Coinmine Launches US$799 Crypto Miner

Coinmine One homepage

LA-based startup Coinmine has introduced the launch of Coinmine One, a glossy, plug-in machine that goals to simplify the complicated cryptocurrency mining course of. Similar in dimension and look to an Xbox, the Coinmine One is supposed to permit anybody to mine cryptocurrencies simply. It started promoting Wednesday for US$799.

“Crypto is not just about buying and selling magical internet coins,” mentioned Farb Nivi, co-founder and CEO of Coinmine. “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.”

Coinmine One goals to be a extra handy, user-friendly various to the standard crypto {hardware} and software program used to mine cryptocurrencies. It replaces the a number of do-it-yourself {hardware} and pockets options, that are onerous and time-consuming to arrange and replace, with a single plug-in machine and cellular pockets powered by a proprietary working system.

White Coinmine One
White Coinmine One

Users simply plug in Coinmine One, which the corporate claims makes use of much less vitality than a PlayStation, faucet on the cellular app and choose which coin to energy. From there, the cellular app controls and retains observe of the miner’s exercise. Users can see how a lot crypto they’ve earned, change to a different crypto or add extra Coinmine units to their account from the dashboard.

Coinmine App
Coinmine App

Coinmine’s working system, MineOS, makes it doable to run several types of networks on one machine. Currently, it helps Ethereum, Ethereum Classic, Monero and Zcash mining. More cryptocurrencies will likely be added sooner or later, together with Bitcoin Lightning, Grin, Dfinity and Filecoin, the startup said.

Launched simply this 12 months, Coinmine has already raised a complete of US$2 million from Coinbase Ventures, Social Leverage, Arrington Capital, Wonder VC and angel traders like Coinbase’s chief know-how officer Balaji Srinivasan and Tinder’s former chief product officer Brian Norgard, who has additionally signed on as an lively advisor.

“There are a lot of parallels I draw from Coinmine and Tinder,” Norgard told TechCrunch. “Online dating was very complicated six years ago. It was an arduous process and so is mining. You have to be pretty sophisticated, but this takes it down to the studs. A normal consumer with no technical knowledge can get into the crypto game.”

Norgard mentioned in a separate assertion:

“When Farb initially came to me with the basis for Coinmine, I knew it was a radically novel solution to a messy problem – it was as they say, a perfect match. The limiting factor to scale in crypto continues to be complexity for the end user. Farb and the entire Coinmine team are one of the first companies attacking this problem head-on through a blend of hardware and software.”

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