Coinmine allows you to instantly switch what you are mining, review earnings, withdraw and receive from the in app wallets, and much more.
If you know anything about mining cryptocurrency, chances are that you understand how slow and energy-draining it can be. We are, however, here to tell you that mining crypto does not always have to be a hassle.
With modern-day innovations as well as breakthroughs in the blockchain technology, it’s possible to make things a lot easier. Talking about breakthroughs, Coinmine has been hailed as a major milestone in the democratization of cryptocurrency.
But just how effective is this machine? And most importantly, can it pay for itself? We did take a closer look at it and here’s what we found out.
- About Coinmine
- Who is the Founder?
- Key Features of Coinmine
- How It Works
- What Mining Entails at the Moment
- The Pricing
- Who Is It Suited for?
- Is it Worth It?
- Alternatives to Coinmine
- How Much Can I Make with this Machine?
This is an all-in-one crypto-miner that was specially designed to ensure that you have a comfortable cryptocurrency mining experience. It has a close resemblance to an X-box and will allow you to mine numerous crypto coins.
The outstanding aspect of this product is that it is easy to use. To get started, all you need to do is install and then run it on any iOS or Android device. Ensure that there is uninterrupted internet connectivity all through for the process to flow smoothly.
According to its developers, if you are tech-savvy, you will be in a better position to make great earnings than a person who isn’t.
Who is the Founder?
This box was co-founded by Farbood Nivi and was released sometime in 2018. His idea was to develop an affordable and easy-to-use device that would enable newbies to mine cryptocurrencies comfortably.
The developers attempted to borrow a leaf from Apple, whose products are admired for their simplicity. From this point, they floated the idea of a user-friendly assistant for other cryptocurrency miners interested in the venture.
Once you acquire this box, you will be in a position to mine cryptocurrencies such as Etherum, Monero, Zcash, and Grin. As of June 2019, the product came up with an update that would allow you to get paid in Bitcoins.
Note that the device does not mine bitcoin, and you can only mine the currencies we have mentioned above. Once you mine the coin, the device will instantly convert it into bitcoin at the best rates.
Key Features of Coinmine
In this section, we shall analyze the key features of the device. This will enable you to see and understand what it offers and whether it is worth your time and money.
1. Plug and Play
As we mentioned earlier, the critical aspect of Coinmine is its ease of installation and use. So, once your package arrives, the only thing you need to do is unpack it and then plug it into an electrical outlet. From there, you can start mining cryptos in the shortest time possible.
2. Coinmine App
The next feature worth discussing is the app that allows you to control the device from your phone. You may be pleased to know that it works on Android and iOS devices, and you can conduct all your interactions through it.
Some of the actions that this app allows you to perform include: review your earnings, switching the cryptocurrency you are mining, make withdrawals from the in-app wallets, and so on.
Unlike many other conventional crypto miners that we have come across, Coinmine is relatively quiet. When it runs, it gives out approximately 40 decibels, and we shall give you an illustration as to how low this sound is.
When you engage your friend in a normal conversation, the average noise output is 60 decibels. And when you whisper to your partner, the output is approximately 30 decibels. So, when you make this comparison to this device, you can guess how quiet it is and won’t interfere with your peace of mind.
4. The Cryptocurrencies
The other notable aspect of this device is that it allows you to mine four different cryptocurrencies. These include Ethereum (ETH), Monero (XMR), Grin (GRIN), and Zcash (ZEC).
The main reason why the developers settled on these four is that they aren’t that complicated, and even newbie miners can churn some profits.
5. Bitcoin Mode
You probably know that Bitcoin is the most recognized cryptocurrency out there. So, this mode will convert all your mining earnings directly to Bitcoin. This will make it possible for you to withdraw all your mining profits in the currency rather than the four cryptos that you can mine with the device.
This is Coinmine’s built-in custom operating system. Just like a computer, the OS supports the device’s essential functions of crypto mining.
7. Over the Air Updates
Providing regular updates is crucial for any crypto mining device, and Coinmine is not left behind in this sector. It will continuously deliver over the air updates to MineOS, which is important for what the machine offers.
Due to the updates, the device will provide you with more cryptocurrencies to mine and also add new staking options.
8. Built-in Wallet
The founder of this device, Farbood Nivi, dreamed of building a package that includes everything you need for crypto mining. One part of this solution is a built-in wallet that allows you to withdraw your profits and make any other transaction required in the mining process.
9. Toggle Lights and Sound
Even though this feature may not seem significant, the lights and sound indicate that the machine is on, connected to the internet and functioning as expected. If you don’t want them, you could always turn them off with a tap.
How It Works
This machine is so easy to use that you do not need to be a computer expert to get started. The pug-and-play description implies that once you plug the device into an electrical socket, place it on your desk to proceed with the mining. That’s it!
If you were dealing with an ordinary computer, you would have connected the miner with a mouse or keyboard. However, with Coinmine, the entire setup takes place via the mobile app on your iOS or Android device.
The general setup process is as follows:
- Plug the machine into an ordinary electrical outlet
- Next, install the Coinmine app on your Android or iOS device
- We assume that you already have Wi-Fi connectivity. So, use the app to connect your machine to the Wi-Fi
- Now, you are ready to start mining your preferred coin. Choose the currency that you want, and a single tap would get the mining started
Once you have followed the steps and completed the setup, the machine will start the around-the-clock crypto mining process.
What Mining Entails at the Moment
The first thing you need to know is that miners are responsible for all verifications involved in any cryptocurrency transaction. This allows you to add transactions to the network and avoid the issue of double-spending.
Keep in mind that getting something from the verification is more about how lucky you are. This is because deducing an answer for a numeric problem (Proof-of-work) is more guesswork than computation.
Even though the current earnings from mining are considerably lower compared to a few years back, you can still make profits from the venture. A core aspect of mining is hash rate power which refers to the computer power or power of the network.
The power units describing the hash rate include megahashes per second (MH/sec), gigahashes per second (GH/sec), and terahashes per second (TH/sec).
Check out the following schedule set out by Coinmine for the coins that it supports:
- Zcash 300 sols/s+/-10sols/s
- Ethereum 30.2 mh/s +/-1 mh/s
- Grin 0.5 gps +/- 0.2 gps
- Monero 800 h/s +/- 10 h/s
This machine is available for $699, and you can buy it either in US dollars or in cryptos. Coinemine allows you to make four interest-free payments of $174.75 if you make your payments via Quadpay.
Another thing you need to know is that if you make bulk purchases of three or more units, you will be entitled to a 5% discount on the total purchase. And if you buy ten units or more, you will get a 10% discount.
Once you make your order, you should expect your product within 4-8 weeks. In your order, ensure that you state whether you prefer a black or white unit.
Who Is It Suited for?
This crypto miner primarily targets the newbies who are looking for an easy way to start mining. The impressive bit about this machine is that it allows you to get started without necessarily learning all the technicalities involved.
We cannot emphasize enough how easy it is to set up and get started, whereby you only need to unbox it and then plug it into the socket. There is nothing complicated for you to figure out.
Then, you can switch between the different coins that the machine supports anytime you do so.
As for the bitcoin mode, it will mine the most profitable coin in the app on your behalf. Then it will convert it into your bitcoin wallet, which will appeal to you if your preference is bitcoin. This method ensures you get the best out of the machine and get some bitcoin into your wallet without mining it directly.
Is it Worth It?
At first, the price of $699 may appear to be somewhat steep. However, since cryptocurrency is a relatively new phenomenon, you can expect plough back profits in the long run.
According to the developer, the machine can generate roughly $15-20 per month of bitcoin at US prices. This pricing is based on an approximation of 48,000 satoshis per day.
Since this price depends on the future valuation of bitcoin, it is not fixed. For instance, if the bitcoin you are holding appreciates, you are sure to make more cash.
That being said, you should keep in mind that this machine will not affect the valuation of any cryptocurrency, including bitcoin.
Alternatives to Coinmine
If you feel that Coinmine is not making that much and want something with a better DIY capacity, we suggest that you try out Antminer S17. When we compared the two, we realized that the Antminer S17 has the better ability and can mine roughly 30 times the bitcoin Coinmine can.
In the end, you may end up earning up to $8 per day in bitcoin.
However, you should be prepared to do more work concerning the setup. Further, you will have to do more research to have smooth sailing in the mining process.
How Much Can I Make with this Machine?
Let’s make this clear; this device is not a moneymaker that will bring you overnight riches. Instead, it could be a while before you see tangible results.
With that, the developers claim that your earnings should be in the range of $15-20 per month from crypto mining. But when you factor in some expenses that you incur, such as the electricity bills, you can expect a significant drop in your profits.
Based on today’s bitcoin’s prices, it will be about 45-years before you earn a positive ROI on your purchase by the machine. The ROI makes some assumptions such as the prices and difficulty are constant, you are subject to the average electricity rates of the US and that you aren’t paying any taxes on your income.
In general, even though you can make profits when you mine cryptos with this machine, it won’t be that big. For instance, you will only make $1.25-1.50 per month from Ethereum and $0.50-1.00 per month from Monero.
From what we have gathered, this device is mainly designed with people new to mining cryptocurrencies in mind. Here, they can do the mining effortlessly and safely without most of the technical knowledge needed in that arena.
According to our team of researchers, you are likely to need more skill to set up a PlayStation than this machine. This should give you an idea of the simplicity in setting it up for use.
However, we should also tell you that there are more efficient and profitable options for mining cryptocurrencies.
That being said, we believe that this machine is worth the price and you should try it out. In the end, we think you will make some profits from mining cryptos.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.