Idle Mining: Earn Cryptocurrency with Your TV
BlockCDN recently publicized their latest innovation: a TV set-top box miner that allows mainstream users the ability to mine cryptocurrency without the complicated hardware. Known as Idle Mining, this process utilizes shared idle equipment (any device that can connect to the internet but not currently in use) and harnesses the unused bandwidth to execute the complex mathematical calculations necessary for cryptocurrency mining.
Traditional mining requires comprehensive knowledge and specialized hardware such as ASIC miners (application-specific integrated chips) to solve blocks. These mining setups expend a lot of energy and often require cooling fans to reduce the heat generated from computer processors, which leads to high electricity costs. Even small personal mining operations can require intense resources, where the mining rig may not generate enough of a profit to make up for the expenditures.
BlockCDN’s TV Miner is essentially a plug-in software designed with a simple setup and Graphic User Interface (GUI), similar to that of streaming media platforms such as Hulu and Netflix. With only three steps in the connection process and an end-user friendly visual reference guide, BlockCDN’s TV miner allows users the ability to harness the power of the blockchain in an unprecedentedly easy way.
BlockCDN outlines the setup process on their medium blog page:
1. Connect an empty external storage device to your Android TV Box via its USB interface. It will need to have at least 50GB capacity and create a new folder under the list: BCDN
2. Within that folder create a document called ‘account.txt’ — please format as shown in the diagram — and paste in your ETH address & invitation code using “&” to separate the two. (Codes can be obtained from the team on Slack).
3. After that, directly install in the TV Box and operate according to the diagram.
In order to utilize BlockCDN’s TV Miner and mining software, users are required to enroll in BlockCDN’s ICO (Initial Coin Offering) fund to the value of 50 ETH or more. BlockCDN states:
“This is essential at this time due to the absence of incoming revenue throughout this ICO period but happily you will receive 50,000 for your ETH and a share in 40% of the profits for the first three years!”
BlockCDN’s ICO runs until December 26, 2016, and allows interested parties to send Ether (ETH) that will convert to BlockCDN’s token, BCDN. The company also plans to make the TV Miner software compatible with other non-Android TV boxes in the future. For now, Android TV users can easily mine Ether at home, and potentially generate an accepting income through their existing internet connection.
BlockCDN CEO Tony Long said it best:
“[It’s] turning waste into money. BlockCDN is a waste recovery officer for the Internet.”