Los Angeles-based entrepreneur Idan Abada is on a mission to democratize Bitcoin BTC/USD mining, and the rig that his firm is selling allows people to get started with under $1,000.
What Happened: According to a Wednesday CNBC report, Abada made his $875 Bitcoin mining rig — called the NewPac — famous when he posted a video showing himself mine with Starbucks' free electricity on TikTok.
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♬ original sound - Idan Abada
He claimed that his firm Bitcoin Merch had sold thousand of those machines, and they quickly sell out when they are available.
Abada was quick to highlight that the NewPac's biggest advantage was its user-friendliness, noting that "it’s powered by USB, and that’s pretty much it." He further added that "everyone can become a miner and be a part of the crypto world” with it.
What Else: The device is nothing more than a USB hub with ten USB sticks containing mining chips and a single mini-fan attached to it that allows to mine when attached to a computer.
Abada himself admits that the rig is far from powerful and that he would lose money by operating it with Los Angeles electricity prices.
Still, he pointed out that it is much quieter than its industrial counterparts, and the article points out that it would still be profitable to operate with free or stolen electricity — raking in an estimated astonishing $9.35.
Read also: What Is Crypto Mining?
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