- Coinmine, a startup supported by Coinbase Ventures and other investors, has launched a new crypto mining device that allows users to coin cryptocurrencies at home.
- The device now allows users to extract Ethereum, Ethereum Classic, Monero and Zcash, even if not yet Bitcoin.
- The launch comes at a time when it is difficult to make calculations on mini cryptocurrencies at home, in the wake of the fall in prices of the crypt and the increase in energy costs.
For $ 799, you can encrypt cryptocurrencies at home.
Launched this week, a new gadget called Coinmine One gets rid of the traditionally cumbersome mining process.
Instead of manually assembling multiple computer graphics processors, downloading the software and configuring a cryptographic portfolio, all you have to do is turn on the device, connect it to WIFI and tap the phone to choose which coin you want to extract.
For the initial launch, Coinmine One allows users to extract Ethereum, Ethereum Classic, Monero and Zcash – but not yet Bitcoin. With further updates, it will support Grin, Dfinity, Filecoin and Bitcoin Lightning.
Unlike most specially designed and bulky mining rigs, the Coinmine One is smaller, more practical and quieter. The device is the size of a PlayStation game console with an elegant Apple design and is pre-assembled. You can simply use a & # 39; mobile app to control the device, which also does not produce roaming sounds when it's on.
With a white and transparent cover, it looks like a compact computer case and is powered by an operating system, dubbed MineOS, which automatically updates itself to support a variety of cryptographic networks. In addition, it consumes a relatively small amount of 120-watt electricity the hour, according to the company,
The device aims to overcome one of the main challenges of the mining crypto: the high barriers that prevent ordinary people from entering, said Farbood Nivi, Co-founder and CEO of Coinmine.
See also: Wall Street helped eliminate one of the biggest bitcoin problems and could satisfy the original vision of "Satoshi Nakamoto"
"Crypto is about decentralizing information and money with decentralized computing," he said. "The more you can support decentralization, the more people can support decentralizing power, the more secure, powerful, trustworthy and valuable it becomes."
Nivi compared Coinmine's potential impact on the encrypted world of influence that Apple had in the PC industry.
"Then we were like Apple computers, an easy way to access the Internet," he said. "Easy to participate, you do not have to be an expert."
The device has a power of 29 megahashes per second (MH / s) for Ethereum, 900 hash per second (H / s) for Monero and 320 solutions per second (Sol / s) for Zcash. To put it in perspective, if switched on for a year, the device can coin an ether, which is the cryptocurrency that feeds Ethereum, up to three and half monoc Zcash, according to Nivi.
The company has raised $ 2 million to date and is backed by Coinbase venture capital and angel angel as Balaji Srinivasan, chief technology officer of Coinbase and Brian Norgard, Tinder's chief product officer.
The new launch comes at a time when it is more difficult to turn a profit mining encryption, especially at home. According to research firm Diar, the bitcoin miners have accumulated revenues of $ 4.7 billion in the first three quarters of 2018. But with the crypt of falling prices and an increase in computing power competing for mining prizes, the profitability has decreased.
Mining, in general, is a process to solve complicated math problems that are compensated with new coins, like bitcoin or ether. The machines work 24/7 to run a protocol to solve those math problems. The first computer, or a group of computers, which solves the problem can receive currency slices in exchange. In the midst of cryptocurrency craze, sophisticated investors install machines at home to extract those digital assets and sell them, as well as exchange encrypted stock exchanges.
If you can make money depends on the efficiency of the mining platform, the cost of electricity and the price of cryptocurrency.
In the bitcoin mining industry, the industry has evolved rapidly, with miners using gears equipped with specially designed mining chips, called ASICs, abbreviated for application-specific integrated circuits.
But even with those advanced kits, it would still be difficult for the miners to be profitable on a large scale, according to the Silicon Valley venture capitalist, Bill Tai, who is also a member of the BitFury board, which produces mining hardware.
"You have to be able to find electricity on a large scale and at prices below 10 cents," he said.
According to a report from the Fundstrat consulting firm, the break-even price for bitcoin mining is $ 7,300, assuming that the miners are using the powerful bitcoin miner Antminer S9 ASIC and paying a $ 1 electricity cost 0.06.
"What is at the heart of the mining crypto sector is a hash rate battle and a low-energy battle," said Martin Leblanc, founder and CEO of Nuvoo, a Canadian cryptocurrency mining company.