Coinmine received the funding for its plug-and-play mining device. The company offers a product called Coinmine One. This is an all-purpose cryptocurrency mining computer that costs $700.
Coinmine announced the successful fundraising for its plug-and-play in an official website post. In the announcement, Coinmine emphasized its plans to continue supporting more cryptocurrencies and ship out “over-the-air” updates.
The investors included Los Angeles M13 Ventures, Republic Labs, Gumi Crypto, and Shervin Pishevar, according to the statement. The statement also included praise to previous investors, including names such as Coinbase, Robot Ventures, and Anthony Pompliano.
According to CoinMine Personnel, the financing comes amidst a period of 50 percent growth each month since April. In addition, internal metrics also reported that nearly 10 percent of its customers became repeat purchasers. About 4 percent of CoinMine One mining devices are returned, they added.
“We could be cash positive if we wanted to,” the personnel said. Instead, CoinMine is looking towards reinvesting its earnings.
CEO Farbood Nivi said: “This latest round of financing will help us accelerate our mission of getting more people to experience how easy it is to earn Bitcoin and other cryptocurrencies.”
Coinmine plans to hire engineers and build new features with the capital, expanding the option to mine more cryptocurrencies for the hobbyist-level miner.
Promoting decentralized exchange
Coinmine has also said its mission is to support cryptocurrency and other decentralized information protocols. The company believes that decentralizing computation will lead to a corresponding decentralization of information and values. This is related to the ideology behind most crypto.