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Coinhive to Shutdown Amidst Bear Market Woes

Image Credit: CyberExperts

Coinhive, a cryptocurrency mining service is closing down its operations. The move has been taken as the project has become economically inviable. The decision was announced in a blog post on February 26.

As per the announcement, the mining operations will cease on March 8, 2019. However, users can access dashboards till April 30, 2019. A major reason for the closure is attributed to the large drop in hash rate (50%), which followed the last Monero hard fork.

Also, the service was a victim to the crypto market bloodbath, with the Monero price [XMR] dropping 85% within a year. The post mentions that the upcoming hard fork and algorithm update of Monero on 9th of March, has made them discontinue Coinhive.

A recent Kaspersky Labs report made a revelation that cryptojacking is now a bigger security threat than ransomware. Especially, in Middle East and Turkey. The targets are not limited to PC users but smartphone users as well. In a span of two years (i.e) 2016 to 2018, these attacks have increased by 10%.

Also, as per a study published in June by cybersecurity firm McAfee,

“Cryptocurrencies and the blockchain technology on which they're based are expanding at an exponential rate, but their development has given way to the emergence of new forms of piracy. Cryptojacking saw spectacular growth in the first quarter 2018, increasing by 629% compared to the final quarter of 2017.”

Earlier this month tech giant Microsoft removed 8 window applications from app store after Symantec, a cybersecurity firm found malicious XMR mining code. Symantec noted that while the apps provided privacy policies, they omitted any mention of cryptocurrency mining.

Also, CheckPoint, an Israeli cybersecurity firm in its Global Threat Index stated that top three malwares causing menace were all related to cryptojacking and Coinhive. In addition, to attaining the top spot for the 13th consecutive month.  Check Point Software Technologies Ltd. is a security solution provider for governments and enterprises globally. It has worked with over 100,000 organizations, who are reported to be deploying its security management system.

About Coinhive

Coinhive is a JavaScript-based digital currency mining service. It first makes the user install a computer code on the website. Secondly, the service uses some of the computing power of a browser. Although Coinhive is not a malicious code by default, it has gained substantial popularity among hackers for cryptojacking.