Coinbase Backed Startup Coinmine Launches Crypto Mining Device

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Coinmine, a Los Angeles based Crypto Firm and a Coinbase backed startup has launched a mining device, costing $799. The device streamlines mining process by connecting to personal computers and enables users to control by a mobile app.

Beside Bitcoin, users can mine Ethereum, Monero, Ethereum Classic, and Z-Cash. However, it also enable users to add new cryptocurrency network that may be introduced in near future. Reports also revealed that the device will store the data that has mined on its own servers and then takes a 5% cut. Though the device is not suitable for everyone but for the novice, who wants to dip their toe in the escalating crypto world.

About Coinmine’s New Mining Device

Crypto mining often required well-prepared premises, a huge electricity, big investment, time and minimal tech knowledge. However, Coinmine’s new device is built with the efficient feature. It looks simpler and has built with high-end-tech solutions that consume less heat and works silently as compared to other crypto mining devices. As a result, this feature will keep processors running and cooled.

In addition, the firm aims to propel quick and regular updates to the Coinmine operating system to keep updated with blockchain shifts on its supported cryptocurrencies as well as to add new cryptocurrency once they go live.

Device features:

CPU: Intel® Celeron® Processor J Series, Dual Core, 14nm
GPUL: AMD Radeon RX570, 4 GB, WINDFORCE 2X Cooling System, Memory Clock Speed 7,000 MHz RAM 8 GB DDR4 Storage
1TB Hardrive
Power: Average Power Usage: 120 Watts
Connectivity: Intel 802.11AC Dual Band Wireless (Ethernet port access)

Ethereum (eth) 29 Mh/s;
Ethereum Classic (etc) 29 Mh/s;
Monero (xmr) 800h/s, ASIC-Resistant;
Zcash (zec) 290 sols/s;
Grin (grin) Coming Soon, ASIC-Resistant

In a release, Coinmine states that

“With automatic updates, MineOS also gives access to new crypto networks like Bitcoin Lightning, Grin, Dfinity, and Filecoin. This feature ensures users do not miss out on powering the next important crypto network,”

Coinmine is founded by Farb Nivi, an entrepreneur who has supported smartwatches called Pebble. The project has earlier raised $2 million from reputed VCs like Arrington Ventures, Coinbase, and Coinbase CTO Balaji Srinivas.

He said;

“It’s a pretty cool idea to be able to plug a device into the wall that makes money for you while you sleep. As a purely economic proposition, you’d have to balance the cost of power and the hardware device itself with the cost of the coin or token that you’d be mining. There are so many assets now that there is probably always an arbitrage somewhere,”


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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