Coinmine, a Coinbase and Arrington Ventures backed startup has launched a digital currency miner designed for domestic use. This will be the first of its kind on the exchange. However, this new device, won’t be strong enough to mine the world’s largest cryptocurrency by market cap Bitcoin (BTC).
Coinmine Takes Advantage of High-Market Appeal
Coinmine is an exchange ran by Justin Lambert an industrial designer and Farb Nivi a computer scientist. Coinmine has now taken up the challenge of bringing digital currency mining home to the masses. This new mining device will be called Coinmine One. According to the exchange this new device will be easy to use and energy saving as it wouldn’t use as much electricity as a vacuum cleaner.
As Coinmine prepares it for the market, the price of the new device is $799. According to the crypto startup, the device is designed to make use of regular GPU chips. Although it won’t be strong enough to mine Bitcoin (BTC). However, according to the Coinbase backed exchange’s official website, it will have the capability to mine four other virtual currencies, including Ethereum Classic (ETC), Ethereum (ETH), Zcash and Monero.
The device also has an operating system which will allow the owners of other virtual currencies to operate in the platform in the near future.
Support from Recognized Exchanges
The exchange has raised $2 million from renowned names in the space like Coinbase Ventures, the CTO at Coinbase, Arrington Ventures, and Balaji Srinivasan. The device offers a pure money-making option for users.
It’s a cool idea to just plug a device that will make money for you. As an economic proposition, you would have to balance the hardware device itself and the cost of power with the cost of the token you’d be mining. Don’t forget that there are now many digital assets that probably includes an arbitrage somewhere.
Home Miner to Have a Two-fold Appeal
According to the Chief Executive Officer of the Coinbase backed exchange, Farb Nivi, the home miner offers a two-fold appeal for every cryptocurrency enthusiast. It includes automatic updates as well. The MineOS offers access to a host of new digital asset networks including Grin, Filecoin, Bitcoin Lightning and Dfinity. This feature makes sure that users of network don’t miss out on any thing related to The new technology.
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. Note that Coinmine will be collecting currency on behalf of users and storing the funds in their wallets on its corporate servers, with a 5% service fee charge. Coinmine One isn’t the first device built to manage simple domestic digital asset mining.
We can recall back in August that Bitcoinist revealed that Canaan a mining startup released a Bitcoin mining television called the AvalonMiner. This device is allegedly said to have the capability to process 2.8 trillion hashes per second at 100W/T. This is arguably a decent power output for a traditional TV set.