How the next wave of crypto miners will turn their internet territory into a commodity
As the blockchain revolution continues to permeate across industries and locales, increasingly novel ways to generate income have been popping up as regular people use their unused resources to earn crypto - a rising trend that Blockmate Ventures (TSX.V: MATE) is tapping into.
Most would be aware of the way that Bitcoin uses its army of miners and their computing processing power to validate the blockchain. But given the energy required and subsequent environmental impact of the computing power needed to generate a return, the days of someone using their regular PC to generate any meaningful income from Bitcoin mining are long gone.
Looking to better the world's internet connectivity and help create a global decentralized network, Blockmate venture Hivello has begun offering a way for crypto enthusiasts to use their data bandwidth to earn passive income.
Without any upfront cost or engineering knowledge, a user can simply connect their internet to the Helium blockchain network and earn HNT tokens or cash for contributing to the network. It follows the same process as a homeowner renting out their spare room for income via AirBnB.
Helium runs on its own blockchain, which is independent from the more well known Bitcoin or Ethereum blockchains. With close to 850,000 hotspots worldwide, Helium is building a ‘people-powered’ decentralized wireless network that can be tapped into by anyone, without the high data costs charged by traditional telecom companies.
The network is most commonly being used to power Internet of Things (IoT) devices, without the customer company needing to set up and maintain their own infrastructure. Tech giants such such as Lime and Salesforce are some of those already on board.
Hivello allows anyone to apply to host a hotspot, which uses an unnoticeable amount of electricity and bandwidth. No up-front set up cost is a big win for users, who often are required to pay anywhere from USD $500+ just to get started on the network with other providers, requiring years of constant connection to recoup their investment.
Hivello hotspots produce income (which can be in the form of HNT tokens or cash) based on both validating the network and by passing data to device users. For example every time an E-scooter connects and sends data via your hotspot, you will be rewarded with a payout.
Want to earn passive income using your internet? Click here to apply for a hotspot and the Hivello team will assess your location’s suitability to get started.