A new Los Angeles-based startup, Coinmine, has raised approximately $2 million in funding from investors including Coinbase Ventures and Tinder CPO Brian Norgard. The company unveiled its debut product, the Coinmine One, a $799 plug-and-play mining device designed to make cryptocurrency mining accessible to users with no technical background.
Plug-and-Play Mining: As Easy as Plugging In an Appliance
Founded by Farb Nivi and Justin Lambert, Coinmine aims to eliminate the complexity traditionally associated with home mining. The Coinmine One is equipped with a 4 GB AMD RX 570 GPU, an Intel Celeron CPU, and 8 GB of DDR4 RAM. The entire system consumes just 120 watts of power — less than a PlayStation console, according to the developers. Users simply plug the device into a power source, open the accompanying mobile app, and select the cryptocurrencies they wish to mine. The app provides a centralized dashboard to monitor earnings, switch between assets, and add additional devices from anywhere.
“Crypto is not just about buying and selling magical internet coins,” said Nivi. “It’s about people combining computation to decentralize the world’s money and information from the hands of a few and into the hands of the many. We made this easy enough for anyone to do.” Coinmine takes a 5% cut from all mining proceeds generated through the device.
Big-Name Investors Bet on Simplicity
Beyond Coinbase Ventures, the funding round included institutional backers such as Social Leverage, Wonder VC, and Arrington Capital, along with prominent angel investors including Balaji Srinivasan, Anthony Pompliano, and Ryan Hoover. Brian Norgard, who helped scale Tinder, commented: “Throughout my entire career, I’ve worked to make complicated ideas simple, fun and useful. When Farb initially came to me with the basis for Coinmine, I knew it was a radically novel solution to a messy problem.” Norgard underscored that the limiting factor for crypto adoption remains end-user complexity, and Coinmine is attacking this head-on through a blend of hardware and software.
The launch comes at a time when home mining has become increasingly challenging due to rising difficulty and fluctuating coin prices. However, Coinmine’s approach — wrapping mining inside a consumer-friendly device with a mobile app — could open the door for a broader audience to participate in network security and earn rewards. While the $799 price point plus the 5% fee means profitability may take time, the company believes that lowering the barrier to entry is a critical step toward decentralization.