Coinbase-backed startup company Coinmine has unveiled its first product, Coinmine One, which is now available for pre-order for $799.
The Coinmine One currently supports Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), and Zcash (ZEC) mining. The whole process is controlled with a smartphone app and the company notes that it will release regular updates to the miner’s operating system, MineOS, to keep up to date with the latest consensus algorithm upgrades and new project launches.
“Staking allows you to earn interest on your crypto that would normally sit idle in your wallet. With automatic over-the-air updates to your Coinmine One, you can be one of the first to power Proof-of-Stake networks like Ethereum and Dfinity when they first launch,” reads the company’s website.
The device itself contains the AMD Radeon RX570 GPU and 8 GB DDR4 RAM and has a hash rate of 29 Mh/s when mining Ethereum. While this means it will take about 5 years of continuous mining to break-even, Coinminer is betting that the miner’s sleek design and app usability will help lower the barrier of entry for those unfamiliar with crypto.
Additionally, the company is planning to offer an exclusive cryptocurrency, Grin, which is an experimental privacy coin built to scale with usage. It’s an implementation of the MimbleWimble protocol, with no addresses or amounts.
Coinminer isn’t the only startup developing home crypto mining devices. French startup Qarnot will soon launch the QC1, which features two AMD GPUs (Sapphire Nitro+ Radeon RX580 with 8GB of VRAM) that mine Ethereum at a rate of 60 MH/s by default and produce enough heat as a byproduct to warm a few rooms in your home.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.