1 BTC Project - Paid COIN App in Review

By 2MFTProductions | 1BTC | 20 Mar 2024

For the last 12 months I have been spending money on the COIN app in hopes of disproving my hypothesis. It seems obvious that a company would not pay out more money to a user than the money the user pays for its service. If a company paid more than it received, that company would not survive. This is why I was doubtful of the effectiveness of using a paid account on the COIN app, but I had to try.

My Hypothesis is was that the paid account from the COIN app people was not worth it. This is now empirically true.

There are now 3 levels of subscriptions for the COIN app, but I only tested the two more expensive versions. I used the COIN Plus and the COIN Pro. The COIN LITE tier was recently added. I may revisit in a few months to see what how that tier performs. Honestly after a year of griding geomines consistently I am burnt out on this app and need a bit of a break.

The best part about tracking everything is the fact that I can now make evidence based conclusions.

I spent close to close to $600 CAD in a year on this app. I always swapped my XYO to BTC. This turns out, was a bad strategy as XYO has outpaced BTC. The rise of the crypto markets has put a shine on earning potential of this app, but that is deceiving. If you want to start stockpiling XYO it would be much less effort to just buy $50 on the open market.

Trying to mine enough to justify the cost of a paid account is not worth the time - at least for someone who has a static job. If you are someone who drives for work - a trucker, police officer, or work in the gig economy- I believe it is possible to accumulate enough points to break even or better. However, I am still skeptical to how worth your time it would be.

I just don't think the math is there. Assuming you earn 3000 points per work day plus 1500 per non-work day equals 85000 points per month. This would swap to 3215 XYO, about $52 CAD or the price of the higher tier subscription. Of course there are features and chunky gains that may sweeten the deal, but in my opinion those possible profit margins are too thin. And missing days would be a huge blow to profitability. Averaging 1500 points per day was difficult and soured me on the app.

I would love to see the numbers of someone who drives for work, because I am genuinely interested.

Now this is not to say that the COIN app is bad, just that the paid app is difficult to profit with, and impossible to profit on a monthly basis with my lifestyle. I will continue using the free coin app and will report back in 12 months. I assume that the free version will be far more profitable but the amount returned will be lower.

If you are thinking about using the COIN I would recommend purchasing a COIN Sentinel X NFC card. It greatly improves your rate, and its a one time fee so it will eventually be paid off and become profitable.

So yes, next COIN app update will be in March 2025 - Unless they make a huge change.

Keep Building.

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