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Mining Suckers: Coinmine "Holy Shit" Scheme

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Published : February 11th, 2019
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Category : Invest

Coinmine offers a $799 mining box. Let's investigate coinmine for obvious flaws.

Holy Shit Experience

Obvious Losers

Not everyone who buys a coinmine will lose money. Rather, the expected return from one of these units is negative from the get-go and will be increasingly negative as mining cards and the competition improves.

Printing Money in Minutes?!

Why not order 20? 1,000?

Digging into the details

Let's dig into the details. Coindesk reports The $799 Coinmine One Will Look Like an Xbox and Mint Crypto Money.

For $799, the Coinmine One will sport a miner that can generate any one of the following out of the box: ether (ETH) at 29 Mh/sec, monero (XMR) at 900 h/sec, zcash (ZEC) at 320 h/sec and ether classic. With updates next year, it also expects to be able to run a stake for a Bitcoin Lightning node, Dfinity or Filecoin.

It uses roughly as much power (120 watts) as a PlayStation 3 during game play and runs at 40 decibels (quiet compared to the cacophony created by other mining products).

If the company is right and consumers love it, don’t look for today’s mining hobbyists to agree. There’s nothing about its specs that compares to other miners sold on the market today that those much more tech savvy users are using. Coinmine One’s hash rate is much lower than those devices, and the price for its hash rate is higher.

Mining Suckers

Here's the deal folks, and it should be obvious.

Yes, coinmine will "mint money", for itself of course. This is called mining suckers.

If Coinmine mining actually turned a profit, the company would not be selling the boxes, they would be running a coin mining operation.

Source : moneymaven.io
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IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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