IoT has spread into countless homes in recent years, with smart devices becoming an essential part of our daily lives. Smart TVs, refrigerators, thermostats, and even virtual assistants have simplified aspects of daily life. They could also be about to start mining cryptocurrencies.
Using IoT devices to mine cryptocurrencies may seem like a science fiction fantasy, but today, it is an emerging reality. Let’s take a look at how the devices could be and are being used to generate profits in the cryptocurrency industry, as well as some of the necessary precautions for miners.
Do IoT devices have enough processing power to mine cryptocurrencies?
Collectively, yes. One aspect of cryptocurrency mining is that it requires significant computing power to be profitable.
- While traditional cryptocurrency miners rely on banks of very powerful and energy-intensive computers, a revolutionary new idea is being put into practice.
- Instead of a single powerful computer, it is possible to electronically link a large number of IoT devices and mine cryptocurrencies in a decentralized manner.
Making the most of existing devices
One of the main benefits of connecting IoT hardware for cryptocurrency mining purposes is that users can take advantage of device downtime and use it in potentially profitable ways.
- A smart TV that’s turned off for most of the day usually doesn’t do much good during those hours.
- On the other hand, it could contribute to a large pool of cryptocurrency mining devices and, if successful, a share of the profits could be a welcome bonus for the TV owner.
A similar use case could be used for any smart device or even a computer used only for occasional work-related tasks, online gaming or casino games in the owner’s free time.
The popularity of blackjack, slots and other online casino games has grown significantly in recent years as players from countries all over the world turn to the Internet to enjoy their favorite gambling pastime.
Many online casino fans prefer to play on large screens with high processing power to enjoy the immersive, high-resolution experience that modern online casinos offer. With games based on famous movies and exotic locations from 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 next-level portable gaming experience.
The process of using a gaming PC or IoT device for cryptocurrency mining is relatively simple, except for the initial setup. IoT coin mining could be a great source of passive income for internet-connected device owners around the world, and the profits can even be used to play their favorite casino games, as many online casinos now accept cryptocurrency as an account funding method.
An Eco-Friendly Approach to Cryptocurrency Mining
Harnessing the latent processing power of the world’s estimated 15 billion IoT devices could be a far more sustainable solution than adding new computing power to existing cryptocurrency mining operations.
Cryptocurrency mining is estimated to consume 120 TwH of electricity in 2023, raising concerns that alternative stores of value could worsen the climate crisis.
Using what we have (IoT devices) instead of increasing the burden on the global electricity supply and on the metals and other resources used to make computer chips could be a great step forward from an ecological perspective.
Security Considerations for IoT Cryptocurrency Mining
Before a large-scale computerized enterprise like global cryptocurrency mining using IoT devices can be successfully carried out, due diligence – including a security impact assessment – is essential.
One of the biggest risks for any internet-connected device is the prospect 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 cryptocurrency mining using mobile devices.
- 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 battery overheating, reduced battery life, and a moderate slowdown in operating speed.
However, as these are also common signs of an aging device, the majority of owners would never think to run a malware scan to uncover the malicious software. This type of attack has even resulted in the successful infection of UK and Australian government websites.
Like any risk, the potential for IoT devices to be hacked or infected with malware can be mitigated.
Before connecting devices to create a crypto mining network, it is necessary that each device is running the latest anti-malware software with mandatory updates to ensure that emerging malicious applications do not find their way onto the network.
After all, the major investment in IoT cybersecurity by the tech industry must be accompanied by individual effort to be truly effective.
Other security measures like firewalls can also be effective in reducing the risk of cryptocurrency mining malware, especially since this type of software tends to suppress existing legitimate cryptocurrency mining applications in order to monopolize the device’s processing power.
Is IoT Cryptocurrency Mining Suitable for Helium?
The exciting new cryptocurrency, Helium, has gained a lot of attention online due to its potential to be mined in a decentralized manner.
While the company has not announced any concrete results from its IoT cryptocurrency mining experiment, reports of significant profits make it a must-see development for fans of IoT technology, especially those looking to leverage their devices for financial gain in the cryptocurrency markets.
Conclusion
The Internet of Things can go beyond convenience and generate potential passive income through cryptocurrency mining, provided enough devices are connected remotely.
Although every device connected to the internet is subject to certain cybersecurity threats, IoT devices can be secured using the latest anti-malware software and other measures to reduce the risk of financial loss.
As the IoT cryptocurrency mining trend continues, tech fans will want to monitor the space closely and decide when to jump into their own cryptocurrency mining experiments.
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