In the progressing world of crypto currency, one term that is being thrown around more and more is something called geo mining.
Geo mining is often the first step someone takes towards using and using crypto currency, but what exactly is it?
Here, we are going to be taking a closer look at geo mining including what it is and how you can use it to your benefit.
So, if you are thinking about trying out geo mining but need a clear idea of what it does and why, then take a look at all the information below.
Let’s dive in!
What Is Geo Mining?
Geo mining is used to refer to the actual act of extracting geographical information in a real, physical space and then using that information as proof of value. Basically, it means putting value behind your geographical location.
Many people use geo mining through an app called COIN which uses the XYO network to geo mine a person’s location.
The person using COIN can travel and collect digital assets as their location chances. These digital assets are then stored in an external wallet and can be withdrawn or transferred.
How it works exactly is that you download the COIN app on your phone and take it with you while you travel. This travel can include going for a walk, drive, or even traveling to a completely different country – it does not matter how far you go.
When you are in a new location, you pull up the COIN app on your phone and click a little pickaxe button. This button will confirm your location and share it with the XYO network in the form of a ledger. In exchange for sharing this data, you receive a certain amount of tokens.
These tokens can then be turned into cryptocurrency such as Bitcoin or XYO, meaning that in return for helping COIN set up a location database, you earn money.
Why Is Geo Mining A Thing?
To those who use COIN and geo mining, it’s just a way to make crypto currency by selling the data you make through your location.
Why let that information go to waste? If someone is willing to pay you to know that you are standing on this avenue in this part of town on this certain date, why not make some money and just sell them that data?
But why would someone want to know about your location?
Although this will naturally arouse suspicions, it’s actually because COIN wants to make a rival location database. Right now, the largest location database is Google and the world relies on that centralized database.
To reduce that reliance, XYO is making a database out of IoT devices that is available all across the world.
While you are the one verifying your location data, it is anonymous so your name will not be attached to it. This information can then be used for lots of businesses to find more value in certain locations.
How Does COIN Make Its Money?
It seems strange that such a simple app is able to sell out so much crypto currency in return for such little data, so how exactly does this business model work?
Well, COIN features apps which you can watch to earn crypto currency. It is most likely that COIN, just like with a lot of other mobile apps, make most of their earnings through selling advertising space.
There are also subscription models you can pay for in order to earn more crypto currency so depending on how much you travel and how much you use the COIN app, you could potentially earn back your subscription and a big profit on top rather easily.
How To Make The Most Out Of Geo Mining
So – you’ve got the app and you want to try out geo mining, but how exactly can you speed up the process so you are constantly rolling in the cash?
The first thing is to keep moving. Staying in the same spot will mean that you cannot mine any more data in those squares, so you need to move to different locations to mine the data and then move onto another location. Rinse and repeat.
So, geo mine while you are out traveling. This traveling can include walking your dog, commuting to work, taking a jog – basically, the more you travel, the more you earn.
If you mine while you drive (but please drive safely and according to law), then you will earn a lot more than you would if you were walking.
Also, when you get your token, don’t be tempted to sell out straight away. Save them up until they are worth more so when you cash out, you will end up with a higher amount of money than you would have if you cashed out straight away.
If you do a lot of traveling and are mining lots of different squares every day, then you could earn more by upgrading your plan from the COIN Basic free plan to a paid plan that offers you a lot more.
For example, COIN Plus allows you to earn twice as much XYO than someone on the basic plan, and the COIN Pro plan boosts this again by allowing you to earn three times as much as someone using COIN Plus. So, you can boost your profit by switching to a paid plan instead of sticking with the basic free plan.
So – what is geo mining?
Geo mining is the act of selling your location data in return for crypto currency. By using an app on your phone called COIN, you can mine your data in different squares while you are on the go and COIN will send this to the XYO network, paying you in tokens in return.
These tokens can be transferred for a different type of crypto currency so you can earn actual currency from your data. This is why a lot of people take up geo mining – it allows them to profit off of data they already have.
Even those who don’t often use crypto currency are willing to try out geo mining as it’s a way for them to make money by using their own data.
So, why not give it a go?