How to Mine Helium – A Complete Beginner’s Guide
Mining helium is one of the more straightforward approaches to acquiring cryptocurrency. You can begin to learn how to mine Helium using the device you already have, and you can immediately begin adding value to your cryptocurrency portfolio. This can be done right away. You are in luck since we have provided a summary of all that you need to know regarding helium mining here. While it is important to pay attention to certain areas of helium mining, the good news is that we have covered them all.
Even though there has been a change in the cryptocurrency market toward other staking methods, mining Helium remains a lucrative business. Helium is one of those coins. Therefore, that is something that you may begin doing right away. It’s a well-known truth that in order to mine helium, you won’t need to make any big financial investments in order to improve your existing infrastructure. Instead, you can get started with what you already have and then use the proceeds from mining Helium coins to gradually build up your holdings as you go.
Helium: What Is It?
In 2013, Helium was established as a blockchain-based network with the purpose of linking Internet of Things (IoT) devices. Through the use of Helium technology, devices are able to communicate with one another and send data across network nodes referred to as Hotspots. One of the most extensive LoRaWAN networks is called Helium, and it has approximately a million different hotspots built. Users have the opportunity to obtain HNT, Helium’s native cryptocurrency, whenever a Hotspot successfully provides and verifies wireless coverage.
NOTE: LoRaWAN is an LPWA (Low Power, Wide Area) networking protocol that was developed specifically for the purpose of connecting Internet of Things devices.
The HNT will see broad acceptance as a result of the expanding coverage brought about by the network’s expansion of its range at a fraction of the original cost. Helium network already has the backing of large organizations, such as Salesforce, the industry leader in cloud computing, and Airly, a company that monitors air pollution. Customers are provided with the most cutting-edge solution possible as a result of Helium’s new approach to the network edge, which is owned by service providers.
Guide of How Helium Can Be Mined
When mining HNT, the first thing you should be aware of is that the network employs a new consensus process known as the Proof of Coverage. This is something you should be familiar with (PoC). For certifying wireless coverage through the use of radio waves, miners are rewarded with an HNT currency by the network using this technique, just as they are with all of the other algorithms. The same approach is used, with transactions replacing wireless range in the explanation.
In order to mine Helium, you will be required to pay a fee, which can be thought of as the price to pay for the opportunity to generate free cryptocurrency. To mine Helium, you will require a hotspot miner, which functions in a manner quite similar to that of a conventional Bitcoin miner. Between $500 and $1,000 is the typical price range for a helium miner.
Next, it is important for you to determine the frequency of your Helium hotspot miner, which differs according on where you are located.
How much money might you potentially make if you learned how to mine helium? It is dependent upon your location, the amount of data that was sent, and the number of witnesses that authenticate the amount of input that was brought into the Helium network by you. The amount of data that you transfer is the single most important thing to keep an eye on. This component ought to guide how everything else you do in order to get the mining process started.
The number of obstacles that your miner is successful in overcoming is another component that contributes to the total amount that you earn. Consider the following potential monthly earnings to gain a better idea of how to mine Helium coins in a profitable manner by recruiting as many witnesses as is humanly possible:
If you have three to five witnesses, you have earned more than 150 HNT. If you have five to fifteen witnesses, you have earned between 500 and 800 HNT.
What Are the Necessary Components for Helium Mining?
Location is the deciding factor in everything. When mining Helium for financial gain, you should make sure that your mining setup is not too far from that of another miner. At a minimum, three hundred to three hundred fifty meters is the distance that is suggested. It does not appear as though this will have a significant impact on the total number of HNT that you are able to accumulate right off the bat. However, without this, a miner’s earnings could be drastically reduced.
In addition to that, you are going to require a Helium hotspot miner. Your decision over which miner to choose is going to be influenced by a number of things, including your budget and your power management goals. Your time spent mining will be different depending on which option you select for the Helium miner. The following are three choices that you ought to think about:
Miner Bobcat Bobcat 300
The Bobcat Miner 300 is widely regarded as the most effective Proof of Coverage miner and as one of the most powerful 4dBi antennas currently available on the market. In 2021, it was chosen as the most popular blockchain for the Helium cryptocurrency. The Bobcat Miner 300 is one of the most profitable helium mining rigs due to its optimized construction, which enables it to complete the maximum amount of work at the lowest possible cost.
The Bobcat hotspot miner emits a signal that is both powerful and capable of being transmitted over a greater distance. In this manner, you will be able to test the limits of the closeness requirements while still being within the suggested range to successfully mine Helium for profit. It is rumored that the Bobcat Hotspot Miner can broadcast a signal across a distance of up to 10 miles in either direction. In addition to that, the minder provides a maximum storage capacity of 64 GB. The Bobcat Miner 300 is available for purchase for a price of $429.
Nebra Hotspot Miner
Mining HNT coins using the Nebra NHT Indoor Hotspot Miner (Rock Pi Version) is a fantastic option for individuals who have sufficient space outside to install a hotspot miner. This model is recommended for those who have this kind of space. In order to mine helium, Nebra hotspot miners offer two different mounting options—indoor and outdoor—which contributes to its value proposition. These options can be used either permanently or temporarily. These two solutions were developed in separate ways and each has its own set of benefits.
The Nebra outdoor hotspot miners offer superior capabilities and improvements to their characteristics. You are only required to place the miner in any location, and it will be able to pick up signals from nearby hotspots. It comes with a fiberglass antenna with a gain of 3 dBi, which is identical to the indoor antenna except that it has a plastic housing instead. In order to connect to the internet using the outside option, you will need a mini-card that supports 4G coverage.
Indoor hotspot miners, as their name suggests, are designed to be installed inside of a building. They come equipped with a fiberglass antenna and have the same compute module and radio concentrator that are seen on the outdoor miners. The Nebra NHT Indoor Hotspot Miner (Rock Pi Version) is available for purchase for the price of $550.
RAK Hotspot V2
If you are on a tight budget but still want to learn how to mine Helium, the RAK Hotspot V2 miner is a good choice. Although it is not as powerful as the other two miners described before, it is still a capable device. In addition, the RAK Hotspot V2 features an antenna with a gain of 3 dBi and a storage capacity that can reach up to 64 GB. Those who reside in extremely close proximity to other hotspot miners may consider purchasing this option, which can be purchased for $259.
How Much Time Does the Helium Mining Process Take?
The daily mining average is 0.11 HNT, according to the network. On the other hand, having access to more powerful equipment can shorten the time it takes to obtain 1 HNT from 48 to 24 hours. When everything else is taken into account, the power of the hotspot miner is the most important element in determining how long you will be able to mine Helium. It is important to remember that mining is a competition, and that everyone in the network is competing to finish the operation.
This indicates that at any given time, there is only room for one miner to receive the reward for successfully mining Helium. Because there could be hundreds of thousands of Helium miners now linked to the network, the odds of earning the reward through individual mining are average but significantly better than in the case of BTC. At the end of the day, you have the potential to make enough money to quickly earn back the money you invested.
To sum everything up
The mining of helium is a procedure that is not overly complicated and can become a source of passive income for you, particularly if you are successful in acquiring a robust hotspot miner. Mining helium can be done by anyone. Because you now understand how to mine Helium coins and provide assistance for the network, you can make use of this information to create sufficient returns on your investment and passive income for the long term.
It is of the utmost importance that you monitor the operation of mining a Proof of Coverage currency and take notice of any modifications to the costs that you will be responsible for incurring when mining HNT. The amount of profit you make from mining helium could be impacted by these costs. Before anything else, the price of HNT is the most important factor that will determine how much money you can make mining for helium.
