Although Helium from the crypto world cannot make you speak in a funny voice, it can still be quite valuable. And we’re not just talking about the potential profit you can get from selling the HNT coin — no, there’s more to this coin than meets the eye!
First of all, there’s an inherent utility that the Helium blockchain can offer to its users. Helium is a decentralized machine network designed to provide long-range, low-power connectivity for devices like sensors and cell towers. This can have a wide variety of applications, from environmental monitoring to supply chain management.
Secondly, the process of mining HNT is a lot less taxing on the environment — and your electricity bill — than similar processes for other cryptocurrencies. Last but not least, there’s also an amazing Helium community where you can find like-minded people interested in IoT and crypto.
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Now, without further ado, let’s take a closer look at Helium and what it has to offer!
What Is the Helium Network?
Helium is a decentralized wireless network that anyone can join and earn rewards for participating in. Powered by a cryptocurrency named Helium (HNT), it is also sometimes called the People’s Network. Helium is designed to be the world’s first peer-to-peer IoT network, and it has the potential to revolutionize the way we interact with devices.
IoT — or the Internet of Things — is a term used to describe the growing trend of connecting physical objects to the Internet. This includes everything from wearable devices to home appliances.
Used to power transactions and reward miners for their work, the HNT token plays a vital role in the Helium network. The token also gives users access to the Helium decentralized application (dApp), which is the interface that allows users to interact with the network. The dApp is used to manage devices, track rewards, and more.
The Helium team is composed of experienced entrepreneurs and developers with a proven track record in building successful companies.
Ways to Earn HNT Tokens
There are several ways to earn HNT tokens.
First of all, you can earn HNT by mining HNT. That can be done by setting up a Hotspot to extend the reach of the network data transfer coverage.
Secondly, you can also earn HNT by referring others to join the Helium network. When someone joins the network using your referral link, you earn a percentage of their rewards.
Another way to earn HNT is to participate in Helium’s “Proof of Coverage” program. This program allows users to earn HNT by providing network coverage in areas with poor or no cellular reception.
Last but not least, you can also earn HNT by participating in Helium’s “Proof of Concept” program. This program allows users to earn HNT by testing new features and applications on the network.
How Does Helium Mining Work?
Helium isn’t mined like other cryptocurrencies: it is rather unique. For one, it does not use the standard proof-of-work consensus mechanism — instead, it utilizes the network’s unique proof-of-coverage (PoC) algorithm. Proof-of-coverage verifies that Helium nodes — called Hotspots — are indeed located and providing wireless network coverage where their owner claims they are.
To put it simply, proof-of-coverage (PoC) continuously confirms that node owners are actually doing what they promised to do — providing network coverage from a specified location.
As a result, Helium mining involves users simply placing special devices somewhere in their houses — typically, windows. That’s it! The Hotspot you place will then start providing coverage using Helium LongFi, earning you valuable HNT rewards for maintaining it.
Despite this process being called “mining,” it does not have some of the biggest drawbacks usually associated with it. For example, it won’t force you to pay atrocious electricity bills — Helium Hotspot miners only consume around 5W of energy.
What Is a Helium Hotspot?
A Helium Hotspot is a special device that provides network coverage for Helium. Hotspots earn HNT cryptocurrency and use the Helium LongFi protocol to transmit data over long distances without the need for Internet or cellular connections.
Hotspots can be placed anywhere — in homes, businesses, vehicles, etc. — as long as they have a clear line of sight to other Hotspots. When multiple Hotspots are placed in an area, they create a “coverage zone” that allows devices to connect to the network and transmit data.
The more Hotspots are placed in the area, the larger the coverage zone will be. Coverage zones can be as small as a few city blocks or as large as an entire region.
Hotspots earn rewards for every device that connects to the network and transmits data. The more data is transmitted, the higher the rewards will be. Rewards are paid out in HNT tokens, which can be redeemed for cash or used to purchase other goods and services.
How to Set up a Helium Hotspot
Here’s how you can set up your own Helium hotspot.
1. Choose a location for your Hotspot. The location should be close to where you live or work, as you will need to connect the Hotspot to a power source.
2. Connect the Hotspot to a power source. The Hotspot can be powered by a standard AC outlet or a USB port.
3. Connect the Hotspot to your router. This is essential to make your Hotspot go online.
4. Download the Helium app and create an account to start mining.
5. Follow the instructions in the app to set up your Hotspot and connect it to the network: the app will walk you through the process.
6. Start earning rewards! Once your Hotspot is up and running, you will start earning rewards for every device that connects to the network.
Best Helium Miners
All Helium miners previously used to be built by Helium, Inc. but can now be bought from other trusted manufacturers. You can see a full list here.
Here’re some of the best Helium Hotspot miners.
The Bobber 500 is a powerful and reliable Helium Hotspot miner that offers great value for the price. It has a maximum range of 500m, making it ideal for large coverage areas.
The Bobber 500 comes with a built-in battery, allowing it to operate even during power outages. This makes it one of the most reliable Hotspot miners on the market.
The Bobber 500 is available for purchase for $999.
The SyncroB.it Gateway
The SyncroB.it Gateway is an easy-to-use, efficient Hotspot. It can be managed remotely and does not require much additional maintenance. This device also features a swappable enclosure, meaning you can swap the motherboard between the indoor and outdoor one. It costs $650.
Bobcat 300 is just as reliable as its older brother, the Bobcat 500, but has a slightly smaller range — only 300 meters. Otherwise, it has almost the same features as its sibling. This Bobcat miner costs $429.
The Mimiq FinestraMiner is a high-end Helium Hotspot miner that offers superior performance and features. It has a maximum range of 1km, making it ideal for large coverage areas. A built-in battery allows the Mimiq FinestraMiner to function even during power outages.
The Mimiq FinestraMiner will be yours for around $600. Unfortunately, this Helium miner is not yet available for direct purchase in the US and Canada.
SenseCAP M1 is a high-performance miner that is fully compatible with the Helium LongFi Network. It has a fairly large storage of 64GB and an incredibly efficient cooling solution. This HNT miner will cost you around $519.
Milesight UG65 Helium Hotspot Miner
The Milesight UG65 Helium Hotspot Miner is reliable and easy to use. It is packed with built-in Power over Ethernet (PoE) support, which makes it very easy to set up. This miner is capable of working in incredibly harsh environments between –40℃ and +70℃. It can also withstand up to 95% humidity.
The Milesight miner costs around $680.
MNTD Goldspot & Blackspot RAK v2
MNTD Goldspot & Blackspot RAK v2 are two very similar Helium Hotspot miners. Both of them have the same range and consume around 2W of power. The only difference is that the Goldspot model has a — you guessed it — golden casing while the Blackspot has a black one.
The Goldspot model is a bit more expensive than the black one — it costs around $550, while the black model will only set you back $500. Overall, these two miners are neither particularly affordable nor expensive.
The Nebra Indoor Hotspot Miner allows you to mine HNT by building coverage for the Helium network. It is an efficient and easy-to-use miner that uses as much power as a broadband router — 15W. You can purchase it for around $500.
How Much Can You Earn from Helium Mining?
The amount of Helium you can earn from mining largely depends on the number of Hotspots you have and their location. In general, the more Hotspots you have, the more Helium you will earn.
It is also important to note that Helium’s proof-of-coverage algorithm gives preference to those who have placed their Hotspots in areas with little to no coverage. As a result, if you are the first person to place a Hotspot in your area, you will likely earn more Helium than those who have placed their Hotspots in already well-covered areas.
At the time of writing, the Helium cryptocurrency was ranked within the top 50 digital assets on CMC by market cap, making it quite a lucrative coin. The total amount you can earn from mining Helium will depend on how this coin will perform in the future.
If you want to calculate your potential mining rewards at the current moment in time, you can use a mining calculator.
Risks of Helium Mining
As with any other cryptocurrency, there are risks associated with mining Helium. The price of HNT is volatile and subject to market conditions. The value of your rewards could go up or down depending on the price of Helium.
Additionally, while running a Helium Hotspot can be a good source of passive income, almost all of its miners are rather expensive. You can accidentally buy a counterfeit one, or it can break.
There is also a risk that the Helium blockchain or network could be hacked or attacked. This could lead to loss of funds or rewards.
Before you start mining Helium, be sure to understand the risks and potential rewards. Crypto mining is a speculative investment, and it’s crucial to do your research before pursuing it.
How to Cash Out Your Helium (HNT)
If you’d like to cash out your Helium tokens, there are a few different ways to do so. The most popular method is to sell them on a cryptocurrency exchange.
- You will first need to find a cryptocurrency exchange that supports the HNT token.
- Create an account on that platform and deposit your HNT to it.
- Trade your HNT coins for any other cryptocurrency or fiat currency of your choice.
- Withdraw your funds. That’s it!
How much do Helium miners make?
The amount Helium miners make will depend on a number of factors, including the price of Helium, the amount of time they spend mining, and the type of miner they use.
What does a Helium miner do?
A Helium miner is a device that mines the Helium cryptocurrency.
Which Helium miner is the best?
The choice of the best Helium miner will depend on your needs and budget. Some of the best miners for Helium include Bobber 500 and 300, Mimiq FinestraMiner, and SenseCAP M1-US915.
How much does a Helium miner cost?
The cost of a Helium miner will depend on the type of miner you choose. Some miners can be purchased for as little as $200, while others can cost upward of $1000.
Is it worth buying a Helium miner?
The answer to this question will depend on a number of factors, including the price of Helium, the amount of time you are willing to spend mining, and the type of miner you choose.
Is Helium crypto a good investment?
Helium is a solid project, but it does have some issues. You should DYOR before you decide whether it’s worth investing in.
Is Helium a cryptocurrency?
Yes, Helium, or HNT, is a cryptocurrency.
Are Helium miners safe?
As long as you buy your Helium miner from the list of officially-approved manufacturers, it should be fully safe.
Can I make my own Helium miner?
No, you should buy a certified Helium miner from one of the approved manufacturers instead.
How much does a Helium miner make in Australia?
In 2021, Australian Helium miners earned almost $600K. The average ROI for Australian miners is $200–500 per month.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.