Cryptocurrency has continued to grow in popularity over the past decade. There are now hundreds of "Alt-Coins" and currencies you can purchase and trade. Bitcoin is still the most widely known and used crypto currency in the world. As you may well know, Bitcoin went from around $.0008 per coin when it was first available (although at this time no one knew about it), to now over $10,000 per coin! However there are many other interesting new startups utilizing blockchain and cryptocurrency technology besides just Bitcoin. We will discuss one of those innovative businesses, how to earn passive income from participating in their IOT network and earn crypto currency.
This guide is intended for someone with a basic knowledge of cryptocurrency and computers. Maybe you already have some Bitcoin or even a few other coins as well and are curious about mining cryptocurrency but don't know where to start.
- Already have an account on a cryptocurrency exchange
- Have bought and/or sold some cryptocurrency
- Have a basic knowledge of computers
What is Crypto Mining and how does it work?
There are different ways to mine cryptocurrency and the process and technology behind mining is ever-evolving. We will discuss the most common methods in 2020 and a new, easier, plug and play method covered in this guide.
Why is mining important?
Mining is essentially running some complex computer calculations to validate every cryptocurrency transaction to ensure nothing fishy such as double-spending or cloning are happening. Since cryptocurrency is a digital asset the risks of fraud and duplication must be mitigated. Mining helps with just that.
How does it work?
Every time a transaction is initiated it goes into the ledger which is a peer to peer list distributed among many systems. Miners then solve complicated mathematics problems using powerful processors (commonly Graphical Processor Units or GPUs) and a lot of power, to ensure the transaction is valid and unique. The solutions to these calculations are known as Proof of Work. If the calculations are correct the miner is/may be rewarded with cryptocurrency.
LPWAN Crypto Mining
We are going to review and show you a new innovative form of mining developed by MatchX and the MXC foundation. LPWAN Crypto "mining" is very different than traditional crypto mining. Where Proof of Work is focused on running alot of extremely complex calculations over and over to facilitate crypto currency transactions, MXC Foundations LPWAN miner is more about building a network for transacting small amounts of data to support the world of IOT and anonymous data collection.
MXC foundation's mission is to build a global LPWAN (Low Power Wide Area Network) to be used by anyone for the purposes of connecting and distributing data for IOT (Internet of Things) devices and sensors. Their first LPWAN crypto miner device you will see below, called the M2 Pro, is essentially a repeater or "Gateway" for the MXC LPWAN network. Think of it like a city-wide wifi network for sending small amounts of data. The Supernode is the "wifi router" and your new Gateway is a "repeater". Eventually each city will have thousands of gateways, or repeaters, that will strengthen the signal and robustness of LPWAN network. So you simply plug your M2 pro into your home network via an ethernet cable, power it up, register it with the MXC Data Dash App and you are now contributing by expanding the p2p LPWAN network. MXC pays you a small amount of their cryptocurrency (MXC) every day your device is active in the LPWAN network.
Here are the factors that are/will be considered when determining how much crypto your M2 Pro Gateway will earn:
- Higher Elevation (coming soon) - is your gateway on the 2nd floor or the 8th floor of your building?
- Gateway uptime - the longer your gateway is online without interruption the better.
- Accessibility - how strong is your signal, are there alot of obstacles blocking it?
- Usage - how much data is transmitted through your gateway?
- Accessories & Addons - soon you will be able to add a dog tracking radar, or a computer vision camera to your gateway. This will enable others to build apps and utilize the data your gateway collects over such devices.
What can you do with the MXC you earn?
You can then either "stake" that MXC, which essentially is like re-investing it earning you dividends and even more MXC, or you can sell it or trade it for another currency.
We at DiyZam managed to get our hands on one of the first M2 Pro LPWAN Miner devices in Berlin (MXC Headquarters). Now for an exclusive first look at this new low-power, plug and play miner:
M2 Pro LPWAN Crypto Miner
MatchX's M2 Pro LPWAN Crypto Miner is a LPWAN gateway that will help build out the LPWAN network of repeaters and sensors. The price is not cheap at $2,800 (€2,500) but at current average earnings it should take approximately 70 days to earn back the cost of the gateway and begin earning pure passive income.
First we unpacked everything. The box was nicely packaged and everything was well insulated from impact.
In the box you will find your new M2 Pro LPWAN Gateway, 3 antennae, 1 power cord, mounting screws, double-sided tape, 2 LAN cables, LAN clamps, a mounting ring, a Power Over Ethernet adapter and some stickers.
Note: at first I thought the power cord was too short and that I'd need to visit a hardware or electronics store. That was until I realized the M2 uses Power Over Ethernet. This means the only cable that needs to be connected to your M2 is an ethernet cable (no power cable needed). MatchX were kind enough to ship the M2 with two pretty long ethernet cables, however I prefer white (as our walls are white) so I used my own.
Choose A Mounting Location
Here are some factors to consider when deciding on where you will mount your M2 Pro:
- the higher the better - eventually earnings will get a boost from how high above the ground your M2 is mounted.
- Ideally outside of your house/apartment - signal strength is also a factor considered in your earnings. Although LPWAN can penetrate concrete walls with ease, why put one right in front of your Gateway if you don't have to?
- High enough to avoid being tampered with or stolen. Therefore we do not recommend mounting your M2 outside if you are on the ground floor in a busy area.
- Must be close enough to your router, switch, or ethernet port to run a cable to. Note: you CAN connect your M2 pro over wifi, but the stability of your gateway could suffer depending on the quality of your wifi.
1. Install the MXC Data Dash App (Android | iOS) - and create a new account if you do not have one already. With this app you can manage your new M2 Pro, Deposit & Withdraw MXC Cryptocurrency and stake MXC. In the future you will also be able to manage additional devices connected to your Gateway.
2. Unscrew the bottom two screws on your gateway and remove the cover
3. Add your Gateway using the QR Code inside - I did this by clicking add Gateway in the MXC Data Dash App which opened my camera and allowed me to scan the QR code.
4. Connect the 3 antennae - G goes on G, the two Lo go on the L spots
5. Connect the LAN cable from your wall jack to the LAN port on your M2 Power adapter
6. Connect a separate LAN cable from the POE jack on your M2 power adapter to the M2 Pro. Make sure the cable from your miner to the power adapter is long enough to reach wherever you want to mount your M2 Pro.
7. Your M2 Pro Status Light should start blue. As it connects it will probably turn yellow/orange. For me it stayed orange for some time (15 minutes or so)? I thought something was wrong, but I think it just takes time for a new device to initialize. Eventually, if your ethernet cable is working (test with a laptop to be sure), and you have both connected into the correct slots on your PoE power adapter, it should turn GREEN.
8. Log into the MXC Data Dash App to check your gateway's status. It showed as offline for me for awhile as stated above. Eventually when the light turned green it showed as active in the app.
9. Screw the cover back on the bottom of your M2 Pro
10. Mount your M2 Pro to the spot you prepared, congratulations you just joined the future of IOT and smart cities!
I am very excited to see how much MXC I earn. As an early investor in MXC I have been very happy with the returns on the value of MXC foundation's cryptocurrency. I was even able to buy a $2,800 M2 Pro LPWAN Crypto Miner with some of the profits I earned from my initial MXC investment! Now I have my Miner setup I will be earning passive income while supporting MXC foundation in building the future of IOT.
I will update this post in a week with an overview of how much cryptocurrency I have earned with my new M2, so stay tuned.
Update: As promised here are my earnings from my first week of running the m2 pro:
This is slightly less than I was expecting. I have heard reports of between 20 and 40 USD earnings per day. However, I think since my miner is new it will increase over time as amount paid is also dependent on how long your device has been online. Another factor is the low MXC price right now. It is definately best to hold at this price and wait until the price goes higher to sell your earnings.
At this rate and current MXC price I would earn back the cost of my miner at 211 days. However if the price of MXC goes up in the coming months and I decide to sell my miner's earnings, it could be much faster.
Interested in the M2 Pro LPWAN Gateway? Find out more here:
How does the M2 Pro Mine?
- The M2 Pro runs on the PoP mining principal (Proof Of Participation) it is different to how you would mine ETH or BTC. You are rewarded blocks by establishing and distributing your LPWAN / LoraWan. You allow people to access your network and you will be rewarded for this "participation" and receive blocks.
Do I have to pay when someone uses my node?
- No, you do not have to pay when someone uses your node / Miner. Eventually once the data network is well established, other people will connect their data / sensors to your LPWAN network and pay you for the usage (downlinks).
Why is the M2 Pro so expensive?
- Because without the M2 Pro you cant mine MXC, its like asking why people need hardware to mine BTC, without it, they cant mine BTC. The price is relative, miners are already seeing exceptional ROI.
What is the LPWAN/LoraWan Range on the M2 Pro?
- The netowrk range is up to 40sq. km
Can any LoraWan device connect to my M2 Pro?
- Any LoraWan that is enabled with MXProtocol can connect to your device.