- Bringing real-world use cases front and center is key to adoption, especially on the retail side, Emrit said
- The company offers cryptocurrency mining infrastructure to retail and business clients that allows them to earn passive income
Jiten Varu, CEO of distributed blockchain infrastructure company Emrit, knows that there is some skepticism around cryptocurrency. A great way to onboard the unconvinced? Show them the money.
The company offers cryptocurrency mining infrastructure to retail and business clients with an emphasis on energy-efficient solutions that allows them to earn passive income. The focus is on bringing what Emrit calls “distributed infrastructure” to communities, Varu told Blockworks.
The key to appealing to clients, especially retail consumers, is to focus on the tangible, Varu said.
“When you talk about Web3, it’s still very virtual for most people,” he said. “They don’t see the real use case.”
“What we’re finding is our retail customer is connecting to these projects very quickly because we’re bridging that gap between the physical and Web3 world.”
Customers pay a one-time fee of $199 for the miner and receive 50% of earnings, which are deposited into the user’s wallet once a month. Emrit was unable to comment on average award amounts per user.
“This is not a coin-focused or currency-focused crypto project, and that’s the first thing we try to educate our retail customers on,” he said. “It’s a passive income, not like day trading Dogecoin.”
Emrit works with existing blockchains, Varu said. Its biggest project at the moment is with Helium, a decentralized wireless network commonly known for powering “internet of things” (IoT) devices with cryptocurrency.
In 2021, Emrit deployed tens of thousands of Helium hotspots to consumers and enterprises in North America and Europe, and now it has its sights set on expansion in Latin America.
To that end, Emrit in December struck a deal with telecommunications company C3ntro of Mexico City to supply Helium IoT to cryptocurrency miners, giving users a new way to generate revenue.
“Our partnership with Emrit allows us to deploy new, innovative solutions to our customers at a fraction of capex associated with a typical IoT deployment,” Abraham Smeke, C3ntro vice president of global carriers.
Under the partnership, Emrit subsidizes network deployment costs with cryptocurrency mining rewards.
“Our consumer and enterprise hosts have earned tens of millions in [helium] cryptocurrency rewards over the last year, for simply providing a steady internet connection and electricity equivalent to a 5-watt light bulb,” Varu said. “As we look to hyperscale our business, partnerships with C3ntro will significantly speed the adoption of Web3 applications.”
Demand has been strong, particularly from the retail side, he said, but it’s not a way to generate riches overnight.
“This is passive income that requires very little support and maintenance,” Varu said. “That’s the draw.”
The partnership with C3ntro comes on the heels of Emrit’s collaboration with PlanetWatch, a global air-quality monitoring system using blockchain and IoT. In June 2021, Emrit partnered with the company to fund the deployment of thousands of air quality monitors to be hosted by Emrit hotspots.
The partnership allows PlanetWatch to save climate data on the blockchain, increasing transparency and security.
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