This post will be discussing my experience in using COIN App's SentinelX BLE Device. It will explain in detail the benefits of using the device and if it is a worthy investment to buy.
What is COIN?
In case you didn't know, COIN is a mobile app that lets you earn coins for providing geolocation data through your smartphone. Earned coins can be redeemed for cryptocurrencies like Ether, Bitcoin and XYO, COIN App's cryptocurrency. You can also use it to redeem other items.
I have been using the app for more than two years now and the the results are not that promising. You have to be constantly travelling and opening the app in order to earn. It also needs internet connection in order to work on your phone and it might drain your battery fast if used for long periods of time. As a result, I ended up not using it actively but I just leave it installed in my phone and use it from time to time. In a span of 2 years, I was able to earn 30,000 coins which is worth 353 XYO (worth $10.41 as of writing) at the time I redeemed it.
SentinelX BLE Device
Recently, I decided to purchase a SentinelX BLE Device. It is an optional bluetooth device which make you earn 12 times more when using the app in earning coins. You can either buy it from the official site or from Amazon. I bought mine from Amazon because my country is not supported for shipping on the original site. Due to this, I had to pay a very high shipping fee. I have spent a total of $80.98 including shipping fees. If you are to buy aside from the official site, make sure it is unregistered because you might be getting 10% less coins if it is already registered.
This is how the device looks like. When I received it, it still has the plastic film which serves as a stopper so the device won't be draining its battery. This gave me confidence that the one I got is not registered.
There is a dent on the side. This is where you open the device in case you have to replace the battery. It is recommended to use CR3032 battery cell for the device.
I was able to register the device and give it a name so I assume I got an unregistered one. You can read the guide on how to use the device here: CLICK HERE. As promised, I am getting significantly more coins compared to when I am not using it. Before using the device, I was getting 0.02~0.08 COIN per geomine. After using the device, I was earning roughly 0.3~0.7 COIN per geomine. Each geomine will give you a different amount of coin so results will vary from day to day. The photo below shows my geomines before using the device.
This photo on the other hand shows my geomines after connecting my SentinelX BLE to COIN App. As you can see, the rewards significantly got higher.
When Do I Expect to Breakeven?
In order to know when I will get my investment back, I will have to make a few assumptions. For the sake of this calculation, I will use 0.5 COIN as reward for each geomine. I will also assume to achieve 100 geomines per day. Currently, the exchange rate for COIN to XYO in the app is 15.5 XYO per 1000 COIN so each COIN is worth 0.0155 XYO. As of writing, the price of 1 XYO is 0.0293 USD. The calculation will basically look like this:
COIN earnings per day = 0.5 COIN * 100 = 50 COIN per day
XYO earnings per day = 50 COIN * 0.0155 XYO = 0.775 XYO per day
Earnings in USD = 0.775 XYO * 0.0293 USD = 0.0227075 USD per day
Days needed to breakeven = 80.98 USD / 0.0227075 USD = 3566 days or 9.77 years!!!
Total Geomines Needed = 3566 days * 100 = 356,600 geomines!!
As you can see, it will take a very long time to get a return on my purchase. Keep in mind that this calculation assumes that the worth of XYO will remain constant. I am a bit more optimistic that the price of XYO will rise through time as cryptocurrency is becoming more and more popular. Take note that this is only based on income from geomining. There are other ways to earn COIN like watching ads and playing sponsored games so your income can still be higher than this.
Is SentinelX BLE worth it?
Even though the device significantly increased my COIN earnings from geomines, it would still take you a lot of time to earn from geomines alone. If you are a HODL kind of person then this might be worth a try considering there is potential for higher returns once price increases through time. As of now though, it is still not an attractive investment to do. There are other ways to earn COIN through weekly bonuses, ads, and games so it is not all disappointing. You will probably be earning more from these ones compared to geomining alone unless you are constantly driving all the time. COIN also has a premium subscription which may further increase your rewards. I may try it in the future if I have spare cash lol.
Hence, I would only recommend SentinelX BLE to people who drive all the time and are willing to HODL for a long period of time. If you are not this kind of person then I guess you have to pass on this one.
Download COIN App here: CLICK HERE
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