Blockchain
How IoT is Revolutionizing Cryptocurrency
IoT has spread into countless households in recent years as smart devices have become a crucial part of our daily lives. Smart TVs, refrigerators, thermostats, and even virtual assistants have taken some of the hassle out of daily life, and now they may even be poised to start mining cryptocurrencies.
Using IoT devices to mine cryptocurrency may seem like a sci-fi fantasy, but it is now an emerging reality. Let’s take a look at how devices could and are being used to generate revenue in the cryptocurrency industry, as well as some of the precautions needed by miners.
Do IoT devices have enough processing power to mine cryptocurrencies?
Collectively, yes. One of the things about cryptocurrency mining is that it requires a significant amount of computing power to be profitable.
- While traditional cryptocurrency miners rely on high-powered computer arrays that consume a lot of energy, a new and revolutionary idea is being put into practice today.
- Instead of a single powerful computer, a large number of IoT devices can be electronically connected and cryptocurrency can be mined in a decentralized manner.
Making the most of existing devices
One of the main benefits of connecting IoT hardware for cryptocurrency purposes is that users can take advantage of the devices’ downtime and use them in potentially profitable ways.
- A smart TV that remains turned off for most of the day is typically not of much use during those hours.
- On the other hand, it could help create a large pool of cryptocurrency mining devices, and if successful, a share of the profit could be a welcome bonus for the TV owner.
A similar use case could be made for any smart device or even a computer used only for occasional work activities, online gaming or casino games during the owner’s free time.
The popularity of blackjack, slots and other online casino games has increased significantly in recent years, as gamers from all over the world have turned to the Internet to enjoy their favorite pastime.
Many online casino fans prefer to play on large screens with ample processing power to take advantage of the immersive, high-resolution experience that modern web-based casinos offer. With games based on famous movies and exotic locations around the world, online slots, in particular, have become as exciting as any online action game.
When players are away from home, their gaming PCs or laptops are usually not in use, especially since online casinos now offer mobile gaming for a superior portable gaming experience.
The process of using a gaming computer or IoT device to mine cryptocurrency is relatively simple, aside from the initial setup. IoT coin mining could be an excellent source of passive income for internet-connected device owners around the world, and the proceeds can even be used to play your favorite casino games, as many online casinos now accept cryptocurrency as a method of funding your account.
An Eco-Friendly Approach to Cryptocurrency Mining
Harnessing the latent processing power of estimation 15 billion IoT devices around the world could represent a much more sustainable solution than adding new computing power to existing cryptocurrency operations.
In 2023, cryptocurrency mining consumed 120 TwH of electricity, raising concerns that alternative stores of value could exacerbate the climate crisis.
Using what we have (IoT devices) instead of increasing the burden on the world’s electricity supply and the metals and other resources used to produce computer chips could be an excellent step forward from an ecological perspective.
Security Considerations for IoT Cryptocurrency Mining
Before you can implement a large-scale cyber initiative like global cryptocurrency mining using IoT devices, it is essential to conduct due diligence, including a security impact assessment.
One of the biggest risks to any internet-connected device is the possibility of malware and other types of cybercrime, and as with many aspects of the online world, cybercriminals have already tested the waters when it comes to mobile cryptocurrency mining.
- In recent years, news reports have revealed that cryptojacking malware can infect mobile devices and run coin mining software in the background without the owner’s knowledge.
- Signs that this type of infection has occurred include overheating of the battery, reduced battery life, and a moderate slowdown in operating speed.
However, since these are also common signs of an aging device, most owners would never think of running a malware scan and discovering the rogue software. This type of attack has even led to success infection of the British and Australian government websites.
Like any risk, the risk of IoT devices being hacked or infected with malware can be mitigated.
Before connecting devices to create a cryptocurrency network, each device should be running the latest anti-malware software with mandatory updates to ensure that emerging malware apps cannot access the network.
After all, the major IoT cybersecurity investments by the technology industry must be accompanied by individual effort to be truly effective.
Other security measures, such as firewalls, can also be effective in reducing the risk of crypto mining malware, especially since this type of software tends to crowd out existing legitimate crypto mining apps in order to monopolize the device’s processing power.
Is IoT cryptocurrency mining suitable for helium?
The exciting new cryptocurrency helium has attracted a lot of attention online for its potential to be mined in a decentralized manner.
While the company has yet to announce any definitive results from its IoT cryptocurrency mining experiment, reports of large profits make it a must-watch development for IoT technology enthusiasts, especially those looking to leverage their devices for financial gain in the cryptocurrency markets.
Conclusion
The Internet of Things can go beyond simple convenience and potentially generate passive income through cryptocurrency mining, provided enough devices are remotely connected.
While every internet-connected device is susceptible to certain cybersecurity threats, IoT devices can be protected using the latest anti-malware software and other measures to reduce the risk of any financial loss.
As the IoT-based crypto mining trend continues to grow, tech enthusiasts will need to keep a close eye on the industry and decide when to embark on their own crypto mining experiments.