Coinhive, found online at Coin-Hive.com, is a crypto miner for your website. Find out how you can use Coinhive to monetize your users’ CPU power today in our review.
What Is CoinHive?
Coinhive has been in headlines this past week after it was revealed that The Pirate Bay is using visitors’ CPU power to participate in cryptocurrency mining operations.
The website is experimenting with the system as an alternative advertising model. Instead of exclusively raising funds through advertising, The Pirate Bay may be able to make more money through cryptocurrency mining.
That’s where Coinhive sees an opportunity. Coinhive is a crypto miner for website owners. Using Coinhive, a website owner can monetize their online business by harnessing the power of users’ CPUs.
How Does CoinHive Work?
Users mine XMR for you in exchange for enjoying an advertising-free experience.
Alternatively, website owners can choose to reward users with in-game currency or any other incentive of their choice. Here are some of the potential rewards users might enjoy:
- Better video streaming speeds
- The ability to download a certain file, or unlock access to a certain file
- Allow users to enjoy ad-free browsing
- Credit in-game money or items to the user in exchange for their CPU power
Proof Of Work Captcha:
Coinhive offers an easy-to-implement Captcha-like service where users need to solve a number of hashes, adjustable by you, in order to submit a form. This prevents spam without unnecessarily inconveniencing users. Users have the same inconvenience they get with a classic Captcha. Basically, you click a “Verify Me” button, and the Captcha borrows some of your CPU cycles to allow you to gain access to the site. The Captcha API is modeled after Google’s reCaptcha. You just load a script tag, create a div, and validate a token on your server on form submission.
Proof Of Work Shortlinks:
If you have a URL you’d like to forward to your users, then you can create a Coinhive shortlink to that URL (CNHV.co). Users can click that link, then be automatically forward to the targeted URL.
Can You Monetize Any Website?
Technically, the Coinhive system works on any website. However, it only makes economic sense on websites with a certain number of visitors.
If you run a blog that gets 10 visits per day, for example, then the payout will be miniscule. Nevertheless, the developer of Coinhive claims that you can expect a monthly revenue of about 0.3 XMR (about $26 USD) from just 10 to 20 active users on your website by implementing a reward system where users need to mine for longer duration's.
Obviously, your mileage will vary between websites, but Coinhive’s developer encourages you to try it.
If you have lots of mobile users on your website, then the Coinhive system will also work for mobile users, but it will go very slowly and will drain the users’ battery.
In terms of payouts, Coinhive pays per solved hash. The payout rate is adjusted every few hours based on the global difficulty of the network and the average reward per block. You can view the latest hashrate and difficulty information online at Coin-Hive.com.
Meanwhile, you can withdraw once you’ve reached a minimum amount of 0.5 XMR.
You can learn more about Coinhive’s API at Coin-Hive.com.