A blockchain is a decentralized, distributed ledger that contains a timestamp and the transaction data of the previous and subsequent entries. The blockchain’s data is immutable meaning once recorded the data in the block can’t be altered without changing the subsequent blocks. Cryptocurrencies, which are based on blockchains, are digital assets that are designed to work as a medium of exchange. Bitcoin (ticker symbol BTC) and Ethereum (ETH) are famous and popular cryptocurrencies.
Two other crypto currencies are Helium (HNT) and MXC coins. Let’s describe these two cryptocurrencies in greater detail. They’re both mined using Internet of things (IoT) miners. MXC coins can be mined using the M2Pro miner, which costs around 3000$.
IoT miners are very popular with the M2Pro miner being the world's highest and fastest selling IoT miner, with over 20 thousand units sold in less than 7 months after launch. This is mostly due to the fact that their use of electricity is very low. Low Power Wide Access Network (LPWAN) is a way that the M2Pro miner uses to help extend data coverage and support the millions of IoT devices in your home. Think of Alexa, smart lights, Lime scooters, Nest thermostats, and essentially everything that connects to the WIFI at your home, as an IoT device.
Helium, on the other hand, can be mined by a variety of IoT miners (or hotspots) such as Nebra, RAK, and Bobcat, all costing in the 400$ to 600$ range. A helium miner uses radio waves to initiate a proof of coverage (PoC) challenges over the internet and acts as a witness to nearby helium hotspots that are part of the same consensus group. Solving those PoCs earns you rewards in the form of HNT coins. There are other consensus mechanisms, apart from PoC, used by cryptocurrencies with proof of work (PoW) and proof of stake (PoS) being the most popular.
Both of these IoT miners are used as a convenient way to generate passive income. The value of the HNT coin alone has gone parabolic in the past few months jumping from a few dollars to over 20$. A well placed HNT miner can earn you hundreds of thousands of dollars for just a few hundred-dollar investment with negligent power costs. Both miners use less than 5 Watts of electricity per day. This is very helpful to turn one of the main disadvantages of BTC (high power usage) into an advantage.
“If you think that the internet has changed your life, think again. The Internet of Things is about to change it all over again!” (Mr. Brendan O’Brien - Chief Architect & Co-founder of Aria Systems)