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Coinmine One: Mining Becoming a Part of Everyday Life

Many startups have tried, but an everyman device hasn’t yet been available. Smart money is a startup willing to bet that the situation will change thanks to Coinmine

The post Coinmine One: Mining Becoming a Part of Everyday Life appeared first on CoinStaker | Bitcoin News.

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Many startups have tried, but an everyman device hasn’t yet been available. Smart money is a startup willing to bet that the situation will change thanks to Coinmine. The startup’s first product is the Coinmine One. The hardware device will be aimed at crypto miners, who are looking to earn rewards for mining without the requirement of a technical skill set.

Coinmine has backing from investors like Coinbase Ventures and Arrington capital. The Coinmine One will be available for a starting price of $799 and will start shipping in roughly 30 days. Additionally, the company refused to provide a concrete date or name a target for the sales. According to Farbood Nivi, the company’s CEO there is a huge market appeal. Nivi believes the market will have room of millions if not tens of millions of the Coinmine One.

The project was heavily backed by the investor Chapter One Ventures.  The main reasons for the app’s support for the Coinmine One is because of the new opportunities. With Coinmine One many new people will have the ability to get involved and support the crypto infrastructure. In a way many people will be able to enjoy mining like they enjoy games on consoles like PS4 or Xbox.

Coinmine One will sport a miner, which can generate: ether (ETH) at 29Mh/sec, Monero (XLR) at 900h/sec and zcash (ZEC) at 320h/sec. There are also planned upgrades for 2019, which will reportedly enable to run a stake for the bitcoin lightning nodes Dfinity and Filecoin.

Power consumption is also not a large issue. The amount of power consumption is around 120 watts, which is roughly the same as a Playstation 3 while gaming. Another issue handled perfectly is the sound.

The system operates at 40 decibels and it’s a huge improvement from the opera concerts performed by other mining products. This means, most people will be quite happy with leaving the Coinmine One in a room visible by guests.

Coinmine One is the perfect for every household

In an effort to make the system more user-friendly, automatic updates will be made every time the protocol is changed and when more coins become available. Earnings can be managed/viewed at all times by an app.

Nivi also believes that even if the miner price is instantly reduced by over 30% it would still be impossible for normal people to afford them. Not to mention that most people won’t have sufficient room and will not want to deal with the hardware overheating and the extra noise. To top things off, almost no one will know how to update when the protocols change.

This is why Nivi believes people are looking for a way to join the mining world with a lower path of entry. Coinmine One will essentially remove all the hard work. The system will try to keep up with the constantly evolving and changing crypto world.

In the past, there were some attempts for house miners but most of them did not go well. Butterfly Labs, Alpha Technology and GAW Miners’ mining products all failed the test of time. With Coinmine One’s low decibels and even lower utility costs, it’s safe to say that a new category of devices is born.

And with profit being the question on everyone’s mind, Nivi believes that low energy prices and home-friendly set up is something that Coinmine One will offer to crypto enthusiasts, not profit seekers. People cannot expect to earn millions by investing $799 a single time. Coinmine One can also run only a single proof-of-work token at a time. With updates, Nivi thinks the system will be able to run several proof-of-stake tokens with ease.

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Source: https://www.coinstaker.com/coinmine-one-mining-becoming-a-part-of-everyday-life/

Blockchain

Indian Olympic Medal Winners to Get Free Bitcoin (BTC) and Ethereum (ETH)

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The cryptocurrency platform Bitbns intends to open a systematic investment plan (SIP) in digital assets for Indian athletes who win medals at the ongoing Tokyo Olympics. The exchange will reportedly grant around $2,700 in crypto for gold medal winners.

‘Faster, Higher, Stronger’ And Earn Crypto

The Economic Times reported that Indian athletes at the Olympic Games could receive cryptocurrencies as a gift if they manage to win a medal at the tournament in Tokyo.

The trading venue that will reportedly provide the offer is Bitbns. The first athletes that can get cryptocurrency exposure for free are the winners Mirabai Chanu and PV Sindhu. The former won a silver medal in 49 kg women’s weightlifting while the latter acquired bronze in the women’s singles badminton at the Tokyo Olympics.

Bitbns plans to roll out a SIP account and grant nearly $2,700 in digital assets for Olympic champions, $1,350 for silver medal winners, and $675 for bronze medalists. It will transfer the amount into their accounts, and after completing the Know Your Customer (KYC) norms, the athletes will have exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The trading venue explained that it would structure the SIP for a 3-5 year period, and thus the medal winners will be able to generate profits in the long term through Bitbns. Gaurav Dahake – the Chief Executive Officer at the platform – noted:


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“Bitcoin and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”

Indians Love Cryptocurrencies

According to a recent research, Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly.

What is even more impressive is that Indians, who are well-known gold admirers, started switching their investment strategies from the precious metal to virtual currencies. A local investor explained:

“I would rather put my money in crypto than gold. Crypto is more transparent than gold or assets and yields higher returns in a shorter period of time.”

The survey added that the number of people who trade cryptocurrencies in India is 15 million. It significantly surpasses a well-developed country such as the UK, for example, where 2.3 million individuals have entered the market. Sandeep Goenka – the co-founder of the platform ZebPay – revealed the reasons why the second-most populated country saw this massive increase:

“They find it easier to invest in crypto than gold because the process is so much simpler. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”

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Source: https://cryptopotato.com/indian-olympic-medal-winners-to-get-free-bitcoin-btc-and-ethereum-eth/

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Coinbase halts Bitcoin SV trading after yet another 51% attack

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Bitcoin SV is in trouble once again after Coinbase announced that it will be halting BSV trading on the platform. This update came on the back of a string of attacks the network has been facing since late June. As per the announcement made by the exchange,

“Due to the 51% attack that has occurred on BSV today we are stopping all BSV trading.”

Bitcoin SV was the target of a massive 51% attack early on Tuesday, an attack which was called “the largest since launch” by Blockchair developer Nikita Zhavoronkov. He further claimed on Twitter that the reorganization was 100 blocks deep and wiped out 570k transactions.

The attack was first brought to the community’s notice by CoinMetrics’ Lucas Nuzzi. Arguing that “some serious hashing power” was unleashed on the network early on Tuesday, he revealed that up to three versions of the chain were being mined simultaneously across pools.

Coinmetrics later confirmed that the firm’s own blockchain security monitoring tool FARUM identified the attack.

The Bitcoin Association also confirmed the incident on Twitter, recommending node operators to mark the fraudulent chain as invalid. It’s worth noting, however, that at the time of writing, the Association had released yet another statement on the same.

It said,

“…. believes that this is the same attacker that previously initiated block re-organisation attacks against the BSV network on June 24 and July 1, 6 & 9, 2021.”

Coinbase’s action made waves in the community. However, such steps are perhaps routine for the network now. In the past, BSV has been dropped by top exchanges like Gemini and Binance. It also saw several exchanges block withdrawals and deposits for the asset as liquidity providers suspended access to the token’s liquidity. This was preceded by more attacks in the last week of June and the first week of July.

As far as Coinbase is concerned, the exchange is yet to reveal when it might restart trading services for Bitcoin SV. With many in the community at sixes and sevens, it’s unlikely it’s going to be anytime soon.

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Source: https://ambcrypto.com/coinbase-halts-bitcoin-sv-trading-after-yet-another-51-attack

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Looking To Pull An El Salvador, Spain Considers Bill To Allow Mortgage Payments In Crypto

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Looking To Pull An El Salvador, Spain Considers Bill To Allow Mortgage Payments In Crypto

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Cryptocurrency and blockchain are becoming quite mainstream as of this year and it’s likely that just about any financial transaction will be able to be completed via the use of crypto in the next few years. Of course, there are bodies pushing against the integration given the lack of regulations and the fact that it could help finance illicit acts.

However, the crypto wave is continuing to grow despite all of the recent adversity. And, according to Spanish paper 20 Minutos, Spain could begin to allow persons to pay their mortgages with crypto pretty soon.

The publication reports that Spanish lawmakers are perusing a proposal that would see to the above. The Digital transformation Law, as it’s called, would make it so that crypto and blockchain become legitimized, while tax incentives are being considered for institutions keen on working under the artificial intelligence umbrella, which would include blockchain tech.

Spain’s incumbent People’s Party is intent on having the country’s banking infrastructure catch up to the times in terms of tech and will promote the use of digital currencies, as well as various other transformative technologies. The proposal suggests that the country’s whole mortgage system should undergo reform, in addition to having crypto payments possible.

El Salvador Took The Lead

This comes on the back of El Salvador’s move to accept bitcoin as legal tender. The Central American nation is very pro-crypto in such regard and it appears they have set the stage for other countries to naturalize digital assets, so to speak.

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Where Spain is concerned, the current proposal advises that banks use blockchain as a means of operating the mortgage system while making use of smart contracts for insurance.

“Introduction into the mortgage system – it also proposes that banks use Blockchain technology to manage mortgages, insurance and speed up compensation – it proposes to extend it to insurance policies, with ‘smart contracts’ with conditions depending on the procedures to be followed, the verification processes and potential incidents.“

El Salvador making bitcoin legal tender was a huge move and we aren’t yet to see the full scope, although the country’s population stands at just 6.5 million so they aren’t expected to have that great of an impact on a worldwide scale. Spain is a different case, however.

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Source: https://zycrypto.com/looking-to-pull-an-el-salvador-spain-considers-bill-to-allow-mortgage-payments-in-crypto/

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