Coinmine device introduces novices to cryptocurrency
Tech company Coinmine has released its first product designed to allow anyone to mine and manage cryptocurrency.
The Los Angeles-based startup ? backed by several venture capital investors ? launched this month with its Coinmine One device.
The specialised hardware product and accompanying mobile app are intended as an easy introduction to the growing yet complex technology.
Coinmine One organises cryptocurrency wallets
The product simplifies and automates the creation of various cryptocurrency wallets in one place, allowing everyone from novices to experts to power the tech.
"Many people want to be a part of the crypto revolution, but crypto hardware, software and wallets are too hard and time consuming to set up, and more importantly, to update," said a statement from Coinmine. "So most people will miss out on powering new up and coming cryptos like they missed out on powering Bitcoin in the early days."
Cryptocurrencies, such as Bitcoin, are based on blockchain technology ? digital records that track transactions chronologically and publicly. These networks are not tied to a particular government or authority, so are considered beneficial by advocates of decentralised systems.
"Crypto is not just about buying and selling magical internet coins," said Coinmine co-founder and CEO Farb Nivi in the statement.
"It's about people combining computation to decentralise the world's money and information from the hands of a few and into the han...
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