Coinmine One Review – Plug and Play Comes to Cryptomining…. with a Catch.
This Coinmine One Review is going to be very interesting. That’s because we think the idea is brilliant but in its brilliance are its limitations. Let’s put this right out there: The Coinmine One should not be considered for serious cryptomining. The specs make serious cryptocoin mining impossible. According to the official Coinmine website here’s what’s under the hood in a Coinmine One: RX580 8GB GPU, Intel Celeron CPU, 8GB RAM
Any serious crypto miner will tell you those specs are basically meaningless compared to a serious cryptocoin mining rig.
The Coinmine One has four great features as reported on their website:
- It’s only $699.
- It’s super-simple to setup. We’re talking plug-and-play simple. No cables. Just Wifi.
- It consumes VERY little power. This is because it’s simply enough power for a low-spec PC.
- It’s small and quiet. Compared to a conventional mining rig or an ASIC miner it’s almost silent.
The conclusion of this Coinmine One review: The Coinmine One is great for hobbyists who want to dabble in cryptomining with no intentions of making any serious amounts of money. Especially Bitcoin.
Coinmine One Discount from CryptoCapers.
FULL DISCLOSURE: This Coinmine One review was conducted without physical access to an actual miner.
Cryptocoin Mining Downturn – New mining rig revenue down 80%
According to the Wall Street Journal, Nvidia’s Crypto Business is drying up. Reason? The Cryptocoin mining downturn. Nvidida was expecting $100 million in cryptocurrency mining hardware sales during the last quarter. They barely booked $18 million. What makes this news all the more astonishing that this same time last year, the Nvidia product line was commanding higher-than-retail premium prices in response to unquenchable demand for the graphics card that power most cryptocoin mining rigs.
Just a year ago, retailers had to put a limit on the number of graphics cards a customer could buy. People were converting laundry rooms, spare bedrooms and basements into cryptocurrency mining farms. With the plummet of cryptocoin prices across the board, the cryptocoin mining downturn caught Nvidida off guard. To wit, I voluntarily shut down my own bitcoin mining operation since current pricing of Bitcoin makes running high-powered ASIC Bitcoin miners a losing proposition. Bear in mind I am sitting on a deployment of Avalon 741s. My Bitcoin mining operation is staying dark until BTC prices rebound. That being said, I intend to purchase truckloads of new ASIC Bitcoin mining hardware at today’s bargain prices.
That’s because the pricing on Bitcoin miners has plummeted. Looking back to last August, an Antminer S9 was almost impossible to get directly from Bitmain. eBay was loaded with listings selling Antminer Bitcoin miners at an average price of $5,000 EACH and they sold out constantly. Now the same – if not better – Bitcoin Antminer S9 can be purchased for just $599. The cryptocoin mining downturn could produce winners and losers.
You’re a winner in this current scenario if you believe cryptocoin prices will rise. Doubling down on your bet and buying cryptocoin mining hardware on the cheap could make you wealthy beyond your wildest imagination if cryptocurrency pricing rebounds. On the other hand, playing it safe and keeping your cryptocoin miners dark might be the best way to go during this cryptocoin mining downturn.
Cryptomining In Your Browser – Salon Magazine Offers an Alternative to Paywalls
Newspapers like The New York Times and The Washington Post make their paywall simple; you get a limited number of free articles with constant offers to sign up for a monthly subscription. The Guardian has taken a softer approach by appealing to mankind’s generous nature by asking for far cheaper and totally voluntary donations. Now cryptomining in your browser can allow you to read articles you might not otherwise see.
Salon Magazine really thought outside the box; You can read all of their articles with ZERO advertising and at no cost if you give them permission to perform cryptomining in your browser as you consume their content.
Long story short; If a reader chooses to block its advertising using an ad blocker (editorial note: ad blockers are becoming increasingly popular across the world), Salon Magazine asks readers to allow Salon to use that person’s computer to mine for Monero, a cryptocurrency on the rise.
Mining cryptocurrency in your browser – or any other way – consumes much of a computer’s processing power due to the complex calculations necessary to mine any given cryptocoin.
Salon told readers: “We intend to use a small percentage of your spare processing power to contribute to the advancement of technological discovery, evolution and innovation.” Small is a relative term; some surfers have complained of their browsing slowing down to a crawl as laptop fans spun up to top speed to cool down the computer as it was suddenly challenged with daunting computational tasks as the reader browsed Salon articles.
Salon has deployed CoinHive, a controversial mining tool that can easily be exploited for illicit gain by hackers. Let’s be clear; Salon is upfront with their approach and nothing they are doing is illicit. At the worst, it could be considered annoying as some computers are slowed down to a crawl.
Cryptomining in your web browser, or on any normal PC in general, has become largely impractical due to the very low returns realized for expenditures in terms of electricity and computing power. Salon’s approach leverages the proven concept of distributed computing which, as the name implies, distributes a complex computing task among numerous computers.
Salon Magazine is trialing cryptomining in your web browser as an alternative income stream. We’re watching this experiment with keen interest and will share any updates as we have them.
Building a Bitcoin Miner
Alright, so I was ready to start Bitcoin mining. Great! Now what? Well, cryptocurrencies won’t will their way to you, and you can’t just say “Hey Cortana, start mining Bitcoin.” What to do…what to do? (If you haven’t read my first installment in this series, you should first check it out here)
Before we proceed any further, I should share some of my backstory. I am an IT guy by trade, and naturally, I have a lot of PC equipment laying around. Subsequently, this equipment made its way onto my workbench with the idea of resembling hardware that was even remotely capable of mining cryptocurrency. Sure, it wasn’t going to be a massive rig, but it was going to allow me to enter the crypto market as a hobbyist first and foremost. Testing the waters, so to speak.
So how did I begin mining cryptocurrencies? Well, I had a Dell XPS system with an Intel Core i7 and a discrete Nvidia GeForce 750 Ti GPU. A pretty decent setup for gaming in 2015 titles, but not very apt at mining Bitcoin. What now? After doing some research, and believe me, this is a MUST, I found that there are literally dozens of other cryptocurrencies, a.k.a. alt-coins, which you can mine with lesser hardware. I delved into the alt-coin marketplace, ran some benchmarks, and settled on a couple of low difficulty alt-coins: Bytecoin and Monero. One of the biggest draw to mining alt-currencies is that most marketplaces will allow you to trade them for Bitcoin.
In order to relate this to those less fluent in the world of cryptocurrency, compare the cryptocurrency market to Gold and Silver. Bitcoin is the Gold standard, but many other cryptocurrencies are comparable to Silver, Copper, Platinum, etc. They all hold value that more or less revolves around the value of Bitcoin. So while mining Bitcoin is the most attractive prospect, it is also the most difficult and most expensive to get in to. Yet mining other cryptocurrency is more accessible to crypto-newbies, and is an amazing way to learn the ins and outs of mining cryptocurrency. Investing in Bitcoin mining is no small expense, so if you start at a lower cost with alt-currencies, you’ll learn most of what you need to know before you make the big switch to BTC.
Are We There Yet?
There, I made it, right? I have a proof-of-concept rig and two alt-coins I want to mine. Just plug in the rig, turn it on and start mining cryptocurrencies, right? Wrong! Building a rig and researching my currency were only baby steps to begin mining cryptocurrencies like Bitcoin. I needed to create a wallet for my cryptocurrencies, and I was required to join a mining pool. Then, I’d need to create an account on which to trade my cryptocurrency for Bitcoin. I’d come so far, getting a test rig operational and pouring over research. Yet I realized I had just scratched the surface of cryptocurrency mining.
In my next installment, I’ll expand on my mining adventures. We’ll discuss setting up a wallet and joining a mining pool. Look to this space for more of my adventures in Bitcoin!