What is Geomining? It's a consensus mechanism - Proof of Work requires significant computer power, Proof of Stake requires significant coin holdings and geomining ùses GPS to provide Proof of Location.
Coin developed a small electronic device called a Sentinel which monitors location. They have now released the COIN App for Android and Apple which allows you to mine crypto in your daily travels. If you pair a Sentinel with the app, you can mine 12x the amount of XYO.
Currently you can claim a free sentinel, you pay $12.95 for the shipping.
Basically, the App is a gamified mining app. It's quite addictive really! There are many ways you can earn XYO using the App.
COLLECTING
As you move around, you will notice TILES as you move from one tile to the next you are rewarded with a small random amount of XYO. In fact, simply sitting in one spot you can continuously mine a single tile, but the best returns are while you are in motion. A tile is 130'×130' (16,900 square feet).
COLLECT BIG GEOMINES
At random intervals, Big GEOMINES become available for Witness. The earlier you Witness these the more coin you collect. The first 200 witnesses receive XTO. If you are the first witness you receive the largest reward with the 200th receiving a fraction of a token.
GEOCLAIMING
Geoclaiming is where you buy a percentage of a large tile 25 miles × 25 miles square. You "own" the tile for 1 week (from Monday to Sunday". Based on your percentage ownership you receive a small percentage of all the geomining in that area for the week. At the end of the week one "owner" (there can be any number of owners) will randomly receive an airdrops of 10% of the coins mined in that area during the week.
REFERRAL REWARDS
If someone signs up from your referral link, they receive 1,000 coins and you receive the equivalent of 10% of their mining rewards for life.
HODL REWARDS
You can collect a daily reward based on the amount of coins stored in your verified wallet (Metamask or any other browser enabled wallet). These need to be collected daily, they do not accumulate.
WEEKLY BONUS DROPS
Every week you will receive bonus drops. You can "power up" the more you use the app, up to 10 times the bonus.
WATCH VIDEOS
You can now watch sponsored ads and receive random amounts of XYO (So far I've received anywhere from 3 - 8 coins).
Is it worth it?
Currently the price of the coin is extremely low.
Just using the free App I am mining around 300 coins a day. This is about $0.055 per day (as at time of writing).
I can increase my revenue by:
- Getting a sentinel - a once off outlay of $12.95USD which will increase earnings to $0.665 per day
- Upgrade to Coin Plus for $25.95 / month which gives 12x mining rewards even without a sentinel. It also doubles tile regeneration and mining speed.
- Upgrade to Coin Pro which gives 12 x mining rewards and will triple tile regeneration and mining speed.
Currently I am mining on the free plan, with no sentinel.
I am going to purchase a sentinel and trial that for a month or so.
After that I will decide whether or not to invest in a plan.
As we are currently in a bull market the price of XYO should increase due to market forces alone. However I believe that this coin has a good use case and significant chance of increased utility.
For me, I intend to pursue geomining and HODL. It is also possible to redeem XYO for BTC or ETH in-App once you have accumulated significant volume.
Tips for improving your mining
- Move. You will significantly improve your mining rate if you are mobile (at speed). This makes it a really useful app for truck drivers, taxi drivers and anyone who is on the road. If you are not, but have a friend or family member who is, you can give them a sentinel that is bound to your app.
- Get a sentinel early. A 12x mining reward is worth it.
- Keep the app running 24 hours per day. It still accumulates coin in background mode, but at a lower rate.
- Spend time playing with the app to familiarise yourself with the multiple ways of earning coin.
If you want to sign up for free, follow THIS LINK and you will receive 1,000 bonus coins and I will get bonuses equivalent to 10% of your total mining for life!
