CoinMine One: Can It Improve The Bitcoin Mining Process?

Coinmine One is lead by Farbood Nivi who is the CEO and founder of the company based out of LA and backed by some of the most prominent names in the crypto industry including Coinbase Ventures, Morgan Creek Digital And Social Leverage Capital Fund. Let’s find out what the company does in the latest bitcoin news.

Coinmine One is a do-it-yourself mining console that is similar to an Xbox or a desktop computer which is mainly designed for the average person to be able to participate in the mining process with little to no technical knowledge. All you will need is the device, a smartphone, and a wi-fi connection. Nivi explained further:

 “We think there are a lot of people who want to participate in crypto beyond just trading. The only semi user-friendly experience has been exchanges, such as Coinbase or Robinhood. We think that part of what has been holding back crypto ⁠— and participation in it ⁠—  is simply the amount of time and difficulty in building crypto hardware.”

Receiving the Coinmine One is pretty simple to get any new tech gadget. The designers took a page from the playbooks of leading marketing experts and the devices come in two colors: black o white. The cover of the device includes the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This text refers to the one included in the code of the initial block on the Bitcoin blockchain. It’s more than clear that this platform wants to improve the user experience by giving the users the excitement and mystique that is revolving around Bitcoin and its creator.

The setup for the device is not easy and the only thing that is included with the device is the power cord and the introduction paper and guide.
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Nivi explained the device as an all-in-one crypto device:

 “The purpose of Coinmine is to take the hundreds of hours ⁠— literally hundreds of hours ⁠— to build and maintain your hardware, software, and wallets for the rest of your life, and make it zero hours. Coinmine is the lowest total cost of ownership by far out there because you have to take your time into calculation.”