The importance of mining to the cryptocurrency market cannot be denied. In-depth information about helium mining is provided in this article.
With the development of low-cost, low-power equipment like Bobcat Miner 300, it is now feasible for individuals and organizations to mine HNT at home, which makes it simpler and more cost-effective for them to support the Helium network and benefit from its benefits. Continue reading to learn more about the Helium network and how to mine Helium.
Table of Contents
All About the Helium Network
The development of the internet, a massive network of computers and other devices, has accelerated the world’s transition to digital technology. To stay connected today, almost everyone uses WiFi and cellular data. The Helium network is nonetheless very similar to WiFi; its only differences are that it is more affordable and peer-to-peer.
Furthermore, Helium is a brand-new blockchain network designed to build open, decentralized wireless networks. Decentralized wireless networks would significantly alter our world.
The Internet of Things (IoT) is one of the most recent technologies that lowers friction. IoT devices rely on their sensors and antennas to connect and communicate with one another. These days, there are a lot of IoT smart devices that can help us save time and energy.
Our daily lives are made easier by all of these smart devices, but connecting them easily and reliably is their biggest challenge. Due to the demands of our PCs and smartphones, Bluetooth and WiFi do not have a wider range and are already overloaded.
So, this is what Helium wants to change. In order to provide extensive coverage for IoT devices, Helium has developed a special Radio Frequency (RF) technology. With regard to privacy and security, dependability and scalability, and openness to more collaborations, Helium network differs from the common WiFi networks that we all use today in a few key ways.
An innovative algorithm called Proof-of-Coverage (PoC) serves as the foundation for the network. The Helium team also wants to ensure that its users set up hotspots in their homes in order to design extensive wireless coverage for Internet of Things devices. The network will keep improving in dependability as more hotspots are put in place. Owners of hotspots are rewarded with the HNT native token in exchange for providing extensive wireless coverages.
All About Helium (HNT) Coin
A decentralized blockchain network called Helium (HNT) is made for Internet of Things devices. In contrast to some other cryptocurrencies out there, it provides real-world use cases.
Hotspots receive HNT, Helium’s native token, in exchange for providing and verifying wireless coverage.
The HNT coin was introduced in July 2019. Additionally, users who run nodes mine and receive rewards in HNT tokens. The nodes take the shape of hotspots, which are made up of a Blockchain mining machine and a wireless gateway that uses the LoRaWAN wireless protocol. For the purpose of constructing the network and transferring data from IoT devices, hotspots can also function as Helium blockchain miners, allowing owners to receive HNT coins.
How Helium Works
As previously mentioned, Helium employs a novel kind of algorithm called Proof of Coverage (POC). Just for confirming wireless coverage via radio waves, the network pays miners in HNT.
Smart devices or any other IoT device that is compatible can connect to Helium hotspots without the use of WiFi or cellular networks, spurring creativity and opening up new use cases.
What Makes Helium Unique?
The purpose of Helium is to improve wireless IoT device communication. Even though the IoT infrastructure was still in its infancy in 2013, developers were still concerned about decentralized IoT devices.
The HoneyBadger BFT protocol distinguishes the Helium network thanks to its new proof-of-coverage (POC) consensus algorithm.
Users of Helium also pay transaction fees in a different token called Data Credits, which are tied to specific users and are not tradable.
Read more: What is Helium Network Map? How Does It Work With Bobcat Miner 300?
How to Mine Helium (HNT)?
If there is another miner within 300 meters, you will have to share the reward, so you need a machine like the Bobcat 300 and a suitable location. Due to the requirement to forward port 44158, you’ll also require a dual-stack Internet connection (DS-Lite is insufficient), a lot of time, and patience.
Because you can’t get real-time information from the app and the network is very slow, configuration is very time-consuming. Of course, it is also possible to read the current status directly from the miner, but it can take up to 48 hours for this to happen after a successful configuration before the status is visible online in the app. It is typically impossible to take immediate action if the Internet or power go out because the miner may still appear to be online, which is obviously not the case.
Due to the gaps in time between each step, a week could easily pass during which you are unable to make any money. This is not only annoying because you lose out on revenue, but it is also bad because it makes it difficult to plan for possible maintenance or update activities. Owning more than one Bobcat 300, for instance, can require a significant amount of logistical work because the machines need to be at least 300 meters apart. Additionally, due to the high demand, waiting periods of 6 to 9 months for a device at the manufacturer’s price are not unusual. After a successful setup, there is a fee of roughly $10 in HNT that must be paid if one wishes to relocate. Also read: Helium Mining: Is It Worth Hyping?
How Much Can You Earn Mining Helium?
Your earnings in HNT tokens depend on the quantity of miners nearby, the devices your hotspot transfers, the location of the hotspot, and the quantity of witnesses. Nevertheless, a hotspot gains more HNT tokens the more data it transmits. Additionally, the more Challenges in which your miner participates, the higher the earnings.
Here is a statistic for better understanding:
- 3-5 Witnesses > 150 HNT per month
- 5-15 Witnesses > 500 HNT per month
- 15< Witnesses > 800 HNT per month
Hotspot miners can earn more HNT when they are near other miners, but they must be at least 300–350 meters apart. As a result of their limited ability to participate in Proof-of-Coverage and issue Challenges other than online, single HNT hotspot miners are able to earn less money.
Your location and the number of nearby devices that can be reached by the antenna both have an impact on how much money you can make with your miner. This is because data is sent to the network to confirm that a hotspot is where it says it is, and nearby hotspots frequently conduct proof-of-coverage challenges. The network must complete these challenges in order to come to an agreement on new transactions that will be added to blocks in the blockchain. They are also the main way that miners make HNT.
Read more: Is It Still Profitable to Mine Helium Coin (HNT)?
Types of Helium Miners
We will look in depth at the various types of helium miners that are available today. You will have the best mining experience if you have a good Helium miner. Let’s quickly examine each one in greater detail.
Also read: Things You Need to Know Before Getting a Helium Miner
Bobcat Hotspot Miner
Bobcat Miner 300 is a high-efficiency miner hotspot for HNT. It utilizes Helium LongFi, a wireless architecture that combines the well-known LoRaWAN protocol with the Helium Blockchain technology.
In comparison to the competition, the Bobcat hotspot miner has the best PoC and the strongest 4dBi antenna. Additionally, this miner generates more HNT than others. With its strong signal, you can communicate with other witnesses or nearby hotspots that are more than 10 miles away. The storage capacity of the Bobcat hotspot miner is 64GB.
Read What is Bobcat Miner 300? to get more information.
Nebra Hotspot Miner
Another outstanding miner to mine HNT is the Nebra hotspot miner. Both indoor and outdoor Nebra hotspot miners are available.
Difference between the indoor and outdoor Nebra hotspot miners
More features are available on the Nebra outdoor hotspot miner than on the indoor miner. Without worrying about whether it will work properly, you can put the outdoor miner anywhere in your environment. A 3dBi fiber-glass antenna is included with the outdoor miner. A plastic 3dBi antenna is also included with the indoor miner.
Both miners are priced differently as well. If you want an outdoor miner but there isn’t an Ethernet connection, think about using a 4G mini-card. It will give your outdoor Nebra hotspot miner 4G internet access without the need for an Ethernet wire.
Rakewireless Hotspot Miner
Rakewireless has the smallest storage capacity (32GB) and 2.8 dBi antenna of all Helium hotspot miners. Due to its low dBi antenna, this miner is less expensive but still generates sufficient profits when used to mine. Keep in mind that choosing higher dBi antennas isn’t always a good idea. So it would be helpful if you thought about getting an antenna based on your terrain and the distance to other nearby hotspots.
Read more: 9 Best Helium Miners to Earn HNT: Which is Worth Buying
Where Can You Put Your Miner?
If you have an indoor miner, you should place it at the highest window in your house. Any metal mesh on the window must be taken off in order to preserve the signal.
In general, height is important when deciding where to put your miner. The signal a miner receives improves with height. Make sure your miner isn’t placed close to any metal, electronics, or concrete. But if you only have one suitable high window in your house, your miner will love it.
Helium Hotspot Earnings Calculator
You can get a good idea of how much HNT your hotspot can earn using the helium mining earning calculator. It also depends on how many hotspots in the area are already operational at the time the hotspot is planned to be installed. It also depends on the HNT reward distribution and the state of the Helium network right now.
Storing Your HNT Token
Despite having high levels of security and protection, there are many cryptocurrency exchanges out there, and there have been instances of theft and hacking. Your digital assets are in the exchange’s wallet when you store cryptocurrencies there. You will lose control of your money if something happens to your digital wallet.
Consequently, using a hardware wallet is the best place to keep your HNT coins. You get a 12–24 word security phrase with a hardware wallet. This wallet can only be accessed by the owner of the phrase.
Ledger Nano S is a hard wallet you can use to keep your HNT coins safe. You can store HNT coins and other cryptocurrencies in this hardware wallet, which offers high security.
So you should buy a Ledger Nano S if you intend to hold HNT coin for a long time. Never upload or take screenshots of your security phase. Instead, jot down your security plan on paper and keep it somewhere secure.
Selling HNT for Dollars
HNT isn’t supported in every exchange. Coinbase is an exchange that doesn’t benefit HNT. As previously mentioned, trustworthy exchanges like Binance, Binance US, and Crypto.com are where you can buy or sell HNT.
Moving your HNT tokens from your Helium wallet to your Binance or Crypto.com wallet, then selling them for dollars, is the proper way to sell them. During this transfer, you probably have to pay some fees.
IoT: the Place to Be in 2023?
One of the most rapidly expanding technology sectors is the IoT market. and boasts a projected value of USD 1.2 trillion by 2025. With an expected growth rate of 13.4% between 2020 and 2025, this represents a significant increase from its current value. Growth is being fueled by a rise in the demand for connected devices and the number of IoT applications.
How we work, live, and engage with our surroundings are all being changed by IoT. We can gather and analyze data in real time thanks to IoT technology. Data insights improve procedures, boost productivity, and spur innovation. IoT technology has a countless number of potential uses. As technology develops and matures, new applications are constantly being discovered.
Conclusion
As a decentralized, peer-to-peer network, Helium (HNT) connects low-power, long-range devices to the internet. By the end of 2022, there were 980,000 hotspots in 187 countries and 76,000 cities, indicating its growing popularity.
Unlike other cryptocurrencies that require potent ASICs, Helium can be mined at home using inexpensive, low-power hardware.
With a projected value of $1.2 trillion by 2025, the IoT market is one of the technology sectors with the fastest growth. Companies now have a huge opportunity to gather and examine data from connected devices as a result of this growth. meeting the rising demand for IoT services and infrastructure.
We hope that this article has given you more information about helium mining and how it operates. Why not get started now and earn passive income if you’re interested in giving it a shot?
FAQs
Can Someone Use My Bobcat Miner 300?
Each and every Helium miner has strong encryption. Once you’ve set up your miner and registered the device, you are the only person who can use it. You can’t reset your Bobcat miner 300 if it is stolen. To access your HNT wallet, your hotspot miner also provides a 12-word security phrase.
How Do I Maximize My Mining Profits?
You can increase your profit in a variety of ways. To achieve this, make sure the hotspot is always active and has a solid internet connection, select the antenna based on your surroundings and other nearby hotspots, and avoid packing it too tightly.
Is Bobcat Miner the Best Helium Miner?
This device was ranked as the favorite hotspot in 2021 by the Helium community. Additionally, it has an extremely quick eMMC storage, which enables it to mine HNT efficiently and earn good money. The Bobcat app also enables Hotspot management by miners. In order to mine HNT, the device also supports 5 G.
Is Mining HNT a Risk-free Investment?
No, not at all; Helium is a brand-new company that may or may not be the next big thing. It currently faces rivalry from other reputable telecommunications providers.
