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Coinmine Review

Coinmine review mining equipment photo

Coinmine Review

In this cryptocurrency mining article, we investigate one of the newer players in the industry, Coinmine. Through analysis, we delve deeper into the company’s background and products they offer for crypto customers. We also provide information regarding the cryptos that you can mine, as well as how profitable bitcoin mining is.

Lastly, we provide information regarding mining hardware’s shipment and installation. As a conclusion, we identify the pros & cons that our readers should be aware of.

About Coinmine

Coinmine is a U.S. business, located in West Hollywood, California. The organization started out its operations in 2018, with an idea to provide crypto mining equipment suitable for beginners. Their vision revolves around market participation and complete decentralization of the blockchain mining market. Due to U.S. regulation policies, team members are known, as well as investors, which includes Coinbase and Arrington Ventures.

Farbood Nivi (CEO) and Justin Lambert (Head of Design) found the company. Mr. Nivi is also CEO & Co-Founder at Orchestra One and a team member at Socratic Labs. It is important to mention, however, that the company is quite new. The organization is yet to open up operations, with cryptocurrency mining equipment available at pre-order stage only.

Coinmine Equipment

Coinmine specializes in mining equipment for large cryptocurrencies in the market. The device itself has a sleek design and reminds users of WiFi routers. So far, there is only one variant of the mining hardware, with two color themes available for the pre-order. Below are technical specifications about the device and the power it holds for mining cryptos.

CPU

Intel® Celeron® Processor J Series, Dual Core, 14nm

GPU

AMD Radeon RX570, 4 GB, WINDFORCE 2X Cooling System, Memory Clock Speed 7,000 MHz

RAM

8 GB DDR4

Storage

1TB Hardrive

Power

Average Power Usage: 120 Watts

Connectivity

Intel 802.11AC Dual Band Wireless (Ethernet port access)

 

We need to bring attention to the fact that the device uses GPU chips. Thus, it is not exactly strong mining equipment for bitcoin. Although it is possible to connect the device and mine BTC, investors will not earn mentionable revenues, let alone profits. The hash rate table shows exactly the power this device has, which is important from the profit’s aspect.

Ethereum (ETH)

29 Mh/s

Ethereum Classic (ETC)

29 Mh/s

Monero (XMR)

800 h/s

Zcash (ZEC)

290 sols/s

Grin

coming soon

 

The price per device, at the time of this review’s writing, stands at $799.

Coinmine Cryptocurrencies

Although bitcoin is out of the question, there are other cryptocurrencies that you can min with this particular device. These are:

  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Monero (XMR)
  • Zcash (ZEC)

Grin is on the waiting list for now, with no date disclosed regarding its support within the Coinmine platform. Other cryptos mostly represent the most popular choices when it comes to Proof of Work (PoW) blockchain networks.

Coinmine Profitability Calculations

The platform offers one of the easiest ways to mine cryptos in the industry right now. Its device operates as a plug-and-play, literally as a USB would. Compared to Bitmain’s ASIC mining equipment, Coinmine’s device is a piece of cake to set up. However, keep in mind that its electricity consumption is not small since one device consumes 120 KW per hour.

Additionally, Coinmine charges 5% for mining gig, while available hash rates are quite lower than what Bitmain offers to the market. BTC.com currently offers 4% pool fee, which is certainly lower than what Coinmine has. The Antminer devices come in different shapes and electricity requirements. Thus, with only one product, Coinmine mostly targets beginners that need a quick solution.

Using available coins for mining, below table is a profitability analysis.

 

per day

ETH

ETC

XMR

ZEC

Hash Power

29 MH/s

29 MH/s

800 H/s

290 sols/s

Mined Coins

0.002949

0.06455

0.005362

0.0007683

Coin’s Price

 $           89.39

 $              3.76

 $           42.81

 $           54.46

Revenues

 $              0.26

 $              0.24

 $              0.23

 $              0.04

 

 

 

 

 

     Electricity Consumption

120

120

120

120

     Cost per KWh

 $              0.12

 $              0.12

 $              0.12

 $              0.12

Electricity Cost

 $              0.35

 $              0.35

 $              0.35

 $              0.35

     Mining Pool Fee

5%

5%

5%

5%

Pool Fee

 $              0.01

 $              0.01

 $              0.01

 $              0.00

 

 

 

 

 

Profit/Loss

 $           (0.10)

 $           (0.12)

 $           (0.13)

 $           (0.31)

         

ROI

N/A

N/A

N/A

N/A

 

As seen, at current market prices, investors would not be able to pay out their electric bills. Current market price, due to the prolonged bear trend, cannot support miner’s electric costs and pool fees. However, the electricity costs take into account U.S. average, meaning that countries with lower bills would actually be profitable.

That is not to say that crypto prices will remain low forever. Thus, if a bull run occurs, equipment of this caliber would definitely bring in income. Until then, mining with only one mining piece is not advisable.

Shipment and Installation

Although not the first one to introduce plug and play equipment, setting up the device is quite easy. You connect the miner with your phone through internet, Bluetooth or USB and connect electricity to start running. You can navigate through its system with your phone device, making it quite a comfortable experience.

On the hand of shipment, the company operates in the U.S. only. International customers may order the equipment but need to involve third party transporters, incurring larger costs.

Coinmine Pros and Cons

Pros

– very easy to setup

– software updates are frequent and free

– Coinmine One can be controlled through your phone

Cons

– lack of choice as only one miner is available

– high mining pool fees

– direct shipment available in the U.S. only

Coinmine Conclusion

In this Coinmine review, we provided a detailed mining guide, including brief company information and mining profitability. The device is very easy to use, with setup staking only a fraction of what Bitmain’s Antminer would.

However, due to the current market trends, crypto mining through Coinemine One is not profitable. We would suggest waiting out for this bear trend to stabilize and difficulty of mining to further decrease. Otherwise, investors will incur mostly losses, should they decide to purchase only one piece of equipment.

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