About a year ago in February, I bought a Coinmine as an introduction to cryptomining for myself. The whole setup plus shipping cost me $700 (note that I was living in California where Coinmine was being distributed). My Coinmine has been up and running for the most part since February 2020 up until the time I am currently writing this article on April 2021. In this post I will discuss my earnings from the Coinmine, advantages and disadvantages, and many more.
To know about Coinmine's specs, hashrate, interest rate, and more, read my review on Coinmine HERE
As I have mentioned a year ago, the biggest disadvantage to Coinmine is its price. There are alot of other mining rigs that provide you with a lot more hashrate for about the same price or even cheaper. Mining rigs such as Bitmain, Antminer, and even your very own computer can provide you with a steady hashrate.
Another big downside to Coinmine is that they used to promise an interest rate of 6.5% yearly just for keeping your cryptocurrencies in the Coinmine wallet. However that feature have all of a sudden got suspended by late December of 2020, it has also seem that the promises of more variety cryptocurrencies to be mine on the rig has also been cancelled.
To make matters worse, Coinmine twitter has not been updated nor been used since the pandemic hit. Thus suggesting that any progress or update that was to come to the Coinmine has been stopped until further notice.
With a mining rig that will set you back by $700, why Coinmine?
Simple. It is super practical.
Coinmine isn't for everyone, especially those who are accustomed with cryptomining and someone who knows how to deal with technical computer stuff. Coinmine is catered to those who wants to dip their toes into the cryptocurrencies/cryptomining but without the hassle of actually learning how to build one and learning how to deal with cold storage wallet or anything of that sorts.
I for one, have always wanted to mine cryptocurrency, but due to circumstances of having to continuously move around between places and work from college, I would prefer to opt-out into using something simpler. Coinmine offers the simplicity of plug and play, where you just need to connect your Coinmine to your wallet and voilà you're mining bitcoin!
During COVID I had to move to a different city, and all I had to do was unplug the cable and put the Coinmine in my suitcase (Coinmine is only as heavy as a gaming laptop, which made it super easy to carry around), 8 hours later I was back to mining.
Now to the part that's everyone has been waiting for: Did I make profit?
In the span of a year and 2 months, surprisingly I have made profit.
If you had read my Coinmine review, you would know that my projected return on investment would be in 4 years time. Yes, this is mostly due to the fact that Bitcoin price skyrocketed, and at the time I wrote my review Bitcoin was below $20K.
Here are screenshots of my current balance:
You can see that I've tried my hands on other currency, however I mostly stuck to BTC - gaining over 5000 satoshis everyday for the past 11 months. However, if I were to mine ETH from the start, my profit would probably be way larger than what it is right now. I had gathered 0.14 ETH just from mining it for less than 2 months. That is about 500,000 satoshis in 2 months, which means if I had continued mining ETH I would have about 3 million satoshis.
The interest rate from Coinmine would for the most part given me around 5000 sats per month after accumulating 0.01 BTC. That is an extra day of mining for free.
For someone who still doesn't know much about mining cryptocurrencies, I would personally say that my purchase was worth it. Could I have accumulated way more by building my own rig? Absolutely. Like I had mention, Coinmine isn't for everyone, it is catered specifically for people who don't want to deal with having to learn about cryptomining but at the same time want a taste of cryptomining - or as an introduction to cryptomining.
Of course, there are other ways you can make profit with cryptocurrency .I recently have dipped my toes in trading cryptocurrencies in Binance, where I put around $200 into it and able to turn it into $730 in just 3 months. But as far as passive income goes, Coinmine works just fine for me.
I would recommend to those who are looking to buy Coinmine to consider all the points I have written here before making their purchase. The benefit of Coinmine that it once had with its interest rate is no longer available, thus rendering Coinmine not worth it for new users in my opinion.
Alternative to Passive Income
I have previously mentioned in my past blogs about Cryptotab, the web browser that allows you to mine Bitcoin while having it on on the background. And I highly recommend it, since it is FREE and take as little effort as Coinmine but without costing you $700. A new feature to Cryptotab is that you are now able to purchase cloud boost which can increase your mining speed by up to x15 times! Not to mention that you can also link your account together and mine on your mobile devices across different platforms such as windows and mac.
Click HERE to join CryptoTab
Click HERE to join CryptoTab
Thank you for taking the time to read this article. As always feedback is greatly appreciated. I'm more than happy to answer any of your questions.