By
Steve Muchoki
April 25th, 2024
A new crypto startup Coinmine, recommended by Coinbase CTO Balaji Srinivasan for home mining, can currently mine Ethereum, Ethereum Classic, Monero and Zcash.
Time is everything, and crypto industry is no exception. That’s why Coinbase CTO Balaji Srinivasan is betting a new startup Coinmine which began accepting pre-orders on Wednesday.
According to Srinivasan, with the decentralized pool of cryptocurrencies available, a single user does not need to compete with large mining pools to earn a decent income from mining. He said:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
Srinivasan believes that crypto industry has changed in two substantial ways that make home mining more feasible in 2018 than 2015. He added:
“Back in 2015 only bitcoin had any significant share, so the viability of any decentralized mining approach was benchmarked against BTC alone as opposed to 1,000-plus new digital assets.”
In 2015, Srinivasan founded 21.co, home mining company that aimed at fostering an ecosystem of home mining by building the 21 Bitcoin Computer. The latest was developed both to mine and run bitcoin-based apps.
In 2017, 21.co transformed into Earn.com, a company which provides a social network and two-sided marketplace that enables users to earn digital currencies by replying to emails and fulfilling microtasks. Acquired by Coinbase, Earn.com added to the exchange’s valuation. Soon after the acquisition, which involved an offer of equity package, the valuations of the exchange operator have soared to $8 billion.
About Coinmine
Coinmine is a crypto mining company looking to change this effort-consuming process with a new device that makes it easier to take advantage at home. Its product is called Coinmine One. This device uses ordinary GPU chips can currently mine four digital coins — Ethereum, Ethereum Classic, Monero and Zcash. With its own operating system, Coinmine one is planning to add other currencies in the future.
The Coinmine system is built to run two tokens: one proof-of-work, one proof-of-stake, which will only be enabled with updates coming in 2019.
Coinmine’s investors include Coinbase Ventures, Arrington Capital, and such figures as Balaji Srinivasan, Anthony Pompliano (Morgan Creek partner), and Ryan Hoover (Product Hunt co-founder).
Currently, Coinmine One is getting prepared for public use. Itt will be priced at $799 retail, but buyers will not see the product before mid-December this year. The official date has not been yet released.
Srinivasan is veryn optimistic about Coinmine and its ability to add new coins later. He said:
“There will likely always be some asset or set of assets that Coinmine can mine which makes a profit.”
He added:
“If Coinmine gets to substantial scale, you might even see some new digital assets in the future with ASIC-resistant hash functions launching directly on Coinmine.”
Coinmine One is different from the devices the industry has seen before, and it has all chances to have success.