Coinmine is offering discounts when you purchase two or more Coinmine One devices with a promo code (more on that later).
See the best bitcoin & cryptocurrency promos here, including offers from BlockFi, Coinbase, Hodlnaut, Dharma, Voyager and more. Best crypto exchanges compared here.
Mining cryptocurrency is a slow-as-molasses process. But if you’re down to learn the ropes, Coinmine is an easy and affordable way to get started. With the plug-and-play device, you can mine Zcash, Ethereum, Monero and Grin, and automatically convert it to Bitcoin. Coinmine requires minimal technical knowledge, and all you need is the console, a smartphone and WiFi connection.
To learn more about Coinmine and their current offers, keep reading.
Coinmine Promo Codes
Use one of the promo codes below to save when you buy two or more Coinmine One devices.
- Save 10% when you buy 2 or more with the promo code MICROFARM.
- Save 15% when you buy 5 or more with the promo code MINIFARM.
Plus, save 20% when you buy 10 or more, no promo code required. The discount will automatically apply at checkout.
How Coinmine Works
Coinmine was developed as an easy and affordable way to get into crypto mining, regardless of your technical ability or crypto knowledge. It is possible to build a DIY device, but that requires know-how, and it’ll take you at least 20 hours to complete.
The Coinmine One plug-and-play device works with the Coinmine app so you can mine four different cryptocurrencies (Zcash, Ethereum, Monero and Grin) with the click of a button. The only things you’ll need are the console, a smartphone and WiFi.
Coinmine doesn’t actually mine Bitcoin, but it supports Bitcoin Mode which provides instant conversion of any other mined cryptocurrency to Bitcoin. That way, if you mine the less popular Grin, you don’t have to try to sell it on a remote exchange that supports it. Instead, the Grin you mined will instantly convert into Bitcoin, which is more liquid and easier to transfer.
To withdraw your mined crypto, you have to reach a certain threshold which varies from coin to coin:
| Bitcoin | 0.0075 |
| Ethereum | 0.2 |
| Monero | 0.4 |
| Zcash | 0.2 |
| Grin | 5 |
Coinmine provides regular, automatic updates to enable the device to work more efficiently, such as lowering electricity consumption, improving mining abilities and support for new coins.
Coinmine Fees
As we mentioned before, Coinmine doesn’t actually mine Bitcoin. Instead, it mines an altcoin and then converts it to Bitcoin. That means:
- You’ll be charged a 5% user fee.
- You may lose 1% to 2% in exchange fees as it’s converted.
So, all mining profits depend on whether or not there’s a hot, new coin to mine that can be efficiently converted to Bitcoin.
Also, as of this year, you’ll earn a 6.5% interest in coins kept in your Coinmine wallet, which will offset some of the platform’s fees.
Bottom Line
Coinmine is extremely simple to set up, and the whole process of mining crypto and converting it into Bitcoin is easy and intuitive. It’s a great way for newbies to get comfortable mining, learning how it all works on a much smaller scale.
Another alternative is to join a mining pool, where you can combine and increase hashing power, then share the profits. Pools increase the success of crypto mining because there’s more computational power, which is necessary to be competitive in the mining business.
Click here for free Bitcoin bonuses and other cryptocurrency promotions.
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