Releasing Startup based on Coinbase Home Cryptocurrency Miner


A startup supported by Coinbase and Arrington Ventures has launched a cryptanalut miner for home use. The new device, however, will not be powerful enough to extract Bitcoin (BTC).

Mass market appeal

Coinmine – a startup led by computer scientist Farb Nivi and industrial designer Justin Lambert – took up the challenge of bringing cryptocurrency extraction to the masses. They are ready to release a new mining device called Coinmine One, which is presumably easy to use and should not consume more electricity than a vacuum cleaner.

As they prepare it for the market, its price is set at $ 799. The device should use normal GPU chips and will not be powerful enough to extract Bitcoin (BTC). 00. However, according to the official website, it undermines four other cryptocurrencies: Ethereum Classic (29 Mh / s), Ethereum (29 Mh / s), Zcash (290 sols / s) and Monero (800 h / s).

It also has its own operating system that will presumably allow owners to add more cryptocurrencies in the future.

The startup managed to raise $ 2 million from well-known names like Coinbase Ventures, Arrington Ventures and CTO at Coinbase, Balaji Srinivasan. According to this last, the device presents a pure opportunity to make money:

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.

Appeal twice

However, according to the CEO of the company Farb Nivi, the new domestic miner has a double appeal for cryptocurrency enthusiasts:

With automatic updates, MineOS also allows access to new cryptographic networks such as Bitcoin Lightning, Grin, Dfinity and Filecoin. This feature ensures that users do not lose control of the next important cryptographic network.

However, Coinmine will collect the currency on behalf of the user and store it in the portfolios on its corporate servers, reducing the service by 5%.

It is worth noting, however, that Coinmine One is not the first device intended for the simple mining of domestic cryptocurrencies.

In August, Bitcoinist reported that the mining company Canaan has launched a bitcoin mining television set called "AvalonMiner Inside". The device can process 2.8 trillion hashes per second at 100W / T., which is undoubtedly a decent power output for … a TV.

What do you think about Coinmine One? Do not hesitate to let us know in the comments below!

Images courtesy of Fortune, Shutterstock.

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