Everyone loves making money, right? Easy money is the best. With that said, what if you could monetize your travel? Add in this being completely passive and how many would do it? You earn a cryptocurrency that is traded on a couple of exchanges too. I am talking about Coin.
Coin and Geomining
I know you are probably wondering just what Coin is and Geomining. Coin is the app, of course, and Geomining is what you are “doing” to get paid.
If you think about it, this is quite like Pokemon Go and similar apps. Instead of finding a rare digital creature you are finding random amounts of a digital currency.
First, for the Coin app to work, you need to allow location services. I know some reading this may not be interested in doing that due to security concerns. Unfortunately, without location services turned on you will not be to use the Coin app. You can still trade the token using certain exchanges though.
Once you are logged into the Coin app you will see a general representation of your current location. There will be squares, according to the website these are about 130 feet square thereabouts.
Clicking the pickaxe at the bottom of the screen will “mine” that tile. You can only mine a tile every so often. For people that are stationary for long periods of time you have a couple of options to speed up the mining of the same time repeatedly. One is to subscribe to one of the two currently available plans. Another is to play a mini game to clear that tile again and make it mineable.
Geomining XYO token
XYO is the digital currency you are collecting. Currently it takes 10,000 XYO tokens to cash out with Coin. To see what the current exchange rate of XYO token is please visit CoinMarketCap. As of this writing it is about $0.000742 (or $7.42 to cash out).
Each tile that is mineable has a different value of XY tokens tied to it. I have seen tiles worth hundreds of tokens while others were a fraction of a token.
Travelling is the key to making money with Coin app. While you can repeatedly play mini games and mine the same tile, it is more time consuming that it is worth. At least that is my experience.
Where I have seen good returns on my time is turning on the Coin app before driving somewhere. This is where Coin app has a leg up on similar apps like Sweatcoin.
Sweatcoin and the like will not work if you are driving or travelling too fast. Coin app rewards you for this action. Walking is still something you can monetize with this app; it is just slower as you must travel to a new square to earn new rewards.
While travelling you need to turn on “auto collect” at the bottom, below the pickaxe.
This tells the Coin app to automatically mine the new tile as you travel to it.
Maximizing your earnings
If you drive for your job, then Coin app is a great way to monetize your travel. I drive about 11 miles round trip each day to my day job. I average 300 to 500 XYO tokens for this with a few heavy hits mixed in. The largest mine I have hit is around 1,000 XYO tokens.
Being stationary is the slowest way to mine tokens. Walking is next. Riding a bicycle or driving a vehicle (or riding along) is the best way to maximize your earnings.
Remember, 10,000 tokens are required to cash out. You can also cash out to Bitcoin and Ethereum but those require around 500,000 tokens to reach. I do not care to wait that long to get my money personally.
You can also occasionally watch videos to earn XYO token. What is cool about that is, Coin app tells you up front how much the video is worth before you watch it. You can also get weekly Geodrops and such.
What to do with your earnings
I plan to cash out to the exchange, convert to Bitcoin and send to my Coinbase account as I can.
What is interesting is, as I have been researching the Coin app and using it, the value of the XYO token has nearly doubled. It is still at quite a bit lower than its high but what coin is not like that right now?
For what you do to earn, it is hard to beat. While you may not get rich off this, it is a good way to monetize something you do every day. If you are smart about trading, you can potentially compound your earnings.
Let me know in the comments below if you are using Coin app to monetize your travel. If not, what are you using? Drop a referral link below and I will at least check it out for a future article.