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The Coinmine One mining crypto, an all-in-one mining and support box supported by Coinbase Ventures, is called a "home" cryptocurrency mining solution. This designation, provided by the mainstream media, is a rather misleading name since the "home" mining and encryption has always been possible, but not necessarily easy or profitable.
The box itself looks like an Xbox gaming system or a Playstation and will eventually fit perfectly into that empty space on the desk or next to the router.
Easy extraction
Coinbase, as a cryptographic exchange, is famous for packaging the process of buying Bitcoin and other cryptos in a simple point-and-click process. Create an account, deposit some funds and click on the "Buy" button and now you have a cryptocurrency.
The access ramp is important, which is why Coinbase Ventures is investing heavily on the device and the Coinmine One business model. If the access ramp to mining and stakeout is as easy as opening the box, installing an app on your phone and pressing "start", the opportunity for millions of new stakeholders joining various networks will lead to a further decentralization and increase the general uptake.
According to Coinmine co-founder Farbood Nivi, "It's about what's coming, and not losing the promising new networks like you lost on Bitcoin and Ethereum in the early days."
Even Nivi he has declared that the goal of simplifying encryption and stakeout is that decentralization will increase, which in turn creates more redundancy and security.
Overwhelming power for work-proof mining
There is a reason, however, for the lack of "home" mining solutions at affordable prices on the market, and not for lack of attempts. The search on Ebay or Google for "home crypto mining" will produce packaged systems, some of which are configured to be "plug and play" immediately. The mining platforms built for Bitcoin or Ethereum will go well for thousands of dollars (and more) due to the amount of computing power needed to reach hash rates that are even remotely profitable.
In terms of hashing power, Coinmine One exceeds 29 Megahashes per second on Ethereum and Ethereum Classic. With the basic calculation, this is enough for around 1 ETH coin per year, so do not leave the daily work.
Other Job Testing options, like Monero, are around 800 hashes per second, which is enough to get 3 XMR coins each year. It also supports ZCash, with 290 solutions per second, but you will end the year with half a coin.
At 120 W, the profitability of mining 1 ETH in the year is virtually non-existent and probably results in a loss depending on the current market price.
Staking could be promising
Despite the inability to really compete with high-powered Proof of Work test platforms, everything is not lost for the Coinmine box. The future for most of every blockchain is moving towards a Proof of Stake algorithm that will eliminate the need for resource-intensive mining resources.
Coinmine One also supports PoS stakeout with early support for Tezos, Ethereum Casper, Dfinity, Filecoin, Spankchain, Polkadot, Cosmos, FOAM and more to be added in the future.
Earning rewards on these PoS networks does not depend on the specifics of your system, so in this sense Coinmine may be overloaded in some cases. The advantage, however, is that software updates and cryptographic storage are the responsibility of the user, so rather than setting up different software packages to bet on different networks, simply turn them on or off in the # Coinmine app.
The only drawback of PoS coins is that betting on most of these networks requires a certain number of coins to participate. Take Tezos, for example, where the minimum to participate in stakeout (called baking) is 10,000 coins, which means that there is an initial investment over hardware. Coinmine has not yet explained how PoS mining will work in relation to the minimum requirements on various chains.
Support for Bitcoin Lightning network
While the device is too undersized to extract Bitcoin, it will have support for the Lightning network which is a second-level payment protocol found on Bitcoin. Similar to Proof of Stake currencies, where benefits are gained for the validation of blockchain transactions, users can participate in the Lightning network by performing routing transactions and obtaining prizes.
Attention to costs
Despite having paid $ 799 for the Coinmine One box, you will also pay 5% Coinage on top of your earnings to cover software updates and the development of adding new coins to the platform.
It's a small price to pay for some users who would rather let someone else take care of all the technical jargon and just profit from it.
Bottom line
With the current cryptic market headed south on a daily basis, something will have to kick things off in 2019 before new investments come to market again. Staking with devices like Coinmine may be an area that sees rapid growth in the next 12 months as investors seek new ways to earn returns in a volatile cryptographic market.
If this device is successful, look for knockoffs that offer easy crypto mining and a stakeout configuration for average users who purchase a device and literally "light" their encrypted machine.
Image illustrated by kind permission of Coinmine
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