The Coinmine One Helps Streamline Entry Level Crypto Mining
Justin Lam — November 15, 2018 — Tech
References: coindesk & fastcompany
Backed by Coinbase Ventures, the Coinmine One is a pre-built cryptocurrency mining device meant for users seeking an alternative to heavyweight computing hardware. Designed to look like a large external hard drive, the Coinmine One simply connects to an existing PC to more easily automate the crypto mining process. The device is controlled through a mobile app and the entire system uses less power than a standard video game console.
The creation of the Coinmine One came from the increasing number of people interested in cryptocurrency and to address the lack of entry-level options for crypto mining. Currently, the Coinmine One is only capable of gathering Ethereum, Ethereum Classic, Monero, and Z-Cash. However, the device features an OS that allows users to add new cryptocurrency networks, essentially allowing the device to stay up-to-date with up-and-coming cryptocurrencies.
Image Credit: Coinmine
The creation of the Coinmine One came from the increasing number of people interested in cryptocurrency and to address the lack of entry-level options for crypto mining. Currently, the Coinmine One is only capable of gathering Ethereum, Ethereum Classic, Monero, and Z-Cash. However, the device features an OS that allows users to add new cryptocurrency networks, essentially allowing the device to stay up-to-date with up-and-coming cryptocurrencies.
Image Credit: Coinmine
Trend Themes
1. Pre-built Crypto Mining Devices - Opportunity for manufacturers to create user-friendly, plug-and-play cryptocurrency mining devices for individuals interested in entering the mining market.
2. Mobile App-controlled Crypto Mining - Potential for developers to create mobile apps that provide convenient control and monitoring of cryptocurrency mining devices, enhancing user experience and accessibility.
3. Expansion of Supported Cryptocurrencies - Potential for cryptocurrency mining device manufacturers to develop operating systems that allow easy integration of new or up-and-coming cryptocurrencies, ensuring device longevity and versatility.
Industry Implications
1. Cryptocurrency Mining Hardware Manufacturing - Disruptive innovation opportunity for manufacturers to create entry-level cryptocurrency mining devices, targeting individuals seeking simplified and efficient mining solutions.
2. Mobile App Development - Opportunity for developers to design mobile applications that offer seamless control and monitoring capabilities for cryptocurrency mining devices, enhancing user convenience and engagement.
3. Cryptocurrency Market - Potential for the expansion of supported cryptocurrencies to drive innovation and growth within the cryptocurrency industry, providing individuals with more options for mining and investing.
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