Coinmine One, Paradigm Shifts and the Hands of Many – 10 Days in Crypto-La-La-Land

Crypto start-up Coinmine has announced the launch of a device that it hopes will bring crypto mining to the masses. It’s known as the ‘One’ and will be able to mine Ethereum, Ethereum Classic, Monero and Zcash.

The new piece of kit bears more than a passing resemblance to a typical games console which of course means that it’s far easier on the eye than your standard mining rig. It also features a comparatively low form factor and is, by all accounts, a quiet operator at around 40 decibels.

The One will be available for purchase in mid-December with a retail value of around $799 and can generate the following hash rates:

  • Ethereum (ETH) – 29 MH/s
  • Monero (XMR) – 900 H/s
  • ZCash (ZEC) – 320 H/s

Although it can’t compete with some of the latest ASICs in terms of hash power, the One draws just 120 watts from the wall – a far cry from the 3500ws required by high-end miners such as the M10s.

Is this the One?

As well as low power consumption, the One is being touted by Coinmine for its ease-of-use. Whereas crypto mining rigs often require a degree in computer science to set up, the Coinmine’s gadget can be easily controlled by an app and hooked up to home Wi-Fi without any apparent issues.

It is this plug-and-playability that CoinMine CEO Farb Nivi believes will widen the One’s appeal. Indeed, it seems that the new crypto miner is aimed squarely at just about everybody. Said Nivi upon the announcement of its release:

“Coinmine One is for everyone. You don’t have to be a crypto expert, or a hardware and software expert.”

It’s pretty safe to say that the Coinmine One, with its AMD Radeon RX570 processor, doesn’t constitute much of a threat to the dominance of ASIC miners. In fact, many have been quick to criticise the new gadget as a terrible investment because of the fairly ordinary technology that it employs. And in a sense, they’re right. The Coinmine One doesn’t offer much of a ROI. But its creators know this.

Proliferation of the Blockchain

The launch of the Coinmine One coincides with a wider push in the tech industry to make blockchain technology more accessible to Joe public. Recently, AMD announced the release of eight new crypto mining rigs. There’s nothing particularly ground-breaking about the hardware used with these set-ups either – each one is built with GPU processors.

However, as part of a rather wordy launch statement, AMD emphasised the ‘plug and play’ solutions that these rigs will provide as well as the fact that each one ships with pre-installed software. The Californian tech giant also a got a bit carried away about the entire blockchain concept and suggested that it represented:

‘…a paradigm shift that fundamentally revolutionizes the way consumers and businesses transmit, process and secure data’

So it’s evident that companies like AMD and CoinMine are trying to look beyond narrow, individualistic forecasts such as ROI, towards idealistic notions of crypto mining collectivism in which everybody contributes their computing power towards a greater good.

As Coinmine’s Farb Nivi put it:

“Crypto is not just about buying and selling magical internet coins. It’s about people combining computation to decentralize the world’s money and information from the hands of a few and into the hands of the many. We made this easy enough for anyone to do.”

The only problem with this approach is that blockchain is still in its infancy. So in order to sell inferior crypto mining technology to the masses, these companies are depending on the consumer buying into what are, at present, nebulous, ill-defined ideas about blockchain technology. Good luck with that.