Review: Coinmine

Cryptocurrency is hot right now, so I thought I’d see how the mining platform Coinmine worked. Coinmine is building its brand on the motto “Crypto made easy.” They are very correct. It is super easy. Over the first two month, however, the Coinmine machine cost me more in energy than it created in Bitcoin and Ethereum. I split the time between the two largest digital coins to see if it had any impact on the output. Nope.

To Coinmine’s credit, the company doesn’t propose that the machine will be a good investment at current cryptocurrency prices, but they do start their mining calculator at above average valuations leading the user to future pace what may never happen — bitcoin at $20,000. It’s true that if bitcoin does trade that high, then the machine will likely pay for itself in the first year, and if BTC reaches obscene levels like the $1 million per coin range theorized by some then the $600 I spent on the machine will be money well spent. In the meantime, it’s not economical for me to use it.