Extraction (too) easy? The Coinmine One and The Home Mining Experience


Can Coinmine One divulge mining and bring the cryptosphere to the general public?

There is a world where the gossip to cool the water is not just to talk about the new office reminder or to explain why the team like this should fire their GM and start rebuilding. What if you and Lucy wanted to brag about how much Ether you extracted last night while you wash the dishes? Well, Coinmine, a Los Angeles-based company that is trying to simplify the world of cryptographic hardware, has launched Coinmine One to bring blockchain mining to the masses.

Coinmine One, together with its mobile apps compatible with Android and iOS, is proposed as a $ 799 solution to "free money and information from the hands of a few" and "make cryptography easy". It's literally easy to mine, boiling the process in three steps: plug in the device, open an app, and choose which cryptocurrency to extract. From the app, users can choose between Ether (ETH), Monero (XMR), Zcash (ZEC) and Ethereum Classic (ETC), with options such as Bitcoin Lightning node, Dfinity and Filecoin.

Although some of these features are "coming soon" without a specific date, "over-the-air" upgrades are only added to the user-friendly person that Coinmine One is advertising. Users "will receive software updates, free of charge, in order to participate in changing protocols and brand new protocols". Just as the device will be mine without you needing to know a lot about mining, updates will allow you to continue extracting or extracting new cryptocurrencies, when the protocols change without needing to know much about what is changing.

It's like Tinder With Less, Um, Y & # 39; Know …

Coinmine investors include Coinbase Ventures, Arrington Capital and Anthony Pompliano, a Morgan Creek associate. These investors helped make Coinmine One a future reality, but what does this device really mean for domestic miners?

Brian Norgard, Tinder's chief product officer and Coinmine One backer, said:

"At Tinder, we removed the pain associated with creating an appointment profile so that people could get to the action [Coinmine CEO and co-founder Farbood Nivi] Initially I came to me with the foundations for Coinmine, I knew it was a radically new solution to a messy problem – it was as they say, a perfect match. The limiting factor for scaling in crypto continues to be the complexity for the end user. Farb and the entire Coinmine team are one of the first companies to attack this problem frontally through a mixture of hardware and software. "

"Go to the action." This is an interesting concept when it comes to the world of mining encryption. Tinder has its own problems, both technical and social, but the app has had its impact on those trying to connect and get to that "action". What, then, is the equivalent of a night owl in bed? What can a house miner do by scrolling left or right on different cryptocurrencies?

Probably there will not be much profit. A CNBC article reports today that the use of a mining rig that contains a GPU (as Coinmine One does) rose from a monthly profit of "$ 150 last summer" to "$ 0 for November" .

Nor does it seem that it is necessarily the speed of mining. The Coinmine website shows that ETH and ETC can be extracted at 29 Mh / s, XMR at 800 h / s and ZEC at 290 sol / s. While it is almost $ 3,000 more, the GPU home drilling rig at Qarnot can extract at 60Mh / s (and can be used as a space heater).

Furthermore, it is unclear, for now, how to help users know what to do with what they are doing. Coinmine's website talks about cryptospatism as a place where "money and information are not controlled by just a few" and presents Coinmine One as "built from scratch to adapt to the future of cryptography". All sounds very good, and making a product that presents the extraction in a more digestible format is useful, but what are the masses that are supposed to do with their coins? How can they use it or exchange it?

The press release states that users will be able to "add other Coinmine devices to them account from a centralized, easy-to-read dashboard, "and this could suggest that Coinmine plans to integrate other products with the miner. notes that users will be able to extract Grin, an ASIC-resistant cryptocurrency, and this could be the case in which Coinmine One competes where its speed is lacking, in anticipating the resistance-resistant mining activities. ASIC.

Overall, the action of Coinmine One – its movement to the left and right – is hard to define. One could argue that it is FOMO on a permanent basis – fear of losing. The fear of losing the cryptoworld, even if all this means that the user is on the sidelines like a miner at home. But can $ 799 and the ability to tell Carl about the water chiller that's extracting ETC right now fill the FOMO? Probably not, but, at least, they are coming into action, and for anyone who is not looking for anything in the long run, maybe that's all they need.

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