New Mining Device By Coinbase Venture-Cryptocurrency mining has remained in the undisturbed territory in the Crypto world. Due to the high energy consumption and how expensive it is, it makes it difficult to use these mining devices. Coinmine is, therefore, on board to change the crypto mining world by offering a new product by them.
Coinmine is a new startup which is backed by Coinbase and Arrington Ventures that aims to provide a cryptocurrency miner device called ‘Coinmine One’ which can be run by non-technical users also for domestic use. This hardware device doesn’t use much electricity.
Coinmine is founded by Farb Nivi and Justin Lambert who are based in Los Angeles. The device is up for the sale which has 4 GB AMD RX 570 GPU, Intel Celeron CPU and 8 GB DDR4 RAM; the cost of the device is around $799 and consumes only 120 watts.
From this startup, the company raised about $2 million, both from Coinbase Ventures and Arrington Capita, as well as other individual investors, who are Balaji Srinivasan (Coinbase CTO), Anthony Pompliano (Morgan Creek partner), and Ryan Hoover (Product Hunt co-founder.
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
-Coinbase CTO Balaji Srinivasan
New Mining Device By Coinbase Venture – As soon as users get the mining device, they are able to mine right away without setting up anything extra. This device is equipped with regular GPU chips. It won’t be powerful enough to mine Bitcoin (BTC) $5614.93, but it can be used to mine four other cryptocurrencies which include:
- Ethereum Classic (29 Mh/s)
- Ethereum (29 Mh/s)
- Zcash (290 sols/s)
- Monero (800 h/s)
“With automatic updates, MineOS also gives access to new crypto networks like Bitcoin Lightning, Grin, Definity, and Filecoin. This feature ensures users do not miss out on powering the next important crypto network.”
-CEO of the company, Farb Nivi
The device consists of its own operating system through which users can add other cryptocurrencies in the coming days. It provides ease and simplicity to users without the requirement of advanced technical knowledge. To setup, all they have to do is to connect the device into a source of electricity. With the help of the Coinmine mobile app, users can monitor how much they have earned.
“Crypto is not just about buying and selling magical internet coins, It’s about people combining computation to decentralize the world’s money and information from the hands of a few and into the hands of the many. We made this easy enough for anyone to do.”
-CEO, Farb Nivi