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Coinmine, a start-up funded by Coinbase, has launched a fashionable and powerful mining cryptocurrency device for $ 799.
The Rise of Crypto Mining
While the prices of Bitcoin and cryptocurrency increased last year, so it was the public interest to dig them. A whole industry of hardware manufacturers, cloud mining companies and masternode hosting services was born.
A few years ago one could extract Bitcoin using desktops and laptops. As competition and extraction difficulties increase, specialized chips called ASIC chips (Application Specific Integrated Circuits) have been designed to make it impossible to extract CPU-based devices (Central Processing Units) or GPU (Graphical Processing Unit).
Coinmine, a start-up launched "Coinmine One", a compact and fashionable mining device, which according to the company, is easy to use and can be controlled with an app.
The development was previously reported by Fortune. According to the article, the device costs $ 799. While interested customers can place their orders on the company's website, shipping is scheduled to start in December.
founders
The company was founded by Farb Nivi, an entrepreneur and Justin Lambert, an industrial designer. The company raised $ 2 million in funds from Coinbase Ventures, Arrington Ventures and Balaji Srinivasan, Coinbase's chief technology officer.
Nivi wants to address crypto-enthusiasts and believes it will help them participate in new blockchain projects. Balaji thinks that the device offers the opportunity to make money.
Nivi said:
It's an interesting idea to connect a device to the wall to make money while you sleep. As a purely economic proposition, you should balance the cost of the power and the hardware device itself with the cost of the coin or token that you should extract. There are so many resources now that probably there is always arbitrage somewhere.
Nivi also believes that further blockchain will follow Monero, who recently updated his protocol to disable mining using ASIC-based devices. This would allow greater participation in the extraction process and keep the cryptocurrency decentralized.
Details of the device
Coinmine One uses GPU chips and is not powerful enough to extract Bitcoins. However, cryptocurrencies currently extractable using the device include Ethereum, Ethereum Classic, Monero and Zcash.
The mining device runs its own operating system that will allow users to add more cryptocurrencies in the future. According to Nivi, the device is energy efficient and very quiet. It also has a fashionable design.
The use of Coinmine One will allow users to earn the currently supported cryptocurrencies and switch to new currencies in the future without having to buy them.
The device stores the resources extracted in the portfolios on its company servers and deduces a 5% cut for the provision of the service.
"With automatic updates, MineOS also allows access to new cryptographic networks like Bitcoin Lightning, Grin, Dfinity and Filecoin, which ensures that users do not lose power in the next major cryptographic network," he said. the company in a press release.
As the cryptocurrencies increase and gradually become mainstream, more companies like Coinmine will act as a provider of alternative options for digital mines and gains.
Do you want to buy Coinmine One? Let us know in the comments below.
Images courtesy of ShutterStock
