Coinmine One: Waste of Money or Bitcoin Mining Innovation?

We took apart a Coinmine One and talked to CEO Farbood Nivi to get an insider look at the mining gadget taking the cryptocurrency world by storm.

“The whole point of crypto is that there is no guaranteed money anywhere.”                                                                                                                         – Farbood Nivi

Coinmine is led by Farbood Nivi, CEO and founder, and is based out of Los Angeles. The company is backed by some of the most prominent companies in crypto, including Coinbase Ventures, Social Leverage Capital Fund, and Morgan Creek Digital (Anthony Pompliano’s fund).

The Coinmine One is a do-it-yourself home mining console, similar in size to an Xbox or a desktop computer. The device is designed for the average person to be able to participate in cryptocurrency mining with minimal technical know-how. All you need is the device, a smartphone, and a wi-fi connection. In an exclusive interview with Crypto Briefing, Nivi said of Coinmine:

“We think there are a lot of people who want to participate in crypto beyond just trading. The only semi user-friendly experience has been exchanges, such as Coinbase or Robinhood. We think that part of what has been holding back crypto ⁠— and participation in it ⁠—  is simply the amount of time and difficulty in building crypto hardware.”

Coinmine User Experience

Receiving the Coinmine One was much like getting any new tech gadget. The designers clearly took a page from the playbooks of leading marketing gurus. In fact, the Coinmine One comes in two colors, black or white, and comes in Apple-esque white on black packaging.

The inscription on the cover reads “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This line refers to the text included in the code of the initial block ⁠(or genesis block ) on the Bitcoin blockchain. Clearly, Coinmine wants the user to experience the…

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