author photo
By Bruce Sussman
Wed | Feb 27, 2019 | 2:44 PM PST

Digital currency mining site Coinhive will close down in just a few days. 

Why? We tried to find out firsthand.

However, when one of our team members went to see Coinhive's explanation of the shutdown, we encountered this:

coinhive-not-safe

So much for getting a firsthand explanation because we only practice safe browsing habits here at SecureWorld.

This means we'll have to rely on ZDNet's story about the shutdown, which quotes Coinhive:

"The drop in hash rate (over 50%) after the last Monero hard fork hit us hard," the company said. "So did the 'crash' of the crypto currency market with the value of XMR depreciating over 85% within a year."

The company also mentioned a change in the Monero algorithm that caused challenges.

Coinhive started, by the way, as an alternative to website ads.

The idea was that instead of putting ads everywhere, you could run hidden code so visitors to your website would mine a little cryptocurrency while there. The website owner would then get a cut of the profits.

Instead, it became an abused technology, and cryptojacking became "a thing" that InfoSec and IT teams had to watch out for.

We'll be interested to see if this actually makes a difference to the cryptojacking threat landscape in 2019 and we're sure this will be discussed at regional SecureWorld conferences this year.

[RESOURCE: Cybersecurity ratings for cryptocurrency exchanges]

[RELATED: The Risks from Cryptojacking and How to Prevent Them]

Comments