“Crypto mining” was the phrase on almost every crypto enthusiast’s lips during the height of the crypto Boom in mid-2017. The sharp decline of the markets has however poured cold water on the desire by many to get involved in crypto mining. Crypto mining has always been a resource intensive venture, requiring loads of computing power and electricity, to get the mining underway. Crypto mining also involves quite intensive hardware demands and sound technical knowledge of the blockchain. This has kept many crypto enthusiasts from pursuing crypto mining.
One firm known as CoinMine is positive that it can solve the technical expertise and hardware intensity problems. CoinMine has unveiled a hardware device that will be aimed at crypto enthusiasts who would like to earn rewards for crypto mining without necessary having any additional technical skills. The CoinMine venture has been heavily backed by investors such as Arrington capital, Coinbase ventures, product hunt co-founder Ryan Hoover, as well as angel investors Anthony Pompliano, partner at Morgan Creek, and Balaji Srinivasan, the Coinbase CTO. The newly launched device will start shipping in mid-December this year, though specific dates and sales targets have not been revealed yet. The device will be retailing at $799 dollars which is cheaper than most expected it would be.
Coinmine’s CEO, Farbood Nivi told crypto publication Coindesk that the company believed and stood behind the product’s marketability and mass appeal. According to him there is a market for millions if not tens of millions of users. He further stated that one of the investors who had funded the project (Chapter one ventures) put money behind the project because they wanted to see the creation of more ways through which everyday people would be able to get involved in supporting crypto infrastructure. Chapter one ventures’ founder Jeff Morris, jr, told Coindesk “CoinMine will democratize access to becoming a miner in a fun and approachable way that almost feels like playing a video game,” So how will the device known as the “CoinMine one”, work?
The CoinMine one device, will spot a miner that can generate any one of the following out of the box; Monero (XMR) at 900h/sec, Ether (eth) at 29 Mh/sec, zcash (ZEC) at 320 h/sec, with updates for ether classic to begin running next year. The device will use 120 watts of electricity which is just as much as the consumption of a play station 3 while also running at 40 decibels of sound. This is quite low compared to the racket caused by other mining products in the market. The device’s appearance and architecture is also quite pleasant to look at and can perfectly fit into the owner’s room without them fearing how it looks in the eyes of guests.
Changes in the device protocol will also be automatically updated, with users able to monitor their earnings and manage them using an IOS and Android app. According to CoinMine CEO Farbood Nivi, even if the current miners in the market cost a third as much as the CoinMine one, they are still out of reach for a lot of people due to their difficulty to set up, lots of noise, and device heating up constantly. According to Nivi, the CoinMine one offers a way for the people who want to enter into crypto mining through a lower path of entry, to do so. At 40 decibels and low electricity consumption, Nivi argues that the CoinMine one is a great product.
He also emphasizes that the device is more for technology heads than profiteers. It is for people with a long time horizon, as opposed to those seeking to make a quick buck. One of the biggest questions about the CoinMine one is whether it is worth it? A lot of critiques have pointed to a possible situation where the number of miners will increase significantly, making the value of mined tokens less lucrative. In response to this, Nivi said that the company will keep adding new tokens for miners to choose from in order to combat the possible devaluation of crypto tokens.
