Coinbase Ventures-backed Coinmine has released a new, Xbox-like at-home crypto miner, the “Coinmine One.” for $799, the Coinmine One can harvest Ethereum, Ethereum Classic, Monero, and Zcash, although not Bitcoin–at least, not yet. Coinmine also plans to eventually add support for Grin, Dfinity, Filecoin, and Bitcoin Lightning.
The device is intended to simplify the mining processes. The Coinmine One is the plug-n-play of cryptocurrency miners. Once the device is powered up and connected to wifi, its owner simply needs to select the coin that they want to mine on a corresponding mobile application.
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Business Insider reported that “the device has a power of 29 megahashes per second for Ethereum, 900 hashes per second for Monero, and 320 solutions per second for Zcash.” In other words, if left on for a year, the device is capable of minting a single Ether, up to three Monero, and half a Zcash.
”Crypto is About Decentralizing Information”
Farbood Nivi, co-founder and CEO of Coinmine, waxed poetic about how his company’s product is supporting the decentralized spirit of the cryptosphere. “Crypto is about decentralizing information and money with decentralized computing,” he explained to Business Insider. “The more you can support the decentralization, the more people can support the decentralizing power, the more secure, powerful, reliable and valuable crypto becomes.”
Another great product meant to expand adoption of crypto. The sleek and powerful @coinmine from @farbood and team. This is a heck of a morning for practical crypto products! https://t.co/EeSW1f0msZ
— Mike Dudas (@mdudas) November 14, 2018
He’s certainly not wrong–diversification of miners on any network is very important for a network’s stability. However, it’s also important to consider that many of the miners who use the Coinmine One may sell their token rewards at the earliest possible opportunity, which could potentially contribute to centralization and instability.
Still, Nivi is optimistic about the role that Coinmine’s products will play in the crypto industry. “We were like Apple computers back then, an easy way to access the Internet,” he remarked. “Easy to participate. You don’t have to be an expert.”
Maybe so, but with rising electricity costs and shrinking cryptocurrency valuations, however, the device may not be able to cover its own value in the profit it produces.