Coinmine, an entry-level crypto mining rig for hobbyists, now offers its users the option to be paid in bitcoin.
The device was allowed to mine ethereum, monero, grin, and zcash initially. These are set of cryptocurrencies that had a low difficulty threshold to enable for the average miner to see a minimal return. The new bitcoin payout feature offers miners more advantage to try the $799 (special BTC discount at $699) product.
“To get you the most bitcoin possible from your Coinmine One, we had to engineer MineOS to automatically mine whatever crypto converts to bitcoin at the highest rate and then exchange it to Bitcoin for you and put it in your wallet,” founder Farbood Nivi stated. “This way you’re getting way more Bitcoin than if the device was mining Bitcoin directly.”
Mining through Coinmine box is not a get-rich-quick scheme that will make you a millionaire in no time. Nivi describes it as an experimental tool for and a testbed for those who want to try mining cryptocurrencies. Because of high-stakes resource requirements of mining, the Coinmine provides users a less energy-intensive alternative.
“At today’s numbers, your Coinmine One will generate about $15-20/month of bitcoin in USD prices,” stated Nivi. “Of course, that number changes based on the future value of Bitcoin. If the value of Bitcoin appreciates, so will the value of what you made with your Coinmine One.”
According to Nivi, the product also provides a faster and cheaper way to take part in networks like Lightning.
“The time to build and maintain a comparable device with mining and a Bitcoin Lighting Node is about $400 if your time is worth $20/hour and it takes you 20 hours to research and build the hardware and software,” he said. “The parts for a miner and a Bitcoin Lightning Node could cost you $500 easily. That’s $900, and you still would have to control your DIY device from a command line with a monitor and keyboard instead of an app you can just tap on.”
Coinmine rolled out the BTC update on June 21 and users will be allowed to mine and even “put their crypto to work,” stated Nivi.
“We’re also partnering with services like Compound Finance, Cred, and Blockfi so you can put your crypto to work and earn a return on the crypto that your Coinmine makes. We call it Compound Mining. All of this is possible because of MineOS,” he stated.