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Ten years ago, anyone with a computer and an internet connection could mine cryptocurrency. And this meant that anyone with a computer and an Internet connection could play an active role in democratizing money, even creating some for themselves. Unfortunately, crypto mining isn’t that simple anymore. The greater the success of a cryptocurrency, the greater the computing power required to mine it. As a result, mining currently requires specialized computers called mining rigs, not to mention the experience and time to build and run them. This makes it very difficult for normal people to do. Fortunately, a Los Angeles-based tech startup is looking to flip this narrative and make mining cryptocurrency accessible again. They are called Coinmine and their flagship product, Coinmine One, is a total game changer for anyone looking to mine cryptocurrency.
For those who need a little update on cryptocurrency mining, let’s start from the beginning. Cryptocurrency is basically digital money. In order to ensure that people cannot simply duplicate their digital money, as well as to ensure that digital money is safe from hackers, all transactions and ownership of cryptocurrencies such as Bitcoin and Ethereum are recorded in public records that anyone can see. . Transactions are grouped into “blocks” of data and these blocks are then added to the end of an ever-expanding chain of other blocks containing all previous transactions. This is called blockchain, is an ingenious cybersecurity solution that is literally changing the world.
So who does the work of logging and verifying transactions, then adding their blocks to the public ledger permanently? That business belongs to cryptocurrency users called “miners”. But because people don’t work for free, cryptocurrencies have built-in incentives to get people to do it. Whenever a miner verifies a transaction, he receives a small transaction fee. And every time a block is added to the blockchain, a new currency is created and assigned to the owner of the computer who solved the math problem.
These days, you probably won’t be building an luck mining popular cryptocurrencies like Bitcoin and Ethereum. The biggest paydays in mining come when you solve the math problems that allow you to add blocks to blockchains. But you have to be the first to solve it, and it’s a race against millions of other miners. For Bitcoin, the chances of a single computer being the first to solve a blockchain problem are about 1 in 13 trillion. To put that into perspective, you are about 40,000 times more likely to win the lottery. However, there is still money to be made from transaction verification. And over time, this can start to add up.
Where you can he making a lot of money mining is with newer and less established cryptocurrencies. As there are fewer people mining them, there is less competition and more earnings per added block. The newer cryptocurrency units won’t be worth much. But if you accumulate a lot and the value increases over time, you can make a sizable chunk of virtual change.
Unfortunately, many people have lost the boat with Ethereum because mining was already too complicated for the average person. But now, thanks to Coinmine One, you’ll never have to miss the next big thing again.
Coinmine One is a specialized mining computer called Application Specific Integrated Circuits or ASICs. Although there are many other ASICs on the market, what sets Coinmine One apart is its ease of use and affordability. This powerful, quiet, and energy-efficient device is easier to set up than a Playstation and costs less than a new iPhone. To set up Coinmine One, all you have to do is connect it, download the Coinmine app for your phone, create an account, connect the device to your wifi and that’s it. You are ready to start mining cryptocurrencies.
Coinmine One can mine popular cryptocurrencies such as Bitcoin and Ethereum. However, Coinmine founder Farbood Nivi insists that Coinmine One is as much about the future of mining as it is about the present.
“It’s about what’s coming,” Nivi explained to Los Angeles Times, “And don’t miss out on the promising new networks like you missed out on bitcoin and ethereum in the early days.” That’s why, in addition to Bitcoin and Ethereum, Coinmine One can also mine new cryptocurrencies such as Monero, Grin and Zcash. And the plan is to add more emerging cryptocurrencies as they appear.
Of course, looking forward to the next crypto gold rush, Coinmine One still offers a lot of benefits for Bitcoin users. For starters, it allows you to earn bitcoins by routing transactions on the Bitcoin Lightning network. It also allows you to send bitcoins almost instantly and at almost no cost. Most importantly, you can actually earn interest on all the cryptocurrencies you use when you store them in your Coinmine wallet, with rates as low as 6.5% APR. And with the Coinmine app, you can easily switch between currencies depending on which is more profitable on a daily basis or even by the hour.
If you’ve always wanted to try cryptocurrency mining, Coinmine One is the perfect way to get started. It was developed with financial backing from some of the biggest names in crypto, including Coinbase, the world’s most popular cryptocurrency exchange. It is simple, affordable and easy to use. And get discounts when you buy more than one. So don’t miss the revolution. Click here to learn more about Coinmine One right now.
Fans of Futurism: To create this content, a non-editorial team worked with an affiliate partner. We may charge a small commission on items purchased through this page. This post does not necessarily reflect the opinions or approval of the Futurism.com editors.
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