What is a Utility Miner
Utility miners are a relatively new type of cryptocurrency mining hardware that offers much more than just mining cryptocurrencies. As the name suggests, these miners serve a dual purpose by combining both mining and a real-world use case. The term "Utility Miner" is an umbrella term that encompasses any type of device that mines cryptocurrencies with a secondary purpose such as transacting IoT devices' data, gathering information, or even providing users with a particular service. Some of these utilities can be useless while others can shake centralized and monopolized industries.
Examples of Utility Miners
One of the most well-known examples of a utility miner is the Helium and MatchX hotspots. These hotspots broadcast a LoRaWAN signal, which can be used by IoT devices in the area to securely transact information.
The LoRaWAN signal is a cheap long-range connection that is used by IoT devices, so monetizing that aspect of it as a Utility Miner is generally not the focus; that is why some of these Hotspots will offer other paths to increase your earnings.
Another example of a utility miner is Hivemapper, which is a decentralized mapping solution that uses cameras mounted in users' cars to map roads they drive on. This creates a decentralized version of Google Maps, making the mapping industry more accessible and less centralized.
2Blox is another example of a utility miner. These cameras are mounted by users in their homes to gather traffic and road data from the streets outside. This data is then processed by the miner, allowing users to access real-time traffic information and helping cities to make better-informed decisions about traffic management.
You can find our list of currently supported Utility Miners here, more will be added over time.
How can Utility Miners impact the World?
Utility miners have the potential to revolutionize many industries by offering a decentralized alternative to traditional centralized systems. The possibilities are endless, and it is exciting to think about what other ideas can potentially come up.
In conclusion, utility miners offer a unique and innovative way of combining cryptocurrency mining with real-world use cases. They are shaking up traditional centralized industries and offering a decentralized alternative that has the potential to revolutionize many areas of our lives. Whether it's mapping, data gathering, or even transacting information, utility miners are poised to make a big impact in the years to come.
Want to feature a Utility Miner?
Do you have a world-changing utility miner that deserves to be featured in Mining Chamber? You can now add it to our queue by submitting your miner here
We have a process set in place to review the project and the utility miner itself. You can learn more about that here.
It is my priority to maintain honesty and integrity, and provide an honest evaluation of the project, regardless of whether it is a well-intentioned creation or a profit-driven endeavor.