After 24 hours of mining on the Coinmine One, I've earned only $0.28 🥴

0xcosmos

full member

Activity: 585

Merit: 110

Quote from: mak013 on November 30, 2019, 05:15:10 AM

Quote from: crairezx20 on November 28, 2019, 02:20:05 PM

The price is around $699 which is you can build smaller specs with rx580 and earn the same amount of profit or higher(Depends on the coin you mine.)

You build the same specs here around $200 the price of AMD rx570 and rx580 2nd hand is very cheap nowadays.

Its possible even to find 470-480, and the price i see both for 4xx and 5xx series is about $70-90 for 2-3 years old GPU. Surely they have some problem but if you have some experience with computers, its easy to fix it.

true and if there is even a few months warranty left
one can easily rma it and receive a new one
even if they are selling it for a bit more with warranty
it will be a really good deal none the less

mak013

hero member

Activity: 2492

Merit: 761

Quote from: crairezx20 on November 28, 2019, 02:20:05 PM

The price is around $699 which is you can build smaller specs with rx580 and earn the same amount of profit or higher(Depends on the coin you mine.)

You build the same specs here around $200 the price of AMD rx570 and rx580 2nd hand is very cheap nowadays.

Its possible even to find 470-480, and the price i see both for 4xx and 5xx series is about $70-90 for 2-3 years old GPU. Surely they have some problem but if you have some experience with computers, its easy to fix it.

AnkleBiter

newbie

Activity: 23

Merit: 1

Between price and shipping delays, I don’t think their ready for prime time yet. Had one on order, waited 15 weeks, then canceled. Each time I reached out they said it would ship in 2 weeks only to not have it ship out.

joshy23

sr. member

Activity: 1078

Merit: 256

Quote from: crairezx20 on November 28, 2019, 02:20:05 PM

Quote from: tg88 on November 28, 2019, 11:00:03 AM

No doubt a creative way to sell outdated hardware for high value.

GPU: RX580 8GB GPU.
CPU: Intel Celeron CPU.
RAM: 8GB RAM.
Basic motherboard and PSU ...

Roll Eyes

The price is around $699 which is you can build smaller specs with rx580 and earn the same amount of profit or higher(Depends on the coin you mine.)

You build the same specs here around $200 the price of AMD rx570 and rx580 2nd hand is very cheap nowadays.

A lots of 2nd hand RX series are being sold cheaply so why bother to buy this rig if you can build your own to a much cheaper price. If you still considering mining then building your own mining rig is better than supporting this. If you have broad knowledge and you still trusting your instincts that in the near future everything will bounce back.

crairezx20

legendary

Activity: 1638

Merit: 1046

Quote from: tg88 on November 28, 2019, 11:00:03 AM

No doubt a creative way to sell outdated hardware for high value.

GPU: RX580 8GB GPU.
CPU: Intel Celeron CPU.
RAM: 8GB RAM.
Basic motherboard and PSU ...

Roll Eyes

The price is around $699 which is you can build smaller specs with rx580 and earn the same amount of profit or higher(Depends on the coin you mine.)

You build the same specs here around $200 the price of AMD rx570 and rx580 2nd hand is very cheap nowadays.

tg88

legendary

Activity: 2492

Merit: 1429

Payment Gateway Allows Recurring Payments

No doubt a creative way to sell outdated hardware for high value.

GPU: RX580 8GB GPU.
CPU: Intel Celeron CPU.
RAM: 8GB RAM.
Basic motherboard and PSU ...

Roll Eyes

huntingthesnark

member

Activity: 357

Merit: 26

Quote from: undertheradar47 on November 27, 2019, 09:39:53 AM

This device isn't worth the cost today, but perhaps once they roll out lightning network/interest-earning features I'd reconsider.

But $700 is too much for anyone to pay for the Coinmine One

https://www.youtube.com/watch?v=9ZWFlZRDSO4

Well placed 'influencer video' though, they're really putting the work in on the promo front.

MATHReX

sr. member

Activity: 861

Merit: 281

1. About the hardware of this miner.

There is just one information about it that it contains RX 580, Celeron CPU and 8GB RAM.

2. Regarding Profitability. Spoilers: There isn't any.

Let's consider going with ETH first. As it contains an RX580 GPU. The max hashrate it can provide is 31 MH/s in the best case scenario consuming around 200W for the whole system. Considering that we can estimate it will earn 0.0021 ETH per day with an electricity cost of $0.48 per day. ( 10 cents per KW )
So, in a year we will only make 0.7665 ETH considering that hashrate remains the same excluding electricity.
If we include electricity it will result in a net loss of $62.5 with the current price.

Whereas

In the website, it says that if you mine ETH and sell it at the current price after 1 year you can make $137 which is rough ~ 0.95 ETH.

How?

Second, let's go with Monero (XMR). As everyone knows that Monero is switching to RandomX algorithm. It'll make mining obsolete for GPUs. Still, they think you can make this much at the current price.

Third, lets go with BTC. According to the website, you can make $231 at the current BTC price.

For this, the machine needs to have an hashrate of 13250 GH to make that much in a year.
There is seriously no information about the hardware used to achieve that much in SHA256.

3. Verdict

As mining as hit a downturn and you can easily build a rig for half the cost with similar performance.
Why buy this?
It's not at all worth it and in the end, it'll end up being just another paperweight.

undertheradar47

jr. member

Activity: 31

Merit: 1

This device isn't worth the cost today, but perhaps once they roll out lightning network/interest-earning features I'd reconsider.

But $700 is too much for anyone to pay for the Coinmine One

https://www.youtube.com/watch?v=9ZWFlZRDSO4

Topic: After 24 hours of mining on the Coinmine One, I've earned only $0.28 🥴 (Read 232 times)