the hash rate of Monero was essentially the final nail in the coffin. Between that and the bear market tearing down Monero’s value by over 85%, the company ultimately had to choose to discontinue their company.

Even though the shutdown is soon, miners and other users still can perform operations until March 8th of this year. After March 8th, no other mining activity can be performed, but the dashboards will remain available until April 30th, ensuring that the loyal users are able to properly cash out their earnings.

The Block describes Coinhive’s work as “an alternative to banner ads,” since users were able to integrate the software as a way to passively mine Monero. However, hackers would end up choosing the software as a way to hack major websites when they figured out how to use Coinhive’s code.

Reports from November 2017 show that Coinhive was once the sixth most-used malware by hackers and other cybercriminals.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

1 COMMENT

  1. In my opinion, I think the closure was also influenced by competitors. In this aspect we look at CoinIMP mostly since it’s the most famous among all Coinhive alternatives.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,273FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI Plunge Might be Over After Record Number of Addresses Unload All their Tokens

In the past three days, the DeFi darling YFI has lost more than 36% of its value, going from $34,400 to $21,950 today. At the...

Financial Firms & Law Enforcement Find Cryptocurrencies More Risky Than Opportunistic: RUSI Survey

Financial firms, government, and the private sector all see cryptocurrencies as risky, found a survey by the Royal United Services Institute think-tank and the...

Kadena to Launch DEX to Rival Uniswap; Touts Higher Speeds and Multiple Protocol Support

Kadena announced on Tuesday that it would roll out a Decentralized Exchange (DEX) dubbed ‘Kadenaswap’ towards the end of 2020 in a bid to...

Crypto Exchange Bitpanda Raises $52 Million in Series A Round to Offer Access to Stock Markets

Cryptocurrency exchange Bitpanda has raised $52 million in its first major funding round, Series A led by PayPal co-founder Peter Thiel’s Valar Ventures. Other...

Coinbase Launches Staking Program For Cosmos, ATOM Holders Can Earn 5%

In a blog post released on Wednesday, Coinbase introduced staking on ATOM, promising up to 5% return per annum on the value staked. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today