IOTA entered the cryptocurrency market around 2015 under the IOTA foundation. The IOTA foundation is a non-profit organisation, and it is responsible for how the network has continued to grow and to make any strategic partnership. The company has grown and formed amazing partnerships with some of the biggest companies, like Volkswagen, Bosch, Samsung, and Fujitsu.
1. What is an IOTA faucet?
An IOTA is an altcoin which is used to facilitate the internet of things. This is a network of around billions of any online electronic devices from home appliances, vehicles, actuators, software, and sensors. The fascinating thing about IOTA is the fact that it doesn’t require miners and a blockchain network for it to maintain its security.
The coin has a secure network called tangle, which makes it more secure against cyber-attack. This network enhances cyber security and protects your cryptocurrency by asking for the sender verifying and validating their two previous transactions. This is to ensure that the person transferring their coins is not a fraud. This consensus is more efficient, decentralized, scalable, and the transactions are free.
It is impossible to mine IOTA since it doesn’t operate on blockchain technology, which eliminates the need to have miners. However, you can mine IOTA by simply mining Monero coin. This works when you mine Monero, and you get paid in the form of IOTA. If you want a more economical way to mine for IOTA using Monero, it is advisable that you use IOTA faucets to make it easier for you. Mining for Monero is easy, and it can be done by the use of a normal using a service called coinhive.
However, when using the coinhive service to mine for monero, it takes up around 30% of your power. Also, mining for IOTA alone can be very time consuming, and it can take you a few months before you get any gains. For this reason, the coinhive service involves a lot of people mining in one pool as this enables them to get cash regularly. When the coinhive services cashes-out, it distributes the pay equally between the people who had contributed. The IOTA faucets will link you to a working mining pool that will enhance your gains in a given time.
2. Best 5 Iota Faucets
In this website, you mine for Monero, but you receive your money in IOTA. This is almost how all the IOTA faucets work as it is easier to mine Monero since it is a blockchain network.
This website is easy to use and requires less work for it to start working and mining your coins. This is one of the best paying websites, but it depends on the mining power you have. Additionally, the pay does not delay as some cryptocurrency, and you get paid within a day. Unlike some of the cryptocurrencies that have a limit on how much you can withdraw in a day, this faucet does not have a limit. This means that you can mine as long as you want and as much as you have the mining power.
The IOTAfaucet is an experimental project which aims at developing a faucet that can be used for free by any IOTAs distribution. This project aims at getting a lot of people aware of tangle technology and IOTA. However, since this is an experimental project, people can’t make withdrawal more than once in a day. If you are planning on using this site to get your coins, you can fill a request form and submit it. After that, you will receive an email with further instructions this is to limit cases of fraud and cyber-attacks.
When using this website, you get six posts per day limit, which can be very frustrating if you like to have access to the coins more than six times. The website requires little work, and it is easy to use with a simple navigation process. You get a decent pay when you post a coin; you can get around 20 IOTA for each post.
• IOTA Boombitcoins
This is among the most paying sites, and you can mine more than 100,000 IOTA, which is payout in less than 12 hours. For you to get that amount of IOTA, you need to claim 100 IOTA for around 1000 times for you to receive the full amount. The site requires you to work every five minutes, thus giving you less time to take a break. It is easy to use the site, and it has an easy navigation system. In this site, you get decent pay when mining for the IOTA, and you can get a pay of around 1200 in one hour.
• IOTAlottery Reddit
This is a lottery where if you like gambling and believe that you are in luck, you can have your shot. This lottery happens only once a month, and it is a thriller if you love the rush in adrenaline that comes with the lottery. The lucky winner is paid in IOTAs which they can exchange to get cash. For you to get a ticket to participate in the lottery, you need to deposit 10000 IOTA. This is a great investment if you love taking risks.
3. Other Ways to Earn Free Iota
You can get IOTA from other exchange sites like HitBTC, Binance, and Shapeshift. Additionally, you can use any other cryptocurrency pairing that is available like ETH, USDT, and BTC. However, you should always know that most of these sites indicate the price of one MIOTA, which means a million IOTA. You need to be aware of this to ensure that you don’t spend more than you had planned.
4. How to mine IOTA step by step
• Download wallet
The first thing you need to do is to download an IOTA wallet. There are two versions of IOTA that work well with the different operating systems. If you are using and Mac PC you need to download the version that ends with a .dmg. If you are using a Windows PC, you can download the version that ends with a .exe.
• Install your wallet
After downloading the wallet, you need to install it in your PC for you to get started in mining. When you open your wallet, it will ask for a seed. A seed is like a special string of characters that is used to prove that you are indeed the owner of the wallets. This is to ensure that your IOTA has been provided with the needed security and nobody can get hold of the IOTAs.
• Log in to your IOTA wallet
When you have received your seed, this acts as your password to get access to the IOTA wallet. When you log in to your wallet, you should click receive on the address of your wallet. After that attach it to tangle to allow other networks to know that this address exists. From there you can start receiving IOTAs.
• Tweak your time frame
You can now enjoy mining for the IOTAs and enjoy getting paid. You can change how much time the miner spends working by adjusting the speed setting. You need to set it up so that you don’t struggle when you want to use your computer. Additionally, setting it up allows your computer fans not to spin like crazy.
When you want to mine for IOTA, you usually mine Monero using the IOTA faucets. This is because it is easier to mine Monera, which is a blockchain network than IOTA. When mining for the Monera the IOTA faucets will provide a link to a mining pool. This mining pool enhances the number of gains, which allows you to have enough coins to withdraw over time.
Arnold Webb received a Masters Degree in Computer Science from Harvard University. Arnold currently is a full-time researcher and trader in the cryptocurrency industry. Arnold contributes content to CryptoCelebrities.co, The Bitcoin Magazine and several other publications.