Coinbase has backed the production of Coinmine, a home cryptocurrency mining system, which does not power hungry as with the traditional mining devices.
Developers of the device note that it is easy to use and can be used in homes since it can be controlled using an app. Additionally, it does not consume a lot of power as is common with other mining devices like Bitcoin miners.
The device is made of GPU chips making it not aggressive enough to mine bitcoin. However, it has enough power to mine Monero, Ethereum, Zcash, and Ethereum Classic. Through an inbuilt operating system, it allows its owner to add more supported coins.
Coinmine goes about its duties silently and consumes electricity that is equivalent to the one used by a vacuum cleaner.
The device was developed by Farb Nivi and Justin Lambert. The two raised 2 million U.S. dollars from big players like Coinbase Ventures, Arrington Ventures, among others.
Farb is confident that the device:
“Provides a hassle-free way to earn cryptocurrency. Secondly, he predicts people will use it to get in on the ground-floor of new currencies that arrive on the market since they will be able to mine them directly rather than buying them.”
Unfortunately, the device, even after purchasing it, is not all free. Coinmine will collect the digital currency the device mines and store it ‘in wallets on its corporate servers, taking a 5 % cut.’
But for Srinivasan, the chief technology officer at Coinbase and one of the forces behind the development of the device:
“It’s a pretty cool idea to be able to plug a device into the wall that makes money for you while you sleep.”
Do you think the home cryptocurrency mining system will gain popularity given its low electrical power usage and its ability to mine cryptos silently?
Let us know your thoughts in the comments section below.