Startup Launches ‘Easy-to-Use’ Crypto Miner for $799
Remember the good old days when Bitcoin could be mined with a laptop? Those days are, unfortunately, far behind us. Nowadays, mining Bitcoin can almost be likened to overseeing a factory. Hot and noisy rigs, specialized chips, and electricity that can light up a city are just some of the requirements needed for the task.
Coinmine One is apparently set to change all that. The device, which cost $799, is being marketed as an “easy-to-use home mining system you can control with an app.”
One drawback of Coinmine One is that it cannot be used to mine Bitcoin because it comes with ordinary GPU chips that cannot measure up to the task. But, one can readily mine Monero, Ethereum, Zcash, and Ethereum Classic with it. The device also has its specialized operating system that will, in the future, allow owners to add other virtual currencies.
The company manufacturing the device, Coinmine, is founded by Justin Lambert, an industrial designer known for his work on the Pebble line of smartwatches, and Farb Nivi, an entrepreneur. Since its inception, the company has raised funding of $2 million from notable players in the crypto industry, including Arrington Ventures, Coinbase Ventures, and Balaji Srinivasan, the chief technology officer of Coinbase.
Features of Coinmine One
The most notable is the amount of electricity used by the device. According to Nivi, it requires “no more electricity than a vacuum cleaner.” The quietness is also in sharp contrast to the characteristic noisy rigs common with traditional Bitcoin mining. Furthermore, the device has a design that mimics the flawless Apple-esque aesthetic loved by so many.
Miners with this device also have to place a certain amount of trust in Coinmine. How? “An owner must rely on Coinmine to collect the currency the device mines. The company stores the output in wallets on its corporate servers, taking a 5% cut.”
Nivi believes the device appeals to people looking for a stress-free way to collect cryptocurrency. In addition, he thinks the device will be the entry point to new cryptocurrencies for its owners “since they will be able to mine them directly rather than buying them.”
Affirming his position, the company stated in a press release that: “With automatic updates, MineOS also gives access to new crypto networks like Bitcoin Lightning, Grin, Dfinity, and Filecoin. This feature ensures users do not miss out on powering the next important crypto network.
So, for cryptocurrency enthusiasts who have been put off by the cost of mining, having this device will not be a bad idea.
A new mining device that can be controlled with an app and uses “no more electricity than a vacuum cleaner” is up for grabs. The device, called Coinmine One, uses ordinary GPU chips and is being described as an “easy-to-use home mining system.” Even though the Coinmine One does not have the power to mine Bitcoin, it can still be used to mine Ethereum, Monero, Zcash, and Ethereum Classic. Currently, the device sells for $799.
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