cryptocurrency Tech

XYO Coin: Is Geomining Legit?

XY- The Persistent Company, is creating a decentralized data network and is incentivising adopters with XYO by sharing your location data. What is geomining, and is it worth your time?
Holding a XYO sentinel X. A geoming device for mining XYO.
A geoming device called a Sentinel X helps mine 12x more XYO

A few weeks ago I discovered an app on Facebook that claimed you could earn money, or rather cryptocurrency, by simply walking around the real world. It’s called “geomining”. A way of obtaining crypto through location data sharing. I downloaded the COIN app which is developed by XY- The Persistent Company. A few minutes after walking around my house I earned one XYO coin.

Is it worth your time and energy mining XYO in the COIN app, and how much “money” are you actually making? First off, XYO is an official cryptocurrency listed on 6 exchanges. XYO COIN is being developed by XY, which is a company that started in 2012 and is headquartered in San Diego, California. XY is developing the world’s first crypto-location based network utilizing blockchain. Put simply, XY is a technology company developing software and hardware that work together to create the world’s first decentralized crypto-location based trustless oracle network. That’s a mouthful that I’ll try explaining later, but first, is XYO even worth mining?

My short answer- yes. The price of XYO is always changing every minute because it’s a cryptocurrency that can be bought and sold on exchanges. As of writing this, the price of one XYO token is worth 0.002. By the time you’re reading this it could be worth a couple pennies or maybe even a dollar. That alone was enough to get me to invest as little as $8 for XY’s bluetooth mining device called a sentinel that earns you up to 12x more tokens on the COIN app.

The price of XYO on 5/29/2019 via CoinMarketCap

The coin app works best when you’re traveling. According to the coin app’s questions page, each tile you can mine is about 130 feet wide. Then you’ll have to move onto the next or wait for your location to become mineable again after about 2-3 minutes. The best way to collect coins is having the app on while you’re driving, walking, or riding a bike. I turn it on everyday on my way to and from work, and on average I collect around 400 to 500 coins a day with my sentinel equipped.

Every tile has a random value. There’s also big geomines which are rarer and pay out a ton of coin. The biggest geomine I hit was 95 coins, but if you look at the XYO Network subreddit, other users have earned over hundreds of thousands from a single geomine. That means the amount you could make per day really varies, but if you want to join the game the sooner the better.

Screenshot of the COIN app on iPhone.

What is Geomining?

Geomining is a method of sharing your location data and being paid for it. XY is building a data network, called XYO Network, and needs peoples help in contributing to all this data. Right now you can buy a sentinel X for about $8 , or you can buy a sentinel XY4+ for $40 (you can also find new ones on ebay for $30).

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