In the early days of cryptocurrencies, a person could mine to their heart’s content with a basic laptop. Boy, has that changed. Today, a coin mining rig costs in the thousands; sucks electricity like a vampire in a feeding frenzy and generates tons of heat and noise. Coming from the electric utility business, I found the power appetite of these monsters appalling. One article reported 13% of all power use today is going to coin mining!
Gone are the days of slipping your PC online to grab a bit of the gold rush, er, coin rush bounty. With one company even designing and selling self-contained mining operations in 40’ shipping containers. Just plunk
it down near a reliable power source and start mining. If, of course, you have $1M to invest.
Fear not, though. As with any market, where there are opportunity and need, some enterprising company will find a way to fill the need. Enter Coinmine One. A sleek, affordable, energy-sipping dedicated coin mining PC targeting individuals who want to take advantage of the coin mining opportunities. According to an article by Fortune, two entrepreneurs have gotten together and developed a low-cost alternative for those lacking significant amounts of cash.
Backed by some well-known companies and venture capitalists in the cryptocurrency space, the device will enable people to plug it in, turn it on, and make money while they pursue other activities like eating, sleeping, and working their day jobs. According to the developers, the rig is very quiet (no dB ratings provided) and uses about as much electricity as a vacuum cleaner.
I mentioned being in the electric utility business for years, right? Well, my instinct is to calculate the operating cost. Going to a cool calculator for energy use, I plugged in some appropriate values and generated the following results.
Notice the unit draws about 1400 watts. That is a lot for a PC. Generally, PCs are in the 400 – 650-watt range unless outfitted with fire breathing graphics cards. Still, it draws less than what other units consume. A lot less.
There are a couple of important points to make. Owners of these units have the coins their rigs mine held on the Coinmine servers. Users can go collect them at any time apparently, and the folks at Coinmine take a 5% commission. That doesn’t seem too bad to a novice in the business like me.
The second point is that the unit is not powerful enough to mine Bitcoin. It can handle all the other currencies and is designed to be upgradeable as new currencies are introduced in the future. If you have your heart set on mining Bitcoin, you’ll have to take a pass on buying the Coinmine One.
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