The Coinbase-backed startup Coinmine has successfully raised USD 2 million through angel investors and venture capitalists. Los Angeles-based Coinmine was founded by Justin Lambert, and Farb Nivi with a mission to make crypto mining accessible for all. The company launched its product, a mining device with energy consumption lower than a PlayStation on November 14, 2018.
The mining startup is already funded by some of the biggest Venture Capitalist funds such as Wonder VC, Coinbase ventures, Arrington Capital, and Social Leverage. The company is also funded by Angel Investors such as Josh Jones, Penelope Linge, Anthony Pompliano, Balaji Srinivasan, Ryan Hoover, and Chief Product Officer at Tinder, Brian Norgard.
On investing in Coinmine, Tinder’s Norgard had said:
“Throughout my entire career, I’ve worked to make complicated ideas simple, fun and useful. At Tinder, we removed the pain associated with setting up a dating profile so people could get to the action. When Farb initially came to me with the basis for Coinmine, I knew it was a radically novel solution to a messy problem — it was, as they say, a perfect match. The limiting factor to scale in crypto continues to be complexity for the end user. Farb and the entire Coinmine team are one of the first companies attacking this problem head-on through a blend of hardware and software.”
Coinmine’s debut product, Coinmine One went on sale on Wednesday, November 21, 2018. Coinmine One is currently selling at the price of USD 799, and it comes with Intel Celeron CPU, an 8 GB DDR4 RAM, 4 GB AMD RX 570 GPU. Five percent of the cut from the product’s price is taken towards the mining proceeds. With 120 watts power consumption, Coinmine One consumes even less power than a PlayStation!
Coinmine One is an easy to use device which allows users to simply plug into an electrical source, subsequently access the accompanying mobile application and from thereon select the coin that they want to mine. The centralized dashboard of Coinmine’s application facilitates the addition of additional devices to their accounts. Users can also change to other digital currencies.