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WATCH: Coinmine Adds Interest Payments to Its At-Home Crypto Miners

The company now offers 6.5 percent interest on earnings held in Coinmine wallets.

Nov 14, 2019 at 3:46 p.m. UTC
Updated Sep 13, 2021 at 11:42 a.m. UTC

https://www.youtube.com/watch?v=EdD4DsKi-AU&feature=youtu.be

When the super-sleek – and super-divisive – Coinmine machine hit the crypto markets, people were at once impressed and annoyed.

The device, looking like the love child between a monochromatic cyborg and an Xbox, was made to allow anyone to run a full node without the fuss of downloading an entire blockchain or even having to understand the command line.

The device, which we profiled here a year ago, is now adding more tricks to its arsenal. First, the miner is $100 cheaper, down from $799, and the system now offers 6.5 percent APR on earnings held in Coinmine wallets.

The goal? To get Coinmines into more (early-adopting) homes.

"As more people purchase Coinmines, the better pricing we can get from our supply chain," Coinmine CEO Farbood Nivi told CoinDesk in a video interview in New York. "Our philosophy is to make things better, faster, and cheaper."

The company doesn't exactly want a miner in every home, although Nivi as said he wants to expand the market. Instead, he sees the device as a gateway into the world of crypto.

"Crypto actually creates a single financial world for everyone in the world to live in," he said. "I think you'll have a ton more control over your actual wealth."

In this interview with CoinDesk's Danny Nelson, Nivi talks about growth plans as well as the effects of recent tariffs on products manufactured in China.

Coinmine CEO Farbood Nivi image via CoinDesk archives

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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