Introduction To Coinmine
The Coinmine is a pre-built mining device that is the size of a PS4 or a Xbox. The only thing you need to do after purchasing your coinmine, is to first, connect it to a power line, then connect it to the internet with wifi or ethernet cable, and click the 'mine' button. Yes, this is as simple as it gets. It is equipped with it's own app to track how much cryptocurrencies you have mined so far, along with a built in wallet. The device is designed for the average person to be able to participate in cryptocurrency mining with minimal technical know-how.
In this post, I will be giving you my honest opinion on the device. However, this review will not cover on how mining works and it is not a technical article. With that being said, I will be diving it into the positives and the negatives, the specs and hashrates and what is my final opinion on it.
Coinmine's Hardware
RX580 (or similar) 8GB GPU, Intel CPU or similar, 8GB RAM
Uses 160 Watts
Weigh 12.25 lbs / 5.6 kg
The Highs Of The Coinmine
1. Plug and Play
The obvious main selling point is, of-course, how easy it is to set-up. I'm sure someone who has an understanding and money on building a mining rig will be able to build a better one in about 20+ hours, but then you'd have to do regular maintenance and all that hassle. But for someone who's just an every day user (like me), I feel like this is the way to go.
2. Little To No Sound & Pretty
Mining setups are known for being super loud, like a car engine. Which is why most mining rigs are setup in garages, or warehouses, well unless you don't mind having all that noise. On the other hand, the Coinmine doesn't produce that much sound! Specifically, +1-2 db. It is more like a white noise, like having a fan or an Xbox turned on in your room, you would barely even notice it after awhile. This is why people have the Coinmine setup in their office desk, kitchen, living room. It becomes a decoration for your room. Especially for someone who lives in an apartment, where making too much noise can be a problem for you, the Coinmine really is something special.
3. Connected To Your Mobile Devices
Your Coinmine is connected to your phone through an app which you can download from the Appstore or Google Play Store. If you have more than one Coinmine devices, it will be registered under the same account which is neat. The UI design is super simple and user-friendly. You can check your total balance and each individual balance at any time. You can also change what cryptocurrency you want to mine which just a tap of a button. Which brings me to my next point:
4. An Array Of Cryptocurrencies To Mine
The Coinmine currently offers 6 cryptocurrencies to mine. Bitcoin, Ethereum, Monero, Grin, Zcash, and Handshake (Which was recently release this Ferbraury).
To check my take on Handshake click here!
Coinmine will continue to add more cryptocurrencies to mine. Another cryptocurrency that will be added is Cosmos, when Cosmos launches Coinmine users will be the first to mine it, allowing them to get the best hashrates. Just like what had happened recently with Handshake. People who were able to mine Handshake have accumulated about 100 $HNS+.
5. 6.5 Annual Interest Rate
With the crypto that you have mine with your Coinmine, you will get an Annual interest of 6.5%, which is paid monthly. However, this only applies for Bitcoin and Ethereum.
6. Quick and Responsive Customer Service
The Coinmine App has a built in Customer Service with a real person. They reply during working hours from Monday to Friday. Any question you want to ask, just type it in, and they will be right with you in a couple of minutes! In my case it was Carly, she has helped me a bunch of times in the past few months, from asking about the UI interface, to when the interest will be paid out, and more. Carly has gotten back to me in all of these cases and helped me tremendously.
8. The Unboxing Experience
Now, I know this isn't a big deal in terms of the functionality of the Coinmine. But, it is worth mentioning that the Coinmine has a beautiful and sleek packaging. It has the same high quality feeling of opening up a brand new Iphone or Samsung, where everything seems minimalistic and top notch. It feels expensive.
9. Comes With A One Year Warrantee
Coinmine will replace such defective Coinmine Hardware at no cost to you. However, you must return the defective Coinmine Hardware to Coinmine at the designated address and in the designated box, with all accessories, cords, cables, parts and documentation included in order for us to repair or replace your Coinmine Hardware. It may take up to (30) days for Coinmine to process repairs and/or replacements under this Limited Warranty.
The Lows Of The Coinmine
1. Inside A Coinmine
To get a better understanding of the Coinmine, it is important to look at the hardware. It is a single graphics card miner essentially. The Price to build a Coinmine boils down to (roughly):
AMD RX 580 – $150
Intel Celeron N series processor – $50
8 GB RAM, DDR3 – $50
400-watt power supply – $30
Standard motherboard – $150
With all of this, the price to build a Coinmine comes up to $430. Which, with the price that the Coinmine goes for $699, might be a little too expensive for what they are getting.
2. The Power Of Coinmine
The Coinmine can roughly produce 4000-6000 Sats per day. However, in some days, this does not seem to be the case. Some people have reported to mine as little as 1000 Sats in a day. Although the Coinmine team is currently handling the issue, it is still something to consider about before buying the device. Even with its full power 4000-6000 Sats per day may not seem a lot to some people. Knowing that there is 100,000,000 Sats in just 1 BTC, it does seem rather small.
3. Potentially Will Take Years To Breakeven
Coinmine are estimated to make around $150 with the current BTC price of $9000. This means that if you were to buy your Coinmine today, it will take you roughly, 4 years to breakeven. Although this doesn't count all the interest and the possible increase in BTC price or even ETH.
4. Long Shipping
I bought my Coinmine on Late November of 2019, and it arrived at January,2 2020. However, if you live outside the US it will take a much longer time for it to arrive. Some have complained that it took 6 months to arrive. However, Coinmine gives out a cloud mining for everyone who have purchased their device. This cloud mining is valid until the day your device have arrive.
Hashrates
Bitcoin: 4000-6000 sats/day Ethereum: 30.2 mh/s Monero: 330 h/s Zcash: 0.5 gps Grin:300 sols/s Handshake: 60 Mh/s
Minimum Withdrawal
In order to withdraw Crypto that you have mined, you have to reach a certain threshold. For each Crypto this is different:
Bitcoin: 0.0075
Ethereum: 0.2
Monero: 0.4
Zcash: 0.2
Grin: 5
Handshake: TBD
Final Thoughts
Coinmine is targeted to a specific target market. It is definitely for people who are able to build their own mining equipments. It is for every day users who wants to get into mining without the difficulty of making and maintaining one. Arguments can be made on how it is more profitable to just buy $699 worth of BTC instead of buying a Coinmine. I do recommend this product to people who wants the simplicity and the accessibility of mining and having to check it on your mobile devices every hour. If you are looking for something that you can put into your small living space without having to make a lot of noise this is for you.
With that being said, I have mined 460,000 Sats in about two months. For the first month and a half I mined Ethereum, which gives me about 340,000 Sats. The last half a month I mined Bitcoin, which currently I've got 92,000 Sats. In between those I've tried mining Grin and Handshake, but I prefer either to mine Bitcoin or Ethereum for the interest rate.
A great alternative to mine bitcoin with little to no set up is using Cryptotab. The web browser that allows you to mine Bitcoin while having it on on the background. You can start using Cryptotab by clicking right here
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.
