Is Buying A Coinmine One Worth It? THE TRUTH [Bitcoin, Ethereum, Monero, Zcash, Grin]

Timestamps: ?
0:35 What First Put Coinmine on my Radar
1:07 Initial Green Flags
1:48 What's Different About The Coinmine One? + Unboxing
2:39 Tech Specs
3:04 How Profitable Is a Coinmine One?
5:47 What's the Catch?
6:22 Coinmine $2.5 Million Seed Round
7:03 Final Thoughts – Is It Worth It?
8:47 My Coinmine

Fabulous video!

@altcoindaily – Here is what people want to know….

BREAK EVEN POINT = Roughly 215 days (Results may vary…see below)

4000 satoshi's per day is equivalent to 0.0004000 BTC which is currently valued at $3.80 USD per day (BTC @9500). According to the Coinmine One website, the miner uses an average of 160watts continuous. Thats 3.84 kWh being used in a 24hr period. In Texas, electricity is fairly cheap (F-ing coal burning ?) at $0.10 per kWh which includes all taxes and fees.

Summary of earnings at BTC=$9500
Per day….
4000 satoshi's / 0.00040000 BTC = $3.80
Electricity cost = $0.384 @ $0.10 per kWh
Mining fee = 5%

$3.80 – $0.384 = $3.416
$3.416 – 5% = $3.245 (Daily earnings)

Coinmine one is currently selling for $700 USD on their website. A 10% discount can be earned if you buy 10 or more units.

$700 ÷ $3.25 = Break even point = 215 days

Also, the Coinmine One website says shipping takes 4-8 weeks!!! which means your break even point will actually be 4-8 weeks further down the road since you'll be parting with your cash the moment you order the device. Thats 4-8 weeks you wont be mining.

I literally new about coinmine for a while I been putting it aside and buying as a good hodlr that I am but honestly I got to the point to do my research too and I just got one. Your video just confirms that it was a good purchased too.

Hot garbage

I spotted the weed box!

Ubuntu+GPU riser cluster = Profits

wouldn't you be better off just buying $700 worth of bitcoin? especially with it under $10k

Hey Austin! This type of content is amazing please do more!!!!

I have a question when eth switch to pos you wouldnt be able to mine it any more?
What are the most profitable coins to mine? Because the best way to go is to mine the most profitable coin and trade it to btc. can you give another update in a month or so to see how everything is going.

I bought one for my grandmother ?? on good days she loves it, on bad days she’s thrown various items-shoe ? cereal box etc. at the device. Thanks for your input!

I was waiting for something like this. Maybe the 2.0 can bring more firepower or a smaller price tag. Let’s see.

68 years to mine a full BTC ?. Still cool though.

Sounds great if you want to help to secure the network. Profits, not so much. Around one Ether a year. Plus they take 5% of withdrawls. Not really worth it. I'd rather buy a shark mining rig or build one myself. Thank you for the review though!

Don't want to shill the site, but your better off staking BTC like I'm doing. I'm earning almost 4000 Satoshi in interest daily, don't have to worry about hardware and electric cost. Def good for you since you got 1 for free! I think it would be hard to ROI your 700 dollars

Can I use it as a space heater? (I'm only partially kidding.)

why? and at what cost? Sort of like these FPGAs that come out that make next to no money, cost more than GPUs, and you gotta pay yet again for the "public" bitstream

Sounds like the answer to the question posed is ''No''.

The most important part of making a decision on whether or not you would use something like this is The upfront cost. what is it?

you buy it and pay a 5% fee and electric costs! The hash rates seem low. Not a good investment if you know what you are doing you could save a lot of money and make more returns building your own.

How many coins or maximum coins you can mine at the same time? And when mining those coins simultaneously does that affect the maximum coins can be earned in a day? Thank you

You do know that there is one graphics card inside that a motherboard with ram and cpu…for that cash I could build a miner with 5x the hash rate.

Ordered 2 about 7 weeks ago. Still awaiting the delivery, but excited to get started. Like you mentioned, i like the idea of just turning them on and letting them run. Eventually i'll have 1 BTC. May take years, but it's a nice way to support the network and the industry as a whole. For sure don't spend the rent money on one, but every little bit helps us toward mainstream adoption.

After reading the reviews written by people smarter than me, I'll pass. But, interesting topic, thanks.

And all the talkin you did about this coinmine one never once did you mention what the price was?

Love your channel but at less than $0.50 a day, you won’t live long enough to ROI.

Sounds very interesting. Thanks for the heads up keep rockin

Voskcoin says Coinmine One loses money at 12 cents a KWH.

Coinmine two is coming out in January so hold your cash for now my opinion!!!!!

silly, its 1 video card, just put a good video card in a computer and run nicehash.

4000 a day will take 25,000 day to get a full btc wont it? Thats around 70 years unless my math is way off.

Wow it’s a rx 570 or 580. I know people waste money but come on! My 580s are making 20 cents a day with .065kw power. How much is machine? 700 / .20 so maybe in 10 years you could pay for machine? Take the money and buy bitcoin!

"You'll eventually have one full bitcoin!" Super misleadeading when you could have done the math and said you will have one full bitcoin in 70 years!

coinmine isnt very good at all and there not optimizing it there using miners by 3rd parties using there miners you can build a similar system to this for far less money

Let's say 1,46 mil sats yearly is worth $130 (if BTC price stays around $9000) The ROI is 18,6%. Compare that to a pretty OK real estate investment: 2% ROI. I'd say that is pretty damn good. Thanks for a great video!!

Ok 100,000,000 Satoshis to 1 BTC if you achieved 5,000 Satoshis per day? Forget ROI it would take 54 years to get 1 BTC. Sounds like a good deal to me. Considering I'll be dead and gone in 30. When they said. This is not a get rich quick scheme. Thay really ment it. I love honest people ?

$4000 sats x 365( days) * 68.5( years ) = 1 BTC

Still a cool device! I wish i could test one out :).
IMO id use this just to mine GRIN …. BTC is almost cheaper to buy.

If i could have the hardware for free well yeah i would mine coins with it for sur why not?…

Mental ?

Sounds like a good little device wish I could have thought of it first! Even tho it's $700 I'll be interested in trying it…

are there government taxes you pay per year on your earnings or is that taken out as well – just wondering how to report taxes or earnings – thank you – I am pretty novice in this space

LOL 5000mhs bitcoin??? I have an antminer U3 I could hook up and get 63ghs ???
Edit: wow… 5% fee ?
Great review tho! ?