Before We Cover IoT Crypto Mining, What is IoT?
Tech buzzwords these days can range from a repurposed word that makes a little sense if you really strain, all the way to a jumbled mess of unrelated words that don’t mean much at all. We’re chalking IoT up to that latter section, as IoT stands for “Internet of Things”. Still confused about what that means and even more confused about what it takes to get into IoT crypto mining? We get it – read on for some clarity.
At it’s core, the term “Internet of Things” (IoT from here on out) refers to physical objects in the real world that are connected to the Internet or other communication networks. The idea is that appliances or related smart devices would be all be connected and linked to make the owner’s life easier, forming a “smart home”. For an early example, LG released the first consumer device in the form of an Internet-connected refrigerator in June of 2000. The fridge would be able to create grocery lists when a common item was running low, link to a smartphone app to control the temperature and be alerted if the door was open, and have a screen in the door to access online recipes based on what the contents of the fridge.
As you may have noticed due to the lack of commonplace refrigerators with an internet connection after 20-plus years, these devices never really become commonplace. There are many reasons for this, but a large bit can be chalked up to these appliances being expensive and end users finding them underwhelming in terms of functionality. However, in recent years, devices like smart TVs have pushed mainstream consumer adoption forward. Now, with the combination of relevant use cases in the industry, the ubiquity of connected devices, and the formation of blockchain technology, IoT applications are making a very real comeback.
IoT Crypto Mining Overview
To find out more about cryptocurrency mining pros and cons or how to build your own DIY crypto mining rig, check out the linked articles. But, as a brief overview, IoT cryptocurrency mining is supporting a particular wireless network and receiving a coin or token in return. This is so there are users who have positive financial incentive to grow the coverage area of the network or to keep the existing wireless communications running smoothly. The exact use needs will vary depending on the specific network, but let’s take a look at a popular IoT network to use as our example.
The Helium Network
The Helium Network is a decentralized wireless IoT network tied to Helium coins, which are also known as Helium Network Tokens (symbol: HNT) and run on the LoRaWAN network. Nodes on the network are generally owned and placed by individuals in their homes or offices to provide connectivity to IoT sensor devices in areas where wireless or mobile coverage is minimal, or requires too much power.
Helium as it Relates to IoT Crypto Mining
As we mentioned, a Helium hotspot on the network (also called the People’s Network) is purchased and place on their home or business, and while doing this, they are rewarded for their participation in the network in payments of the HNT cryptocurrency. This is Helium’s way of IoT crypto mining, as an individual can provide IoT devices with the wireless coverage and radio technology that certain consumer products require.
How to Become a Helium Miner
IoT crypto mining does not get much easier than with Helium. If you can provide the optimum coverage and cloud connectivity for the blockchain network, you can literally have continuous mining capability on the Helium cryptocurrency network. All it takes is purchasing a router, similar to a premises broadband router or one directly from Helium, setting up the router in a window mount where the radio waves can travel long distances, and you have your IoT gateway up, running, and now you’re Helium mining!
These systems and network generally work best in remote locations or where cellular networks are unable to reach, but there are also many congested cities in North America, like San Francisco, where this technology can also benefit and provide a lot of profit for miners. Just be sure to search of the best coverage location in order to make the real money.
IoT Crypto Mining: MXC Foundation and Token
The MXC Token is an ERC-20 utility token that facilitates Mobile-to-Mobile (M2M) transactions within the MX Protocol. The MXC Protocol supports the the IoT data economy by empowering individuals and organizations to participate in the creation of a public, worldwide, decentralized, and secure LPWAN (Low-Power-Wide-Area-Network) for Web 3 & IoT – including IoT crypto mining.
Use Case: Tokenized Car Sharing
Covering an entire city center in LPWAN allows individuals to simply build their own completely independent network, thereby reducing the cost for services such as car sharing. Using LPWAN significantly reduces the costs of fleet tracking, especially when compared with the high costs of tracking using a SIM card and a traditional TelCo network. Additionally, car doors can be locked and unlocked using LPWAN, thereby increasing security for users. By bringing such key services, MXC provides transparency and greatly enhances customer experience.
Use Case: Smart City Infrastructure
Integrating LPWAN sensors into waste disposal systems can enable city authorities to track waste build-up more effectively and optimize the removal supply chain thanks to its tokenized network infrastructure. By ensuring that appropriate recources are allocated effectively, the MX Protocol contributes to increased safety, security and general well-being of residents around the city.
How to Become an MXC Token Miner
Similar to the Helium Network, mining the MXC Token is also one of the easiest to set up and configure. The first thing you’ll need is the M2 Pro Miner, a consumer-friendly cryptocurrency miner, which powers “the revolutionary global LPWAN, an ambitious, decentralized movement…creating a free, decentralized IoT network to benefit everyone.” The M2 Pro Miner is low-power and providing network coverage with your miner gives you the opportunity to mine a variety of data and crypto tokens – such as Bitcoin, MXC, DataHighway, and many other tokens.
The MX Protocol relies on a decentralized network of M2 Pro Miners to provide LPWAN coverage. Anyone can gather data as an asset and resell it. The MXC Foundation believes that mining should be simple and it should be for everyone! To stay with that train of thought, they have redesigned cryptocurrency mining to ensure miners can choose what, when, and how to mine with as little effort as possible.
Final Thoughts on IoT Crypto Mining
Now that we have taken a closer look, some of the simplest setups to be had in the mining space can be found using IoT crypto mining. Using low power, long range networking techniques and enabling some unique engineering, IoT companies have provided a network of devices with crypto mining capability.
A couple of the more popular systems are the Helium Network and MXC Protocol, as they provide fast transactions on easily compatible hardware.
Let us know your thoughts on IoT crypto mining, if you’re going to start, and if so, what are you going to mine? The quicker you start, the quicker the profits start appearing!
If you’re ready for a project, read a few of our crypto project articles on receiving crypto price alerts or how to display NFT art. If you’re starting with the basics, check out the best crypto subreddits, the ultimate guide to circulating supply in crypto, and the best crypto newsletters.