Many startups have tried, but an everyman device hasn’t yet been available. Smart money is a startup willing to bet that the situation will change thanks to Coinmine. The startup’s first product is the Coinmine One. The hardware device will be aimed at crypto miners, who are looking to earn rewards for mining without the requirement of a technical skill set.
Coinmine has backing from investors like Coinbase Ventures and Arrington capital. The Coinmine One will be available for a starting price of $799 and will start shipping in roughly 30 days. Additionally, the company refused to provide a concrete date or name a target for the sales. According to Farbood Nivi, the company’s CEO there is a huge market appeal. Nivi believes the market will have room of millions if not tens of millions of the Coinmine One.
The project was heavily backed by the investor Chapter One Ventures. The main reasons for the app’s support for the Coinmine One is because of the new opportunities. With Coinmine One many new people will have the ability to get involved and support the crypto infrastructure. In a way many people will be able to enjoy mining like they enjoy games on consoles like PS4 or Xbox.
Coinmine One will sport a miner, which can generate: ether (ETH) at 29Mh/sec, Monero (XLR) at 900h/sec and zcash (ZEC) at 320h/sec. There are also planned upgrades for 2019, which will reportedly enable to run a stake for the bitcoin lightning nodes Dfinity and Filecoin.
Power consumption is also not a large issue. The amount of power consumption is around 120 watts, which is roughly the same as a Playstation 3 while gaming. Another issue handled perfectly is the sound.
The system operates at 40 decibels and it’s a huge improvement from the opera concerts performed by other mining products. This means, most people will be quite happy with leaving the Coinmine One in a room visible by guests.
Coinmine One is the perfect for every household
In an effort to make the system more user-friendly, automatic updates will be made every time the protocol is changed and when more coins become available. Earnings can be managed/viewed at all times by an app.
Nivi also believes that even if the miner price is instantly reduced by over 30% it would still be impossible for normal people to afford them. Not to mention that most people won’t have sufficient room and will not want to deal with the hardware overheating and the extra noise. To top things off, almost no one will know how to update when the protocols change.
This is why Nivi believes people are looking for a way to join the mining world with a lower path of entry. Coinmine One will essentially remove all the hard work. The system will try to keep up with the constantly evolving and changing crypto world.
In the past, there were some attempts for house miners but most of them did not go well. Butterfly Labs, Alpha Technology and GAW Miners’ mining products all failed the test of time. With Coinmine One’s low decibels and even lower utility costs, it’s safe to say that a new category of devices is born.
And with profit being the question on everyone’s mind, Nivi believes that low energy prices and home-friendly set up is something that Coinmine One will offer to crypto enthusiasts, not profit seekers. People cannot expect to earn millions by investing $799 a single time. Coinmine One can also run only a single proof-of-work token at a time. With updates, Nivi thinks the system will be able to run several proof-of-stake tokens with ease.
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