"Coinhive" is generally associated with malware, and I don’t fully disagree with it.
It has been used by
The Pirate Bay, in malicious advertisements, malicious browser extensions and other sketchy stuff.
However, Coinhive itself has nothing to do with the way malicious people abuse it.
It’s like saying Telegram and Whatsapp are bad for enabling criminals to communicate securely.
Coinhive enables people like me to create revenue by using their visitors CPU time to generate a cryptocurrency called “Monero”.
In this review, we are gonna compare Coinhive to the traditional way for blogs to generate revenue: Advertisements!
What is Coinhive anyways?
Like I already said before, Coinhive enables people like me to create revenue by using their visitors CPU time to generate a cryptocurrency called “Monero” (XMR).
Monero is like Bitcoin, it is a virtual coin that has no value by itself.
Like Bitcoin, Monero uses something called “Mining” in order to verify transactions made.
If you want to learn more about that, then go watch this video (I’m still working on a post about the technical details of mining, so please hang on tight for that):
They take 30% of this (which is quite a lot, but okay) and the person who has the miner on their site/account (most often the webmaster) gets the other 70%.
Coinhive Vs Adsense
Let’s compare the earnings of using Coinhive to the more traditional way of revenue by displaying Advertisements.
For this comparison, we’ll be comparing the data to Google Adsense.
Please note that these statistics are what this website have generated, so your mileage may vary.
In the past 7 days (while writing this post), this website using Adsense has earned me €0.15 according to their reports.
At the same time in the same 7 days, my website has earned me about €1.59 (0.00458014XMR at €347.16/XMR).
This is about 10x as many earnings using Coinhive than with AdSense.
Great, let me put a miner on my site to make a quick extra buck!
Holdon Johnny, this is the earnings at the current price (at the time of writing).
This price might fluctuate heavily, along with the payout in XMR.
With Adsense, you can be sure that the €0.15 you’ve earned is €0.15.
With Monero, the earnings might become €3.00 if the price per Monero goes up to €694.32, and might be €0.50 the next morning if the price crashes down to €115.72.
Unless you think Monero will stay around the same price, or even go up (like I think), then it’s definitely worth the shot.
However, like I said, people generally associate Coinhive and Mining with Malware, so don’t blame me if your site loses visitors because of it.
It’s generally a good idea to use Coinhive’s
AuthedMe if you want to have users mine for some sweet sweet XMR.
Do also note that the amount of revenue you get all depends on your users.
My website has a somewhat steady 100hashes per second, but you might get 200, 1000 or maybe only 10.
The more hashes per second, the better your earnings will become.
With all of that said, I hope you can get a clear idea whether you should stick with the traditional advertisements, or join the Coinhive Forces.
If you get some nice earnings, please consider sending me some coins:
Please stay tuned for more Cryptoknowledge, but for now…