You can earn cryptocurrency through "mining" apps like COIN that run passively on your phone. They reward you in their crypto tokens for allowing the app to contribute your device resources to validate transactions on the blockchain while also confirming your location data. COIN specifically pays you in COIN tokens for having the app open as you move around, as it tracks your GPS location. The more you have the app open and prove you‘re actively moving, the more COIN you earn through this "geomining."
How Geomining in the COIN App Works
Geomining in the COIN app is a genius way to earn free crypto that takes advantage of smartphones and location services.
By letting the COIN app track and validate your real-world movements, you generate valuable data. COIN takes this location data you naturally create and rewards you for it with XYO cryptocurrency.
But how exactly does it validate where you are and pay you COIN for it? Here‘s a quick breakdown:
- COIN uses your phone‘s GPS and other sensors to keep track of your geolocation as you move around with the app open.
- It cross-references your movement data points with its blockchain ledger of known locations and events.
- When your location can be verified against the existing ledger, COIN algorithmically generates a new entry rewarding you with XYO coins.
- As the ledger grows over time thanks to user contribution, the verification potential also increases, meaning more chances to earn COIN for all users.
It‘s a very clever mutually beneficial system – as the network expands, so do your potential earnings!
Table 1: Expected COIN Earnings with Geomining
|Hours Per Day Running COIN App
|Expected Weekly Earnings
|5,000 – 15,000 COIN
|25,000 – 60,000 COIN
|75,000 – 150,000+ COIN
As you can see, dedicating at least 3-5 hours a day to geomining with the COIN app open can result in over 20,000 COIN weekly, adding up quickly!
Maximizing Your Earnings with Geomining
Here‘s are my top 5 pro tips for earning the most COIN possible through geomining:
- Keep that phone charged! Having sufficient battery is crucial to running the COIN app consistently. Bring portable chargers when on-the-go.
- Connect to wifi networks whenever you can. This assists location tracking and allows the app to verify your coordinates efficiently.
- Move around more. The more new locations you visit with COIN open, the more verification opportunities you create to earn COIN.
- Keep the app open and running actively. COIN can only reward you when actively tracking and verifying position.
- Check your geomining dashboard. Monitor your earning rate and adjust your habits if needed to maximize COIN gains.
Follow these tips and you‘ll be a master geominer earning thousands of COIN before you know it!
Other Ways to Earn COIN
Luckily the COIN app offers plenty of options to supplement your geomining earnings even further:
|Complete bounty tasks like surveys
|100 – 100,000+ COIN
|Watch sponsored ads and videos
|500 – 5,000+ COIN
|Check in at brand locations
|250 – 2,500+ COIN
|Refer friends to download the COIN app
|10% of their earnings
|Play COIN Run augmented reality game
|? COIN per minute played
Bounty tasks in particular can be extremely lucrative, with some activities like app downloads, registrations, and game play granting over 100,000 COIN!
I highly recommend checking for new bounties at least once a day and setting aside time weekly to knock out high paying tasks. This can easily double or triple your overall weekly COIN income on top of geomining rewards.
For example, you should be able to comfortably earn 75,000 COIN or more per week through geomining alone if using the app 5 hours a day. Add in 10 bounty tasks granting ~5,000 COIN each per week, and you could be looking at 125,000+ weekly COIN, worth over $100 at current market prices!
And don‘t forget about referring friends. As the saying goes, the more the merrier! Turning your peers onto the COIN app benefits them and pays you passive income on their earnings as well.
Cashing Out for Cold Hard Crypto
Now that you know how to rake in the COIN, it‘s time to turn that crypto into cash. Here‘s the basic process:
- Transfer COIN from the COIN app to a personal XYO wallet address.
- Send the XYO you accumulated to a cryptocurrency exchange like Coinbase.
- Sell or trade the XYO for other coins like Ethereum.
- Convert the coins to traditional currency like US dollars and withdraw to your bank.
I recommend Coinbase as the simplest option because it supports XYO and integrates directly with your bank account. Never share your wallet‘s private key and use strong unique passwords for each exchange or wallet to stay secure.
Exchanging crypto earnings for cash does come with fees, so I suggest collecting a considerable balance first, like 20,000+ COIN equivalent to $20+. Otherwise you‘ll waste money on transfers and trades. Patience pays off!
Staying Safe with Crypto Mining Apps
As amazing as passively earning crypto on your phone is, you should be aware of potential security pitfalls to avoid:
- Device theft – Having crypto earning apps makes your phone a target. Never leave it unattended in public.
- Hacks – Like any software, vulnerabilities could allow hackers to steal your earned crypto. Enable all security features.
- Fake apps – Scammers create copycat apps to trick users and steal login or wallet info. Only use trusted, verified apps like COIN.
- Price volatility – Crypto values fluctuate wildly. Don‘t wait too long to exchange earnings for cash or you risk losses.
- Battery drain – Constant mining will consume battery life significantly faster. Monitor usage and recharge regularly.
- Data overages – Geomining especially can eat through mobile data allowances as it tracks your location. Use wifi instead whenever possible.
As long as you take proper precautions, you can avoid most risks. Based on my extensive research, COIN and apps like it can provide tremendous upside for very little effort IF used wisely.
Closing Thoughts on Crypto Mining Apps
In closing, I firmly believe cryptocurrency mining apps represent a game changer, letting anyone earn real crypto value without expensive equipment or deep technical know-how. Passive mining on your phone generates slow and steady "free money" over time, whether through geomining or completing tasks and offers.
COIN truly represents the future of distributed crypto mining in my opinion. I‘m extremely bullish on its long-term earning potential as adoption accelerates. With the tips provided, you should have no problem consistently earning thousands of COIN weekly.
The key is patience and persistence. Treat these apps like a savings account, letting incremental earnings stack up. Before you know it, you‘ll have a nice chunk of crypto value earned totally for free! I‘m very enthusiastic about this emerging trend. Give COIN and geomining a shot and see for yourself!