The IoT has spread to countless households over the past few years as smart devices become a crucial part of our daily lives. Smart TVs, fridges, thermostats, and even virtual assistant devices have taken some of the hassle out of daily living – and now they may also be about to start mining cryptocurrency too.
Using IoT devices to mine crypto may sound like a sci-fi fantasy but as of today, it’s an emerging reality. Let’s take a look at how devices could and are being used to generate gains in the crypto industry as well as some of the necessary precautions for miners.
Collectively, yes. One of the aspects of cryptocurrency mining is that it requires a significant amount of computing power in order to be profitable.
While traditional crypto miners rely on banks of high-powered computers with high energy use, a revolutionary new idea is being put into practice.
Instead of one powerful computer, it’s possible to link a large number of IoT devices together electronically and mine crypto in a decentralised way.
A major advantage of linking IoT hardware together for crypto mining purposes is that users can take advantage of the devices’ downtime and put it to use in a potentially profitable way.
A smart TV that’s off most of the day generally doesn’t serve much purpose at all during those hours.
On the other hand, it could be contributing to a large pool of crypto mining devices and if it’s successful, a share of the profit could be a welcome bonus for the TV’s owner.
A similar use case could be made for any smart device or even a computer that’s only used for occasional work-related tasks, online gaming, or playing casino games during the owner’s free time.
The popularity of blackjack, slots, and other casino games online has risen dramatically over the past few years as players from countries around the world turn to the internet to enjoy their favorite gaming pastime.
Many fans of online casinos prefer to play on large screens with ample processing power to take advantage of the high-resolution, immersive experience that modern web-based casinos offer. With games based on well-known movies and exotic locations 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 typically aren’t in use – especially since online casinos now offer mobile gaming for a next-level portable gaming experience.
The process of using a gaming computer or IoT device for crypto mining is relatively hands off, except for the initial set up, IoT coin mining could be an excellent source of passive income for internet linked device owners around the world, and the proceeds can even be used to play their favorite casino games since many online casinos now accept cryptocurrency as an account funding method.
Harnessing the latent processing power of the estimated 15 billion IoT devices around the world may be a far more sustainable solution than adding new computing power to existing crypto mining operations.
Cryptocurrency mining consumed 120 TwH of electricity in 2023, raising concerns that alternative stores of value may be exacerbating the climate crisis.
Using what we have (IoT devices) instead of increasing the burden on the world’s electricity supply and the metals and other resources used to manufacture computer chips could be an excellent step forward from a green perspective.
Before a large-scale computerized endeavor like global cryptocurrency mining using IoT devices can be carried out, due diligence – including a security impact assessment – is vital.
One of the biggest risks to any device that’s connected to the internet 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 crypto mining using mobile devices.
Over the past few years, news reports have revealed that crypto-jacking malware can infect mobile devices and run coin mining software in the background without the owner’s knowledge.
The signs that this type of infection has taken place l include battery overheating and reduced battery life, and a moderate slowdown in operating speed.
However, since these are also common signs of an aging device, the majority of owners would never think to run a malware scan and discover the illicit 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 linking devices in order to create a crypto mining network, it’s necessary for each device to be running the latest anti-malware software with mandatory updates to ensure that emerging malware apps don’t find their way onto the network.
After all, the major investment in IoT cybersecurity by the tech industry needs to be matched by individual effort in order to be truly effective.
Other security measures like firewalls can also be effective in reducing the risk of crypto mining malware, especially since this type of software tends to delete existing legitimate crypto mining apps in order to monopolize the device’s processing power.
The exciting new cryptocurrency helium has attracted a lot of online attention for its potential to be mined in a decentralized manner.
While the company hasn’t announced firm results of their IoT crypto mining experiment, reports of large profits make it a must-watch development for fans of IoT technology – especially those keen to harness their devices for financial gain in the crypto markets.
The Internet of Things can go beyond being merely convenient and generate potential passive income through crypto mining, provided that enough devices are linked remotely.
While 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 any financial losses.
As the IoT crypto mining trend continues, tech fans will want to watch the space closely and decide when to embark on their own crypto mining experiments.
(Copyright: IoT News How IoT is revolutionising cryptocurrency | IoT Tech News)
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