A device for monitoring a rotating shaft is provided. The device measures strain in the shaft and provides angular velocity and torque in the shaft. The device includes a sensor, sensor conditioning circuitry, a microprocessor, and a transmitter, all located on a rotating shaft. The device obtains power by harvesting mechanical energy of the rotating shaft itself. Coils are provided rotating with the shaft and permanent magnets are mounted adjacent the rotating shaft so electrical energy is induced in the coils as they rotate through the magnetic field of the permanent magnets. A battery or capacitor is connected to the coils for storing energy. A microprocessor is connected to the sensors, the storage device, and the transmitter for managing power consumption and for monitoring the amount of electrical energy stored in the storage device and for switchably connecting the storage device to the transmitter when the stored energy exceeds a threshold.