The device will allow mining Ether, Monero, ZCash and Ethereum Classic (ETC). It would generate a low electrical demand, without loud noises
The massification of cryptocurrency mining is one step closer. Farb Nivi, CEO and co-founder of the startup Coinmine, made the announcement on his Twitter account, last November 14th, about the launch of Coinmine One, a device that any person can use to mine cryptocurrencies from their homes or offices.
As indicated on Nivi’s Twitter account, the corporation has its own operating system. It will be possible to mine Ether (ETH), ZCash (ZEC), Monero (XMR) and Ethereum Classic (ETC) through the use of a mobile application, available on Android and iOS. It is expected that a node of Bitcoin Lightning, Dfinity or Filecoin can also run.
The device looks very similar to an Xbox. Its price will be approximately $ 799 and will be available for purchase from December, although the company did not want to offer a precise date or talk about a specific goal for their sales.
The company clarified the device is not designed or created to offer large profits but is aimed at technology enthusiasts, who wish to have the device in their homes to mine in a simple way, without a large power consumption or noise, as the characteristic buzz which traditional mining machines emit. “People who want to try the different protocols and interact with the communities of themselves”, reads in the official information released on Wednesday.
Chapter Ventures, Coinmine One’s investor, explicitly supported the project because it wants to know more ways in which “normal” people get involved in the support of cryptocurrency infrastructure. “Coinmine will democratize access to mining in an affordable and fun way that almost feels like playing a video game”, said Jeff Morris Jr, Founder of the startup.
This software refers to users to monitor their mining activity and social networks. In fact, one of its main features, so far, is having available only one token at the same time. The system will be updated automatically as changes are made to the protocol and when there is a greater number of available cryptocurrencies.
The device consumes 120 watts and generates only 40 decibels, which guarantees both low power consumption and low sound, compared to what happens with other mining devices, which are characterized by the buzzing and high electrical power requirement, according to Nive’s explanations.
Coinmine will receive a commission of 5% on cryptocurrencies extracted through their devices. This company recently received the support of investors such as Coinbase, Arrington Capital, Brian Norgard, Anthony Pompliano and Balaji Srinivasan. This initiative will allow more and more people to mine without needing to have a lot of technical knowledge.
Other projects have focused on bringing mining to the homes of people who wish to enter this new world of technology. The startup 21 Inc. announced its first product for mining at home in 2015, the 21 Bitcoin Computer, defined it as “the first computer with native hardware and software support for the Bitcoin protocol”. The Chinese manufacturer Bitmain also put on sale AntMiner, another hardware for mining from home.
These signs seem to show that, in the near future, the mining of cryptocurrencies would be an activity that will reach more people in more and more countries worldwide. The advances and the new proposals for the use of the blockchain technology, which are presented every month, are the “blocks” that are building that expectant path.
By María Victoria Rodríguez