Coinmine
12 known investors
Coinmine makes the Coinmine One, a plug-and-play consumer device for mining and earning cryptocurrency at home.
Also known as Coinmine, Inc.
Investors · 12
Also in the syndicate · 9
Company profile
researched Aug 2026Coinmine, Inc. is a California-based consumer crypto hardware and software company whose single product is the Coinmine One, an all-in-one home cryptocurrency mining device. The device is set up and controlled entirely through Coinmine's iOS and Android apps: the user plugs the unit into a wall outlet, connects it to Wi-Fi via the app, and selects a coin to mine. Mined coins are held in an in-app wallet, and the device receives over-the-air software updates that add coins and features.
The Coinmine One launched in November 2018 at $799 (later listed at $699 in October 2019, per one review) and initially supported Ethereum, Ethereum Classic, Monero and Zcash. Updates during 2019 added Grin mining, bitcoin payouts, a roughly 30 percent reduction in energy consumption and a 5 percent increase in ether hashrate. The device does not mine bitcoin directly; in "Bitcoin Mode" it algorithmically mines whatever converts best to bitcoin and pays the user in BTC at current market prices. Units ship with a full Bitcoin node and a Lightning Network Daemon, with Lightning functionality planned to be enabled via a later wireless update. By March 2020 an investor described the device as token-agnostic across seven coins, with tokens storable in a wallet and able to earn interest through integrations such as Compound Finance.
Founding story
Coinmine was founded by Farb (Farbood) Nivi, who serves as CEO, and industrial designer Justin Lambert, and is based in Los Angeles.
Business model
Coinmine sells hardware directly to consumers and additionally takes a 5 percent cut of all cryptocurrency mined on its devices, which it says funds the MineOS operating system and ongoing over-the-air updates.
Two revenue streams: one-time device sales (listed at $799 at launch and $699 in October 2019, with bulk discounts of 5 percent on three or more units and 10 percent on ten or more, and financing via Quadpay) plus a 5 percent commission on mined coins.
Traction
Coinmine reported growth of more than 50 percent month over month since April 2019, driven by word of mouth; over 10 percent of customers purchased two or more devices; and the product return rate was under 4 percent, which its investor M13 contrasted with a 20 percent industry average. The CEO declined to disclose sales or revenue figures but said the company was on track to beat 2019 sales targets. A company spokesperson said a Coinmine One generates roughly $15-$20 per month of bitcoin at then-current prices.
Latest developments
In March 2020, venture firm M13 published a post detailing its investment, citing 50 percent month-over-month growth, a 4 percent return rate, support for seven coins and interest-earning integrations such as Compound Finance, plus plans for MineOS to run across other personal devices.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
A niche consumer-facing entrant in cryptocurrency mining hardware, positioning the Coinmine One as the "first all-in-one crypto device" for average consumers rather than competing with industrial ASIC manufacturers such as Bitmain.
Coinmine emphasizes consumer-grade simplicity — app-only setup, quiet operation, over-the-air updates and an integrated wallet — versus self-built rigs, and claims MineOS is the only plug-and-play route for consumers to obtain newly launched tokens such as Grin and Handshake before they are listed on exchanges.
Technology
The Coinmine One is built around an AMD Radeon RX 570/RX 580 GPU (reported as 4 GB at launch and 8 GB in a later review), an Intel Celeron CPU and 8 GB of RAM, drawing roughly 120-160 watts and operating at about 40 dB. Reported hashrates include 29 Mh/s for Ethereum, 900 h/s for Monero, 2.7 gps for Grin and 300 sols/s for Zcash. It runs MineOS, a proprietary operating system Coinmine began building internally in 2018 that handles automated overclocking and undervolting, and automatic over-the-air updates; it also ships with a full Bitcoin node and Lightning Network Daemon. Coinmine has described a longer-term ambition for MineOS to run on any personal device (Mac, PC, game consoles) and pool unused computation.
Go-to-market
Direct-to-consumer online sales, payable in crypto or USD, with shipping quoted at four to eight weeks and official shipping to the United States, United Kingdom, Canada and Australia. The company reported growth driven by word of mouth, and it partnered with DeFi and crypto-lending services to add yield features.
Mainstream, non-technical consumers and crypto hobbyists who want to mine or accumulate cryptocurrency at home without building or maintaining a rig; investor commentary frames the market as the large share of crypto owners who currently only trade.
Geography
Headquartered in Los Angeles, California; devices officially ship to the United States, United Kingdom, Canada and Australia, with additional countries listed on the order form.
History
The company emerged publicly in November 2018 when it announced roughly $2 million in backing from investors including Coinbase Ventures and put the Coinmine One on sale. It began building its MineOS operating system internally in 2018, shipped updates through 2019 adding Grin mining, bitcoin payouts and efficiency gains, announced a $2.5 million seed round in August 2019 bringing total funding to $4.5 million, and by early 2020 had added DeFi integrations and expanded supported coins.
Risks & controversies
Economic returns to owners are modest and contested: the company cited roughly $15-$20 per month in bitcoin value, while one cited report estimated the device would take 45 years to pay for itself. The 5 percent cut of mined coins reduces user yield, returns depend on volatile crypto prices and mining difficulty, and the broader mining hardware market has been under pressure (a source notes Bitmain's $310 million quarterly loss).
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 4
launches, deals, and filingsSeed financing led by Los Angeles-based M13 with Republic Labs, Gumi Crypto, Canaan Beta and Shervin Pishevar; proceeds earmarked for expanding the engineering team and adding cryptocurrencies and features to MineOS.
$2.5M source ↗
Coinmine added the ability for users to receive mining payouts in bitcoin (the device mines whichever coin converts best to BTC) and partnered with Compound Finance, Cred and BlockFi to let users earn returns on mined assets.
Reported combined total of $2 million raised from funds including Coinbase Ventures, Social Leverage, Wonder VC and Arrington Capital, plus angel investors.
$2M source ↗
Coinmine's debut plug-and-play home mining device went on sale, featuring an AMD RX 570 GPU, Intel Celeron CPU and 8 GB RAM, consuming about 120 watts, with Coinmine taking a 5 percent cut of mining proceeds.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Coinmine Multi-cryptocurrency Mining Pool - Reviews and Features | CryptoCompare.comcryptocompare.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Coinmine do?
- Coinmine makes the Coinmine One, a plug-and-play consumer device for mining and earning cryptocurrency at home.
- Who are Coinmine's investors?
- Coinmine's investors include Canaan Partners, Coinbase Ventures, Oyster Ventures.