Coinhive based on JavaScript Mines $ 250,000 Worth of Monero (XMR) Monthly

Browser-based Coinhive Mines About $ 250,000 Monero Coins (XMR) Monthly

L & # 39; mining is the foundation of all blockchain-based digital coins Altcoin, Monero, allows miners to use standard hardware to extract This is in contrast to Bitcoin which enables mining only by using special mining machines called Application Specific Integrated Circuit or ASIC Monero uses a browser-based mining model, unlike bitcoin.

A recent report by RWTH Aachen University said that Coinhive, a browser-based miner raises about $ 250,000 of XMR per month with the current market value. Probably, the miner using JavaScript contributes approximately to 1.18% of the total extraction power generated inside the blockchain.

According to the report, when the prizes of the block of the extracted blocks are summarized in a period of four weeks, Coinhive has generated about 1,271. Calculating this amount with a market value of $ 200 of an XMR is currently a quarter of a million. This amount could be more or less depending on the price of an XMR currency considering that the currency is just as volatile as other cryptocurrencies. An XMR was at $ 400 at the start of this year.

Coinhive coin mines have a value of around $ 250,000 at the current exchange rate and distribute 70% to its users. Even after having distributed such a large piece, the site still manages to cover its operating costs and remains profitable.

Where does these coins end?

The report states that only about 10 users control the Coinhive link forwarding service. In most cases, these users redirect coins to file sharing sites and streaming video. While many of these links can be solved within minutes, there are those who need millions of computational power or hashes to be calculated that is not feasible.

Is it right to buy Monero now?

Well, there is no clear answer to this considering the volatility of the currency. The report states that monetizing link redirection can be compared to short link services, delaying such redirection while at the same time serving advertising and then committing to those who created the link. This is what is happening with Coinhive since the one who creates the short link gets a portion of the block premium that is extracted from users who click on shortcuts.