Residential miner review: Mine Crypto at home without having to buy an expensive ASIC miner! (Potentially?)

Residential miner review: Mine Crypto at home without having to buy an expensive ASIC miner! (Potentially?)

By mduchow | Cryptocurrency 411 | 4 Feb 2020


This is a review of arguably the most popular and widley known Cryptocurrency residential miners, the Coinmine ONE and the Apollo Scrypt Miner! For this review I have tried and tested both devices and this will be a full breakdown of both devices to help you deciede whether or not either of these miners will prove to be the game changer for you and help you take that next step into the world of blocks and chains. 


Apollo Miner:

This miner will not make you rich, unless of course you get lucky and hit it big solo mining. Speaking of solo mining, this is not a giveaway (but it’s a giveaway) but somebody (definitely not me) may want to donate their hasrate within the next 72 hours to somebody who comments down below with their LTC address and what their thoughts are on mining and/or this device and then somebody is going to sync that up to your address for about 24 hours and that’ll keep going for awhile. That way you can essentially get a 24 hour tour on what it  would be like to own this device. But it will be on solo mining, so you’re not going to get paid-per-share so the miner will be trying to push one block. While the chances are low, the potential reward is very high! 

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The ASIC miner that you shouldn’t hate! Even better - it’s 100% made in the US of A. The FutureBit Apollo miner has best in class mining efficiency, getting more hash/watts than any other ASIC Scrypt/Litecoin miner ever made. This device will overall strengthen and decentralize the Litecoin network by dividing the hashrate among residential miners!

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Operates as a miner, node, and includes a built-in wallet. Designed to work on your desk, while ASIC miners are primarily designed for industrial application.

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Features:

- As stated before, this rig operates using the Scrypt algo.

- Eco mode designed to use less energy. However this comes at the sacrifice of hash rate, so the balanced mode will be more efficient.

- Can mine on WiFi - meaning that you do not need to use an ethernet cable.

- Projected to break even in about a year

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No power supply included so you will need to provide one. You can use an ATX power supply from your computer so it doesn't need to be hooked up to a motherboard - or you can just do what I did and attach it to another rig. 

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One gripe I had when I was trying to use the PCI-E splitters, I had some issues trying to make a connection since the case on the miner is so tight. However using the PCI-E connections (the ones that come off of your power supply) I had zero issues. 

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Super cool dashboard. Based on minera which is an awesome open source dashboard

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Extremely intuitive for navigating settings/features

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Can add multiple pools for fail-over

And you can donate a portion of the hasrate (and it’s optional so that’s a plus) to help contribute further to the devs

 

Verdict:

If you can’t appreciate this device for what it is, then you’re paying too much attention to ASIC profitability. This device can provide enormous benefit to the industry given its affordability, how user friendly it is, how it will help decentralize hash rate, how it can be used as a tool to introduce new users to the space, and a teaching device. Imagine a device like this being utilized in classrooms or universities just to introduce younger generations to crypto. Imagine the potential benefits it can provide for the youth and new miners. 

And the company creating this device deserves a lot of respect because when they release a new model, it's actually better. Including a nicer case, a nicer dashboard, and overall its just a better product. And this came out IN A BEAR MARKET. Its easy to get down in a bear market, but this company chose to not lose the vision or the hope in Crypto and instead really got back to the roots of why this space is interesting, why it's fun, why it's mezmerizing, why it's the future, and why it’s beneficial.

https://shop.futurebit.io/products/apollo-ltc-pod-asic-miner-for-scrypt-algorithm-cryptocurrencies?variant=15235814686835

*48 hours after earning your first couple dollars from Apollo miner*

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Now this device is going to get some people passionate.

Coinmine ONE:

WARNING: DO NOT DISASSEMBLE. THE IMAGES IN THIS POST ARE TO DETAIL AND EXPLAIN THE TECHNOLOGY INVOLVED. THIS MINER IS NOT DESIGNED TO BE OPENED. DOING SO WILL DAMAGE AND LIKELY BREAK YOUR DEVICE.

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Coinmine ONE is the latest pre-built mining rig. This rig offers some features like a unique case, IOS integrated to use/monitor/store your crypto. It is also a Bitcoin lightning node and supports multiple Bitcoin lightning applications.

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Powered by 1 GPU: 1GB Rx 588

8GB RAM

Celeron CPU

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Also features built in WiFi

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However, this product is advertised to run at 160W, but while testing the device it ran at 260W - which is an insane amount of wattage for one GPU. A single GPU should run at 70W. Which indicates to me that this device is not running at full efficiency, due to the fact that the obscene amounts of wattage likely comes from the fans. 

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Incredibly user friendly OS that can be controlled with you phone. Hashes at 30 MH/s and the GPU that it utilized specializes in ETH.

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Also includes: XMR, ZEC, GRIN, and BTC

Earn up to 6.5% APR on your coins while held in the Coinmine ONE wallet!

Verdict:

Incredibly interesting idea - but is not worth the pricetag (IN MY OPINION)

Why?

This miner generates appoximately $0.52/day before electricity making it $190/year at current prices before electricity. Sounds like you'd break even after 3-4 years right? No

The average price of electricity is $0.12/Kilowatt hour.

Therefore you'd be losing $0.26/day, $90/year, and $380 by the time you're supposed to break even.

THIS IS WHY BIGGER/MORE EXPENSIVE RIGS ARE BETTER. YES THEY COST MORE INITIALLY BUT WITH LESS EFFICIENT AND LESS EXPENSIVE RIGS, YOU WILL NOT MAKE MONEY. GET AN ASIC MINER.

So overall this device will make you look cool but unless you have free power, this will be an expense. This device is not designed for miners. Its the Apple of miners, not the linux. I consider this device a luxury, but if you want to create a rig with the same equipment, but a cheaper price tag than this one, I’d buy it and support you. But this rig is not for me.

That being said, if I had it my way, I would put a mining rig in every house on earth. The world would be so decentralized that you wouldn’t even have roads and you wouldn’t even care because you’d be too busy stacking Sats. And if devices like this can help facilitate that by putting more devices in more hands, then I’m all for it. And if this setup will get more people mining than not, it’s fine by me.

And with all the shortcomings of this device, I don’t hate the company. I say that you should support fellow crypto companies and if they are designing new products that will introduce people to the space, then even better. I will never use this device, but it’s still pretty neat and would serve as a nice piece of hardware for the people who will never build their own miner or don't want to have to deal with maintaining one. Maybe if you got Bitcoin rich a few years ago, consider giving this as a gift to someone because at the end of the day exposure is only beneficial. 

https://coinmine.com/?utm_source=google&utm_medium=search&utm_campaign=Q12020brandedsearch

*48 hours after recieving $1 from Coinmine ONE*

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mduchow
mduchow

21 y/o Economics major at the University of Northwestern, Chicago; Elliotician; Crypto Enthusiast; Blockchain advocate; Suspect of all things centralized


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