While innovation can lead to groundbreaking products, it also typically entails higher costs due to the need for advanced design, production processes, and licensing fees for critical technologies. Therefore, RISC-V is crucial for cost-effective applications as a practical and robust instruction set architecture (ISA). RISC-V is a free-available and open-source instruction set architecture, allowing you to create CPU architectures that are not subject to any intellectual property rights. Due to the growing demand for IoT devices, it is more practical to create boards RISC-V specifically designed for IoT applications. Although significant progress has been made in creating open source CPU cores, more emphasis must still be placed on special abilities for IoT applications. Most open-source cores have inadequate documentation or are designed for specific purposes. This analysis focuses on multiple open-source CPUs and System-on-Chip (SoC) designs that leverage the RISC-V architecture, examining their relevance and effectiveness in IoT environments. The study further outlines a RISC-V SoC specifically designed for IoT applications and investigates the primary features of a suitable open-source IoT node, also identifying the need for ongoing R&D to support the development of specialized protocols.