How Does Coinmine’s New Crypto Mining Software Look?

Coinmine, which is a San Francisco based startup, has launched their new crypto mining software which can be used by regular people.

They are designing a physical device that will allow regular people access to crypto mining. It will apparently provide “a new level of accessibility into an otherwise confusing activity, and makes crypto easy for everyone.” This device, which is priced at $799, is not a standalone product. Along with this, the startup plans to design a phone application as well.

With the news of weakening crypto mining devices, this news comes as a relief. The device needs to be connected to a power outlet and has to have a stable WiFi connection. It will then take care of the mining while the app allows users to switch between different cryptocurrencies for mining, depending on how well they are doin in he market. The device will supoort cryptos like Ethereum, Monero, Zcash, and Ethereum Classic.It is supposed to run on the MineOS operating system.

The device also works with bitcoin’s Lightning Network, which makes it more feasible for users to earn fees from routing transactions on the cryptocurrency’s blockchain. If you don’t know what a lightning network is, you can read our guide on What is a Lightning Network?

Coinmine has quickly got a lot of people’s attention and it has amassed an impressive number of names on its investor list like Coinbase Ventures and Arrington Capital. Word is, that the startup has already raised $2 million in investment. The company will take a five percent cut from each mining transaction.

(Read our piece on why Venture capital investment is high amongst blockchain startups)

Coinmine CEO Farbood Nivi has said that the device has future plans to support cryptocurrencies immediately after their launch and before they are listed on cryptocurrency exchanges.