CTO Coinbase: It’s Time To Mine Cryptocurrencies At Home

Coinbase chief technical officer Balaji Srinivasan puts on a new Coinmine startup that opened pre-orders for a home miner yesterday.

Balaji Srinivasan hopes that such technologies will reverse the trend for centralized mining:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”

Earlier in 2015 Srinivasan founded a start 21.co, to introduce bitcoin miners in devices for everyday use. Later the startup became Earn.com, allowing you to earn bitcoins by answering emails and completing other tasks. Coinbase has acquired a startup and now supports the Coinmine project, which also specializes in mining at home.

According to the technical Director of the crypto-exchange, behind such investments is the belief in a diversified crypto-economy:

“In 2015, only bitcoin had a significant share, so the resistance of any approach to decentralized mining was opposed to BTC, while now 1000 plus new digital assets.”

CTO Coinbase’s optimistic view of the new startup is based on its ability to expand the range of altcoins available for mining: tezos, casper, dfinity, filecoin, spankchain, polkadot, cosmos and foam are expected to be connected in 2019.

Experts of the mining industry Express doubts about the possibility of making a profit with the help of Coinmine devices. Rob Paone said that for $ 799 users can earn $ 5 a day, excluding electricity costs. For convenience, users will automatically connect to the mining pool and pay 5% commission. However, perhaps the target audience of the new product does not consider $ 799 a major investment and will appreciate the opportunity to contribute to a decentralized future, said the technical Director of Coinbase.