New Plug-and-Go Hardware and App Are All You Need to Cryptomine

[Guest]

Coinmine is a new device and companion app that lets you cryptomine Ethereum, Monero and Zcash without building your own system.

New Plug-and-Go Hardware and App Are All You Need to Cryptomine : Read more

 

[Dyseman]

Sooo, probably at today's prices, this thing will bring in .40 cents per day before electricity costs. (That's going off what my RX580 is doing right now under current best algo w/o CPU helping out)

 

[jimmysmitty]

Sooo, probably at today's prices, this thing will bring in .40 cents per day before electricity costs. (That's going off what my RX580 is doing right now under current best algo w/o CPU helping out)

Basically not worth it. Probably wont be able to pay it off at all depending on electricity costs. If it was an ASIC then it might be a different story but GPU mining is iffy at best unless you mine a super easy and cheap coin and it sky rockets in value.

 

[takeshi7]

This seems like a horrible value. $800 for a single GPU. For just a little bit more you can get an ASIC miner with an order of magnitude better performance.

 

[Dyseman]

And, if this is a CLOSED system, how much do they leach for doing the honors of letting you use their system?

My M3 ASICs have more than paid for themselves many times over for just $300 ebay. They each still bring $4 to $9 per day each. (I don't pay electric) As long as SHA-256 exists, these will purr right on along.

 

[Roland Of Gilead]

And of course with the DAG files increasing all the time and already above 3gbs for most coins, the 4gb 570 is a waste of time. It would have to be replaced. Of course this plays into the hands of the supplier. Easy money playing on some teen or newbie to sell this garbage and make a fast buck. Call me cynical or whatever!!....

 

[Corporate_goon]

So did you just re-print their press release?

 

[alextheblue]

And of course with the DAG files increasing all the time and already above 3gbs for most coins, the 4gb 570 is a waste of time. It would have to be replaced. Of course this plays into the hands of the supplier. Easy money playing on some teen or newbie to sell this garbage and make a fast buck. Call me cynical or whatever!!....

Indeed, an 8GB Polaris doesn't cost much more and it would give you a ton of breathing room. That price is pretty bad when you consider the only expensive component is a single Polaris GPU, and they used the cheapest one possible.

That said, I'm not even sure if there's any coins worth mining on a GPU anymore, unless electricity is free.

 

[cryoburner]

This seems like a horrible value. $800 for a single GPU.

Yep, a $40 CPU with a $140 GPU. It's possible to build a system with the same specs for under $400, or one with multiple cards for $800. Or a more capable system with a proper CPU that can actually serve a purpose as a decent computer system once they discover that they'll be lucky to turn any real profit with it. Even if this system draws only 120 watts, at the current average price of electricity in the US, that would be somewhere around $140 worth of electricity used each year. Added to the initial cost of the system, one would need to recoup a fair amount of money before showing any profit.

Also, as a correction to the article, on their site they describe it as having a "1TB Hardrive", not a "1TB SSD". I'm pretty sure a huge SSD wouldn't serve any useful purpose in a dedicated mining system.

Plus, cryptomining systems tend to be bulky and gobble up a lot energy—some can consume more megajoules than mining copper, gold, platinum or rare earth oxides does—producing a lot of heat and noise.

But with Coinmine, miners won’t need to build their own mining system and can run different types of crypto networks on the same hardware.

Logically, a system with more graphics cards should require less power for a given amount of cryptocurrency mined, which is why they make those big, multi-card systems. A relatively weak, single-card mining system would probably be slightly less efficient, if anything. From an environmental standpoint, cryptocurrency-mining is not particularly good, either way.