* Posts by TomBrown1

1 post • joined 18 Aug 2018

Making money mining Coinhive? Yeah, you and nine other people


Re: Reads like a ponzi scheme

There is a large amount of XMR to be mined and CoinHive users are only mining a small fraction of it. The currency is far larger than just this web mining.

Imagine it like this. You own a movie theater, TPB. You have some magic setup so that patrons are handed a pick-axe as they enter, which they have to use to mine gold while they browse movies at TPB. You collect all the gold patrons mine while in your theater. There are other establishments running this same system of requiring pick-axe mining while in their establishment but not many have as many patrons to really compare with TPB. The are also a few enterprising people who have slipped the magic pick-axes into lots of different establishments and are collecting the gold unbeknown to the actual owners. That is just the CoinHive pick-axe mining though. Much more is being mined by professional miners with proper machines and stuff.

Also I would expect the vast majority of these XMR are being sold for fiat $. If you're referring to CoinHive's 30% cut as being ponzi-esque it's not. Think of it as a fee for renting the pick-axes. They are providing a service, that's all. There aren't multiple levels. Not an MLM, pyramid, or ponzi.


Biting the hand that feeds IT © 1998–2021