If you are curious about mining HNT, then you are in the right place. Check out this article where we talk about miners and how to use them.
Helium is a decentralized network system that aims to power all Internet of Things (IoT) devices. The company launched back in July 2019. It allows low-powered wireless devices to be connected with each other through Helium’s network of nodes. These nodes are referred to as hotspots.
You can use a hotspot to help small devices connect wirelessly. In return, you will be rewarded with HNT, which is the newest cryptocurrency on the Helium blockchain.
Helium relies on POC, or Proof of Coverage, to prove that the devices are being connected with Helium’s network. Currently, using the hotspot is the only way to mine HNT, which is why these hotspots are called miners.
The current HNT to dollar rate is around $22, which is pretty great for a completely new cryptocurrency, and Helium itself seems very promising. But if you want to join, you will have to learn more about HNT mining.
Stay with us as we dive into details on how to mine HNT.
How Much Does a Helium Miner Cost?
An average Helium miner will cost around $300-$500. There are different models to choose from, and the best HNT hotspot miner could cost you a bit more. Make sure you get your miner from a reputable vendor. You can purchase one directly from Helium’s official website. You can find quality Nebra, Bobcat, and RAK hotspot miners from their website.
The amount of energy a miner uses is tiny. It is like a 5-watt light bulb, so you will not notice a significant difference in your monthly electric bill.
How to Mine HNT
Helium aims to create a “People’s Network” by giving us the ownership of the network. All we have to do is use hotspots to create a network. This network can then wirelessly power up vehicle and pet tracking, health care monitoring, and other IoT devices. Companies that want to create IoT devices will pay Helium for their services, and as we help create this network, we get HNT tokens as a reward.
Currently, the only way to mine HNT is by using a hotspot and creating a network. However, consider a few things when installing your miner, such as where you will set up your mining.
The Indoor Setup
To increase your coverage with an indoor setup, keep these things in mind.
Keep your hotspot in an elevated spot. Try to place it as high as possible. You can keep it in the attic, near a window, or if you have a multi-story house, keep it on the top floor.
Steer clear of obstacles. If you are placing your miner in a window, make sure it isn’t blocked by a building, walls, or trees. Obstacles will block the radio wave signal your miner transmits.
The obstacles can even be your own room. If you place your miner in an interior room, the signals will have to penetrate those walls first. Remember: the fewer obstacles, the better.
The Outdoor Setup
You can either wrap your miner in a waterproof cover and keep it outside or keep all your gears inside and use an antenna to transmit radio waves.
The rules, again, are the same. Try to place your miner as high as possible. Since you are outside, you can place it on the roof of your house or on a tall pole. However, your miner needs to be connected to your Wi-Fi to operate. So make sure it stays in a high place but is still in range with your Wi-Fi.
You can avoid more obstacles by placing your miner or antenna outside. This significantly increases the range of its signals.
Security is a big concern with outdoor setups. Your miner has to go through heat, rain, and other weather conditions. It also has to be securely fastened to the roof, pole, or wherever you want to place it. You can purchase brackets to securely attach your device.
If you have multiple miners, put them at least 300 meters apart. If you have them too close, they won’t be able to create a network and instead just push off the signals.
If you are in a clear open area or on top of a hill, the radius of a miner can cover up to ten miles. However, in most cases, you will get a coverage of about two to three miles depending on your location and how many houses and buildings there are.
How to Sell Helium
For exchanging Helium tokens, you will need an account and a digital wallet. The wallet allows you to store your tokens.
Before selling, check the dollar rate on sites like Coingecko.com. It even shows the past movements of the price. You can get a pretty good idea if you want to sell by seeing the price movement.
If you are a U.S resident, go to Binance.US, and if you are not from the U.S, go to Binance.com. Search HNT, verify your account and deposit the number of tokens you want to cash out.
This will go through the blockchain into your digital wallet, which will be linked to your bank account. Using your wallet, you can convert your tokens into cash.
How Much Helium Can Be Mined?
Helium is currently allotting 5 million HNT to be mined each month, so as more hotspots hit the market, some of the existing hotspots are going to slow down on mining. On average, if you are in a good area with multiple devices, you get five Heliums per day.
Depending on your location, you can even make ten to fifteen Helium per day. To get a real-time idea of how much Helium you can make a day, head to the coverage map on explore.helium.com and see how many hotspots are near you.
Newer, more advanced miners are being released, and more people are getting into mining. But you should not worry about whether it is a bad time to mine because the more miners around you, the more money you are likely to make.
If you are a lone wolf, you will not earn many tokens unless you hit a consensus group. But here is the catch: consensus groups are also going to be replaced with validators. This means the only way to earn would be by being an integrated part of the network chain. HNT tokens currently have a good reputation on the market, and it seems like they are going to grow even more. Now would be as good a time as any to join the bandwagon.