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The extraction of cryptocurrencies has been a very isolated territory of the industry. The devices themselves are expensive and the use of high power makes it difficult to use without the right resources. However, Coinmine is trying to change all this with a new device that makes it easier to take advantage of it at home.
The new product is called Coinmine One and is the first product that comes from the startup. This hardware device is primarily meant for enthusiasts who wish to have the cryptocurrency mining option, but without the need to have a completely new skill set to figure it out.
Both Coinbase Ventures and Arrington Capital have been among the investors in this effort. Although the total amount was not listed, there were also individual investors, such as Balaji Srinivasan (Coinbase CTO), Anthony Pompliano (partner of Morgan Creek) and Ryan Hoover (co-founder of Hunt Product. "
As Coinmine One is ready for public use, it will be priced at $ 799 retail, although buyers should not expect the product to be shipped before mid-December of this year. So far, Coinmine has not released an official date and has not even expected sales that they hope. However, Farbood Nivi, Coinmine's CEO, noted that this product should be attractive to a large audience. Going further, Nivi commented: "We think there is a market for millions, if not tens of millions".
Chapter One Ventures has decided to support Coinmine One's efforts so that there will be more participation from the everyday consumer. Jeff Morris, Jr., the founder of Chapter One Ventures, told CoinDesk: "Coinmine will democratize the access to become a miner in a fun and accessible way that almost seems like playing a videogame".
When the user obtains his device, he will be able to immediately start the extraction. Without setting anything extra, the product can extract ETH (29 Mh / sec), XMR (900 h / sec), ZEC (320 h / sec) and Ether Classic. The company has already planned updates for this year, which could allow them to manage a stake for the lightning nodes Filecoin, Dfinity or Bitcoin.
Recently, the Block has reported this new product, crediting the operation of the device to MineOS, Coinmine's proprietary operating system.
They added, "MineOS allows Coinmine One to run different mining algorithms on a device and receive updates directly from Coinmine, which means that if a new cryptographic network arrives online, Coinmine One owners do not need to throw away their old devices and buy a new one that supports this network, they only have to wait for Coinmine to update their software.The ability to extract a new cryptographic network when it is released provides retail users with access to new cryptocurrencies before they are even exchanged on the stock exchange ".
The device itself does not require much energy, but produces only 120 watts, which is equivalent to what consumers use with a PlayStation 3 when they are actively playing. With low noise emission, it will not disturb anything else happening in the room. Considering the elegant design, it should adapt to the rest of the user's electronics. However, the most important aspect of the device is the ease of use. When the individual earns, he can keep track of his earnings and manage them with the use of a & rs; smartphone app.
If all the theories on this product are accurate, consumers will probably love it. However, mining hobbyists already on the market will probably not be on the same page. The hash rate is much lower than the other miners on the market, and the price for that rate is higher, which may be due to all the technology that neophytes will not have to learn.
Still, the concerns that arise from these hobbyists simply show that there is a bigger point that is missed, according to Nivi. Even if the data mining devices work less, the average user would not be able to extract it and will not have the possibility to update it.
Realistically, Nivi believes that there are people who want to extract mines and that at the moment can not, and that is what Coinmine is based on.
He commented: "The only thing that is consistent in the crypto is that it is constantly evolving and constantly evolving." Coinmine is the only solution that allows it to be part of it continuously. "
It is important to remember that the history of the sale of domestic miners was not successful. Many creators of mining products, such as Butterfly Labs, Alpha Technology, and GAW Miners, have failed to maintain performance that lasted, or that they were eventually exposed as frauds. Other companies have found that the continued production of the necessary hardware simply could not withstand and survive long-term use.
One of the worst cases of domestic miners occurred when Josh Garza, owner of GAW Miners, was found guilty of electronic fraud. In the beginning, the company has resold important mining products, although they have expanded to accommodate miners and "virtual miners", even though they have been classified as securities.
Bitmain was the main name in the mining sector, which can mainly be attributed to economic power, economic price and the whole operation. The company continues to make budget miners that the common consumer can afford, even if they are quite noisy.
With just a look at all the predecessors, even the inexperienced eye can see that Coinmine One is different from what the industry has brought forward before now. ASIC miners are cumbersome and unattractive, as well as being incredibly expensive and noisy. As Nivi says, "If you go to buy these cryptographic devices online, they should be like there's a constantly working vacuum cleaner." Coinmine One is barely perceptible, energy efficient and easier to use for new miners.
There is still a concern among miners – is this device worth carrying? With so many people able to extract the tokens, the profit could become less profitable, even if Nivi intends to counter this problem with new tokens. Furthermore, he believes that the miners added to the cryptographic space will eventually add value.
Nivi said: "While more people draw a coin, it can reduce the amount of money you earn, but it also increases the value of the network." He added, "If you do it from home, it's a bad advice to buy and sell, you should really keep it, you're holding it and you're waiting for it at 10X, 100X or 1000X."
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