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Helium Mining: How to Mine Helium Coin — Helium Hotspot Miner

How to Mine Helium Coin

Introduction

Mining is gradually becoming a key part of the crypto industry. In other words, taking over other largest cryptocurrencies like Bitcoin and Ethereum would be physically impossible without mining. However, not long ago, a new player joined the market. In this article, we will address every essential aspect of Helium Mining and HNT Coin.

As time goes by, the world keeps going more digital. The digital world keeps rising more and more through a vast network of computers and devices known as the internet.

We use WiFi or Cellular Data to stay connected, whether for entertainment purposes or reading articles. Not only do people stay connected through the internet, but many other things also like smart light bulbs and smart cars,

Moving things need to stay connected to the internet to function normally, for example, drones and smartwatches. Notably, most WiFi sets a password to keep their networks safe. Although to clarify, this enhances the overall user experience, and it is impossible for many people and things to connect to it.

For instance, the Amazon Prime Air service drones need a persistent internet connection to deliver packages. This is due to the fact that drones cannot magically guess the internet passwords, instead, they need to use cellular data – a relatively expensive service.

Thus, another blockchain technology starts to save the world once again. Moreover, Distributed Ledger Technology (DLT) does not fail to surprise us, creating the internet more efficient, cheaper, and safer. This time, a project known as Helium is providing a solution to the problem as mentioned above.

What is Helium?

Helium (HNT) is a decentralized blockchain-powered network that runs on the Internet of Things (IoT) devices. Also, it gives real-life usage, unlike most of the same coins in the market. HNT is a new crypto hotspot earned for providing and validating wireless coverage. In other words, users can get HNT coins when the device’s network joins the Internet through Hotspots.

The Helium networks launched in July 2019, allowing low-powered wireless devices to interact with each other. At the same time, it will send data across their network of nodes.

Besides, nodes appear in so-called hotspots, a blend of a wireless gateway and a blockchain mining device. To clarify, users who run nodes can mine and get rewards in Helium’s native crypto token, HNT.

Therefore, Helium’s purpose is to make IoT connections much more refined and prepared for the future. In addition, Helium is identified as “The People’s Network” – it is formed and run by ordinary citizens. Also, the network is verified and secured by nodes, also known as Hotspots.

Helium Price Analysis 2021

The crypto market has come a long way, with its market capitalization surpassing trillions of dollars. However, Helium is one of the new additions to this market. Besides HNT entering the market with its mainnet release in 2019, this coin is still in its early days. According to Coinmarketcap, HNT took a price of $0.2721 with a 24-hour trading volume of $66,395 in mid-2020.

Furthermore, Helium saw a constant increase during the months, reaching a trading value of $1.29 by the end of 2020. In addition, the coin remained to experience a price change throughout the first weeks of 2021 until the end of January. Notably, its trading value almost doubled, leaving it with a price of $2.49.

Moreover, while entering the month of February, the price boosts, setting a new all-time high of $4.60 per one HNT. After that, the coin cooled off for a week or two, just for it to skyrocket again during March. Therefore, this year’s bull runs have shown to be highly profitable for the Helium coin. Also, the coin gained a 1300% increase in its price, with an all-time high of $23.01 on May 28.

At the time of writing, one HNT is trading for $12.35, 2.34% up from yesterday, with a 24-hour trading volume of $25.2 million.

Helium Price Prediction 2021

As we noticed before, Helium is almost new to the crypto market. That being said, there is still a long way to go before it finally achieves its goal – global internet coverage using its technology. However, the project has been in progress for some years now. In addition, it is starting its blockchain world journey as early as 2013.

In fact, it started its growth until its mainnet release. But, Helium mining had four Funding Rounds, meeting $53.8 million. However, those funding rounds created a strong foundation for Helium, making its mainnet journey easier. This project is just getting started. Therefore, we should expect large price gains on its native token HNT.

On a bullish note, the price of Helium may meet $40-$50 short term, with a potential trading value of $55 by the end of 2021. When it happens to long-term predictions, its price might explode to new heights since its supply reaches its limit once the coin will become deflationary.

How To Mine Helium Coin?

Helium mining gets even more enjoyable. Besides, hotspot mining will be excellent competition for GPUs. Notably, to mine Helium with hotspots, you use radio technology, not expensive or even wasteful GPUs. As a result, you can forget high electricity bills and complicated set-up procedures. That is to say, HNT miner is the thing you were looking for without even recognizing it.

What are Hotspots?

Hotspots are P2P wireless networks that give IoT devices efficient and low-power data delivery to and from the internet. Besides, Helium Hotspots serve as nodes to the Helium network.

It is also forming a blanket of connectivity in areas where they are connected with other hotspots. Due to network coverage extending as people use these hotspots, you get rewarded for using them.

On the other hand, this is a process of mining during which you get rewarded with HNT tokens for giving wider coverage of the network. Basically, hotspots supply a low-bandwidth internet connection, throughout miles range, to numerous devices; and they can do this using a wireless technology known as LongFi.

There are three different hotspot roles

  1. Challenger Hotspot – they form the discrete unit of work for PoC known as “challenge.”
  2. Transmitter Hotspot (Challengee) – they are liable for transmitting or beaconing data packets.
  3. Witness Hotspot – they report the presence of packets or “challenge” packets after they are transmitted.

What do I need to start Helium mining?

A hotspot device and internet connection are suitable for you to start Helium mining. Then, all you need to do is download the mobile application on your phone and register the hotspot. Next, the hotspot will start transferring device data and earning HNT.

Energy consumption and work model

Hotspots give miles of wireless network coverage for millions of devices around you doing Helium LongFi. You receive HNT as a reward. However, because of an innovative proof-of-work model (we call it “Proof-of-Coverage”), your hotspot only uses 5W of energy.

Helium miners’ pricing

If you are planning to jump on Helium mining, you can also consider the price of the miners. Meanwhile, the price varies from $300 to $600. But, it depends on the hotspot model you want to get. Due to high demand, all hotspot devices are currently out of stock.

Moreover, the buyers are willing to overpay for the product to get the miners as soon as possible. So that’s how you can tell that thing is hot at the moment.

Choosing the right radio frequency

Before you acquire your Hotspot miner, it will probably ask for the frequency of your country. Notably, every continent has its own frequency:

  • EU       –     868
  • AU       –     915
  • AS       –     923
  • CN       –     470
  • RU       –     864
  • IN        –     865
  • KR       –      920
  • US       –      915

However, if you are not sure about your country’s frequency, check LoRaWAN Frequency Plans and Regulations by Country.

How much can I earn with Helium mining?

Profitability relies on the entire number of miners in your state and the device data your hotspots transfer. Therefore, hotspots gain HNT for transporting device data over the network. As a result, the more device data hotspot transfers, the more earnings. Moreover, the hotspot’s location, availability, and the number of witnesses around it highly affect your profits.

What brings your miner the most profits is the number of challenges it engages in. For more evidence and proof, here are the current statistics:

3 – 5 Witnesses> 150 HNTper month
5 – 15 Witnesses> 500 HNTper month
15 – up  Witnesses> 800 HNTper month

To clarify, hotspot miners earn more HNT whenever they’re in the range of other miners. But they need at least 300-350 meters distance. Notably, single HNT hotspot miners gain less as they can only appear challenges across the internet. Also can’t participate in Proof-of-Coverage.

Most importantly, you can check the coverage map to see the number of hotspots in your local area. Finally, recognize that Helium’s first halving date is August 01. Halving will lessen the profitability of mining by 50%. However, it will make it almost possible to increase the value of the HNT coin.

In addition, as the total figure of hotspots rises, the reward each hotspot receives drops. It will occur because there is only a limited quantity of HNT that should be paid to Miners.

Types of Helium Hotspot Miners

There is a wide choice for Helium hotspot miners. Nebra, Bobcat, and Rakwireless hold fairly great hotspots. Moreover, those miners will provide an excellent helium mining experience.

However, there are few variations that I would take my time to discuss below.

Nebra Hotspot Miner

So far, Nebra miners have been supported by society and tested Helium itself. Besides, they offer to ship to every region. However, Nebra hotspots miners come in two forms, indoor and outdoor.

Nebra Hotspot Miner

Indoor vs. Outdoor Miner

The outdoor unit comes in a suitable case form for outside usage and has a few extra features. Also, you can positively place outdoor miners in mixed environments without bothering about their functionality. Further, the Indoor hotspot’s 3dBi antenna is built from plastic, while the outdoor hotspot’s 3dBi antenna is from fiber-glass.

Moreover, there is a price difference between the indoor miner and the outdoor miner. To clarify, it’s a subject of personal preference and the situation you want to place your Hotspots. For example, you want an outdoor miner, but there is no ethernet connection, consider using a mini-card with 4G coverage. Similarly, it will provide your outdoor hotspot 4G internet access, with no need for an ethernet wire.

Bobcat Hotspot Miner

Out of all Helium miners, Bobcat has the most powerful 4 dBi antenna. In other words, it has a greater PoC compared to the other miners and earns higher HNT. Moreover, its signal lets the miner connect with other witnesses in +10 miles range. However, Bobcat has a 64GB storage flashcard in terms of storage capacity. In comparison, most of the other miners have only 32GB.

Bobcat Hotspot Miner

Rakwireless Hotspot Miner

Rakwireless has the lowest 2.8 dBi antenna among the hotspot miners and a 32GB storage card. But, the lower cost of Rakwireless miner will save you enough to buy an 8 dBi antenna package. It also makes your profits even bigger.

As mentioned before, higher dBi antennas are not always the best choice. Instead, it would help if you considered getting an antenna based on your terrain and the range between you and other local hotspots.

Helium Mining Earnings Calculator

Helium Mining Earnings Calculator

Helium hotspot earnings calculator gives a rough view by calculating how much HNT your hotspot can earn. Besides, it is based on its situation and how many active hotspots are near the location. Also, how many are currently active on the location you are planning to put the hotspot. At the same time, the current state of the Helium network and the current HNT reward distribution.

FAQ

How to maximize mining profits?

There are many other ways that you can increase your mining benefit. Are you aiming to do this? Then Make sure that your hotspot is always online and has a good internet connection. Also, try to create a clear line of sight for your gateway as possible. Finally, choose the antenna based on your surroundings and hotspots around you.

How to install an outdoor helium miner?

No need to get anxious. Placing an outdoor hotspot is quite easier than it seems because Nebra Outdoor miner supports PoE (Power Over Ethernet). Therefore, the best way to install it is using an Ethernet cable. Just put your hotspot in an excellent place, connect the Ethernet cable, and you are ready to go.

Can someone steal and use my hotspot miner?

Helium hotspot miners have strong encryption. Nobody can use it except only when you set up the miner and register the device under your wallet. Moreover, hotspots cannot be reset even if they get stolen. You will have a 12-word security phrase to access your HNT wallet. Take note: never share your mnemonic phrase with someone else nor store it online.

How to exchange HNT for fiat currency?

To do this, you will need to transfer HNT from your Helium wallet. Especially, to an exchange that offers support to HNT before exchanging it for the national currency.

Is Helium mining risk-free investment?

No, Helium is a start-up network that is currently competing with already well-established telecommunication firms. It can be the next big thing and greatly reward its investors or flop like many other start-ups out there. So invest according to your finances. In other words, never spend what you can’t afford to lose.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.