InitVerse (INIBOX): what happened to the INI coin and how to switch machines to Nexa
The InitVerse project (INI coin), which sold its own Pinecone INIBOX and INIBOX Pro ASIC miners, ran into serious trouble at the turn of July and August 2026: according to miners' reports, it blocked withdrawals and the token price collapsed. Independent analyses had been warning since February–March 2026 that the INI algorithm is in fact a copy of NexaPoW and that the network is heavily centralised. INIBOX owners were therefore left with machines the official pool stopped serving – but the hardware itself works and can mine the Nexa coin.
What independent analyses found
InitVerse claimed to have developed its own algorithm, VersaHash. However, an analysis by the Vipor pool (March 2026) and the public Nexa2InitVerse repository on GitHub state:
- Algorithm: VersaHash is cryptographically identical to the NexaPoW algorithm, merely renamed.
- Locked pool: in practice only the official YatesPool worked. Using a verification challenge (“handshake”), it blocked standard NexaPoW miners and graphics cards, so hashrate came only from INIBOXes.
- Centralisation: according to Vipor, four unknown addresses mined about 77 % of the last 2,000 blocks. Among other things, the analysis found an address blacklist and a node whitelist in the code.
- Payouts: Vipor states that YatesPool moved some miners' unpaid balances back to its own wallet and blocked some addresses from sending INI.
- Hardware: according to both sources, the INIBOX is “very likely” a modified Dragonball Nexa ASIC. This is an estimate, not a confirmed fact.
The sources do not use the word “scam” directly, but the practices described match a project whose main goal was selling hardware. We describe the general signs of such schemes in the article How a pump and dump works.
What happened in summer 2026
According to available reports, the developers halted activity and blocked withdrawals in early August 2026, the token collapsed and many miners had bought machines just days before the collapse. We have not been able to independently verify the exact dates and price data.
If you bought an INIBOX based on our earlier guide to mining INI, treat its profitability calculations as no longer valid.
Can the INIBOX be switched to Nexa?
Yes. Because the hardware inside the INIBOX computes NexaPoW, it can mine the Nexa coin (NEXA) – a legitimate PoW blockchain. There are two options:
- The community pool INIPool states that the INIBOX mines NEXA as well as INI on it without hardware modifications, with PPLNS or SOLO payouts.
- Our hosting – for our clients' machines, we bypassed the software blocks and redirected their hashrate to Nexa.
For a rough idea: by our estimate, one INIBOX Pro (2.4 GH/s, 1,280 W) mined roughly 4 million NEXA per day under network conditions as of 3 August 2026. The value of these coins depends on the NEXA price and changes with network difficulty. Whether running it pays off depends mainly on the price of electricity.
What INIBOX owners should do
- Don't throw the machine away. The hardware works; the official pool has just stopped serving it.
- Do the electricity maths. At Czech electricity prices, mining NEXA may be loss-making; it can pay off mainly in a cheaper location.
- Don't download unverified firmware. Use procedures from pools or hosting providers you trust, and be aware that you may lose the warranty.
- A lesson for the future: a coin with only one pool and only one machine manufacturer is a warning sign. We highlight the risks of miner pre-sales in the article on pre-orders of non-existent miners.
What next
- Mining on the INIBOX – the original guide; read it in light of these developments.
- Pump and dump – how to recognise projects built on short-term hype.
Check the seller. Before you buy a miner from an unknown online shop, check it in our database Seller check and warnings. You will find checked risky websites there – including shops that still offer INIBOXes for the collapsed INI coin – as well as scam types and 10 warning signs.
Sources
Frequently asked questions
Is the INIBOX useless after the collapse of InitVerse?
Why is InitVerse referred to as a scam?
How much does the INIBOX Pro mine on Nexa?
This text was prepared with the help of AI. Facts, figures and procedures were checked by Yegor.
