Canadian Helium Miners in 2022: How to Increase Profits
The Helium Network: What Is It?
A brand-new blockchain network called The Helium Network is intended to build open, decentralized wireless networks. The Helium Network is peer-to-peer technology that is comparable to the existing WiFi standard.
The Helium Network differs from a traditional WiFi network in a number of ways, including its open-source nature, full device-to-cloud encryption, dependability and scalability, and commitment to open cooperation. The network’s development and expansion are rewarded by helium.
Though they term it Proof of Coverage (PoC), as Helium mining necessitates radio wave validation of network activity, the Helium network employs a Proof of Work (PoW) architecture similar to that of Bitcoin and Ethereum. Helium mining uses just 5 watts of power, which is a tiny fraction of the power used by other cryptocurrency mining techniques. Most Helium miners use less than $1 of electricity year.
What Is A Miner Of Helium?
Anyone can contribute to (and profit from) a wireless network for Internet of Things (IoT) devices using a helium miner, also known as a “Helium hotspot,” a small router-like device. Helium miners can send data for a tenth of the cost of conventional cellular networks, enabling connectivity over distances of hundreds of kilometers.
Since helium miners are peer-to-peer devices, they can communicate with one another over both short and long distances. You should consider this before determining where to put up your miner since, as I’ll explain below, the amount of other Helium miners in your neighborhood has a direct, considerable impact on your capacity to make money from it.
The Best Canadian Crypto Exchanges
Since you’ll eventually want to cash out your HNT tokens, I’d like to offer my top suggestions for the best Canadian cryptocurrency exchanges before we delve too far into our discussion of Helium. The only one of the three listed below that supports HNT right now is Crypto.com, but it’s probable that Bitbuy and CoinSmart will do the same shortly, making them both excellent long-term choices.
How To Begin Mining Helium in Canada
Helium tokens (HNT) mining does not require an expensive high-end computer; all you need is a Helium miner and a reliable Internet connection. Once you’ve done that, start your miner up and download the Helium app. Your miner will then start exchanging data and paying you in HNT coins.
The position of your Helium miner is crucial since the Helium network operates in three dimensions. If there are too many other miners nearby, your earnings will suffer, but if there are none, so will theirs. The ideal mining position is in the middle; there should be a few nearby miners for you to connect with, but not too many that your message gets drowned out by background noise.
Therefore, placing your miner somewhere that is not in the middle of a huge metropolis but is not not in the middle of nowhere is the most reliable approach to generate a good quantity of HNT. We’ll look at some specific instances of Canada’s many mid-sized towns and communities that make great locations for helium miners in this essay.
How much can I make selling helium in Canada?
Use the Helium Explorer to find out how much money your Helium miner can generate for you. The screenshots below were all taken from this amazing program, which shows real earnings data to aid in decision-making.
But since every miner is unique, small adjustments to elements like your miner’s antenna or the height at which it is positioned can have a big effect on how much money it makes. However, location is by far the most important aspect, which is why a miner on top of the CN Tower would still not make as much money as one in any of the thousands of little villages across Canada. I’ll give you a few instances to illustrate why.
Make sure to turn on the Earnings layer in the bottom-right if you’re following along in the Helium Explorer. Hexagons in red are poor earners, those in blue are strong earners, and those in orange, yellow, and green are in the middle.
The basic principle: Leaving the city
The general rule for placing your helium miner is to put it as high as you can in a suburb or small city.
There are already far too many helium miners in the downtown areas of Toronto, Vancouver, and Montreal; even if you live on the 50th story of a building, your income won’t be that high. Instead, by positioning your miner near to a large window of your parents’ home in one of the locations (or cities similar to them) listed below, you will earn significantly more money.
To identify these locations, I simply searched a few random cities/regions using the Helium Explorer. To my surprise, practically everywhere has excellent Helium potential, with the exception of the downtowns of our largest cities. However, the difference between two adjacent hexes can be substantial.
Area of Greater Toronto
For helium miners, the greater Toronto area is a gold mine. There is a fantastic opportunity to deploy miners in the hexes that are still underserved because the Helium Hotspotis relatively developed in the GTA (but not entirely built).
However, avoid the downtown area. Here are the kinds of revenues you may anticipate if you reside downtown and wish to install a helium miner in the window of your condo to demonstrate why:
As you can see from the sea of red, the majority of miners in downtown Toronto make extremely meager wages. You can see in the left menu that most of the miners in this hex have made less than 1 HNT during the last 30 days.
What happens, though, if you venture somewhat outside of the city? Many young people now residing in Toronto are from communities that still offer plenty of potential for helium miners, such as Newmarket, St. Catharines, Cambridge, Uxbridge, and Bowmanville.
In Newmarket, which is one of many areas in the Greater Toronto Area that are ideal for helium miners, things are as follows, just 50 km to the north:
As you can see, both Newmarket and Oshawa have a lot more blue, indicating that the Helium network is less congested there. And if you take a closer look at those blue hexagrams, you’ll notice that many of the miners there are making 10 HNT or more each day, which is a tenfold increase over what they were making in downtown Toronto. It frequently happens that miners in one place make 10 or even 100 times as much money as the same miners in another region.
Therefore, if you reside in Toronto and are thinking about acquiring a miner, it is still a wise decision. Just store it at your parents’ home.
Area of Greater Vancouver
Do not even consider locating your miner in the heart of Vancouver. Put it in West Vancouver, Point Roberts, or Maple Ridge instead.
Look at the contrast between West Vancouver, which has a lot of green and blue with numerous hexes earning roughly 9 HNT each month, and downtown Vancouver, which is primarily red and orange:
Metropolitan Montreal
The downtown area of Montreal is completely overrun with helium miners, similar to Toronto and Vancouver. But you can achieve great success if you venture a little outside of the metropolis.
Here are several miners in Lac-Écho, Quebec, which is a campground located 70 kilometers from Montreal (highlighted in the top left of the map below). Over the previous 30 days, each miner in Lac-Écho made 8 HNT or more:
Alberta’s Red Deer
and Red Deer Alberta is beginning to attract helium miners, but if you reside in one of the hexes that are yet untapped, you’re in a prime position to make some big HNT:
British Columbia’s Nanaimo
There are more unserved hexes than served ones in Nanaimo, British Columbia, and the miners there are currently making a good living. There is still a ton of space for new miners:
I could go on and on, but you get the point: if you live in a little Canadian city (or a suburb of a major one), helium mining can be quite lucrative.
Top Canadian Helium Miners
You must decide which physical mining tool you’ll use after selecting your mining area. Numerous different Helium miners are available on the market (and new brands are appearing on it every month), but only a select few of them stand out from the competition.
Remember that there will be a delivery waiting for whichever miner you decide to purchase. Shipping speed is crucial when purchasing your miner because there aren’t any miners available to buy right now (unless you pay more than twice as much on eBay or Amazon).
RAK Hotspot Miner, first
Due to its historically faster shipping speed and good overall performance, the RAK Wireless Miner is my #1 choice in Canada. It is a wonderful choice for someone starting out in Helium mining because it is also less expensive than other comparable models.
Nebra Miner 2.
Another excellent pair of HNT miners is the Nebra Hotspot Miners, which are available in both indoor and outdoor versions.
The Nebra Outdoor Miner is more feature-rich than the Nebra Indoor Miner since it includes a fiberglass 3dBi antenna and can be placed outside without worrying that it won’t function. On the other side, the Indoor Miner is less expensive than the Outdoor Miner and has a plastic 3dBi antenna.
Installing a mini-card with 4G coverage could provide you with 4G internet access without an Ethernet wire if you wish to utilize an Outdoor Miner but do not have an Ethernet connection.
What Is The Price Of A Helium Miner?
Helium miners range in price from $400 to $800 CAD, depending on the hotspot type you select, albeit they are less expensive than the powerful processors required for mining Bitcoin.
To sum up
A relatively new and inexpensive option to passively earn the cryptocurrency token Helium is through the Helium network (HNT). You can get a Helium miner for about $500, set it up, and begin making HNT while you sleep.
When starting a helium mining operation, you must choose your site and your miner. After reading this text, you ought to have a clear knowledge of how to approach both.
FAQs for Helium Miner Canada
In Canada, are Helium Hotspots legal?
Yes, it is entirely legal to own a Helium Hotspot in Canada. However, if your miner is coming from abroad, be aware that you might have to pay import taxes when you receive it.
The Best Places To Store Helium
Many of the most popular cryptocurrency wallets still do not handle Helium because it is a relatively new altcoin, but fortunately, some wallets like Crypto.com and the Ledger Nano S do. With the Ledger Nano S supporting more than 1,000 cryptocurrencies and Crypto.com supporting hundreds of them, you have several alternatives for securely keeping your helium.
How to Sell Your Helium in Canada (HNT)
Here’s how to cash out your Helium Tokens (HNT) quickly and easily:
1. Take a copy of your Helium address from an exchange or wallet that supports Helium. I strongly suggest Crypto.com as the greatest alternative for Canadians that want to hold helium.
2. On the Helium app’s home screen, select Send (the Up arrow). Enter your Helium address from Crypto.com, choose how much Helium to send, then click Send. Normally, it takes 5 to 10 minutes to finish the transfer.
3. After purchasing Helium on Crypto.com, you can sell it at the current market price and receive cash payment, or you can exchange it for Bitcoin or Ethereum.
Helium: Is It a Smart Investment?
Since you never know which direction they will move, investing in cryptocurrencies is a dangerous activity. But if you’re already investing in cryptocurrencies, Helium might be a wise choice.
The price of the token is expected to gradually rise through 2022, reaching $53.27 USD, and up to $90 USD in 2025, according to analysts. But of course, no one truly knows what will occur, so treat these figures with caution.
How Much Money Can You Make From Mining Helium?
The quantity of HNT tokens you receive depends on a variety of factors, including the number of miners in your neighborhood, the device data your hotspot broadcasts, the location of your hotspot, and the number of witnesses. Generally speaking, you will earn more HNT tokens the more data your hotspot delivers and gets. Additionally, your miner will earn more the more Challenges it completes.
Look at the Helium Explorer to find out how much other miners are making. You want to be in a hex that is near other hexes with Helium miners but doesn’t have any miners itself if you want to optimize your profits. Though obviously not always practical, this is something that should be pursued.
Make every effort to position your miner as high off the earth if you are limited to only one location for it (such as your residence). Your earnings can be greatly impacted even by raising your miner a few more feet from the ground, as they will be able to communicate with more adjacent miners.
The world’s most successful miners currently make $1,000 to $2,000 each month. It’s typical to pay off the miner’s initial investment in two to three months, at which point all future earnings are pure profit.
