Helium uses one of the latest working algorithms called “Proof of Coverage” and rewards miners (a helium excavator is required) with the Helium HNT cryptocurrency for the ability to use radio waves to verify that hotspots are indeed capable of providing wireless coverage for devices. Just like the Ethernum cryptocurrency used, the Helium cryptocurrency uses graphics cards to crack cryptographic hash codes that are proof of the work necessary to verify the transaction. People mining the Helium cryptocurrency check whether wireless hotspots are lying about their own services, using radio waves to “interrogate” hotspots regarding their activity.
Services thanks to which we can mine the Helium cryptocurrency
Mining the Helium cryptocurrency with the help of Helium Hotspot, is carried out thanks to a completely new concept of Proof of Work for mining cryptocurrencies, which is called Proof of Coverage. Helium has published its own white paper, which defines its own Helium Network Token and Helium Blockchain, to serve primarily the vision of creating a LongFi peer-to-peer global network through the standard LoRa radio connection that is used by the IOT with the Helium Blockchain. These hotspots are cheap to provide wireless coverage for many millions of devices over a short distance.
What is a helium network?
Helium Network is a long-range wireless network that is both distributed and global, so it is able to provide coverage for IoT devices with LoRaWAN enabled. The network consists of Hotspots, which are to provide coverage of the public network, and in return they are compensated by the native cryptocurrency helium. This network has also been linked to a helium blockchain to provide incentives for the launch of Hotspots.
What is the Helium cryptocurrency?
Helium is one of nearly 90 leading cryptocurrencies. Helium is a decentralized, blockchain-powered network for Internet of Things (IoT) devices. Nodes come in the form of Hotspots, wireless gateway connections, and Blockchain mining devices (helium excavator). The Helium excavator allows you to mine and earn in native cryptocurrency, i.e. Helium HNT. The official website of Helium shows how the above-mentioned digital currency (helium cryptocurrency) and the blockchain network can focus on improving supply chain logistics in the infrastructure and construction sectors. The helium cryptocurrency has a maximum token supply of 223 million.
What is it actually about?
To participate in a project, we must first register on the relevant website. Then we will need a helium excavator, a free hotspot that we will order on the site mentioned. If our location is still free at the time of registration, we can place an order for a hotspot-excavator, which will enable us to dig helium. The Helium excavator will reach us in about two months by parcel from the United States to our home address. Due to the fact that the aforementioned shipment will come from the USA and have a value of approximately $ 450, we may be asked to pay VAT depending on the destination country. The received device should be placed on the window sill and connected to the power supply and WiFi device. That’s it. From now on, the helium cryptocurrency will reach us regularly.
Importantly, we do not have to worry that it is a Wifi hotspot. We do not share any WiFi signal with anyone. We only receive signals from IoT devices (for example locators) and transmit information about them via the Internet. This hotspot works in a standard called LoRaWAN.
What do I need to run a free cryptocurrency miner?
We will receive the device completely for free, which will allow us to start mining the helium cryptocurrency without incurring the initial costs. The price that we will pay is the possible tax, depending on the country to which we want to send the shipment. Importantly, this device remains environmentally friendly, unlike some excavators, which, as you know, consume large amounts of electricity (bills often exceed potential earnings). This device consumes less than 5W, so its operation will cost us very little per month. Therefore, it consumes as much electricity as the known phone chargers. The device should be configured with its own WiFi and placed on the internal window sill and that’s enough to be able to start earning.
Configuring the Helium Hotspot device is very easy, as it does not differ much from setting up other IoT devices. In addition to the basic initial configuration, you also need to remember that in order to achieve the best possible range, the Hotspot should be installed close to the window, and we certainly cannot hide it behind metal housings or walls. An even better option will be if we can add an antenna to increase the range of our Hotspot device.
Our earnings will vary depending on the number of Hotspots that are located in our area. Some people can earn as little as 0.5 HNT per day, while others boast about 100 or more HNT per day.
After proper installation and configuration of Hotspot, we do not need to do anything else to be able to see the results and our own earnings.
What do we earn?
Our earnings will be based on four different components, namely:
we earn by providing information on IoT devices and their location near our hotspot. Undoubtedly, it is not us who are doing it, but our excavator. The greater the number of people who have this type of device in the area, the higher the earnings,
we earn by checking if other hotspots in the vicinity are working (they can earn money by checking if our hotspot also works). In this case, our excavator also does the job. The number of hotspots in the area becomes important – the more there are, the more we can count on,
we earn 10 percent of the earnings of the people we recommended to participate in the described project. This does not lead to a reduction in their earnings. We can have an almost unlimited number of people in our own network, both in a given country and abroad. The greater the number of people in the network, the higher our earnings are, without any limit,
We earn up to 25 percent extra from a variety of online programs as our network grows. The greater the number of people operating in our network, the higher our earnings, also without any limits.
Does it pay off?
This issue depends on many different factors. IHub hotspots will work best if they have direct contact with other hotspots between 300 and 1000 meters away. This is needed, among other things, to confirm whether the devices actually remain in the given location to which they are assigned and to confirm that they are real. This is the so-called Proof-of-Coverage method (it should not be confused with mining, i.e. mining, for example, Bitcoin using the Proof-of-Work method. If we only think about ordering a device, and we are in a place where such devices are there are no (minimum two) in the immediate vicinity or we do not intend to build this network, unfortunately it will not work and it is very possible that the company will not want to send us such a device. we would not be satisfied with the number of mined HNTs, if we build a network, we will gain the possibility of specific earnings.
There are people who show us that if we have 35 invited people (or hotspots) that are properly located and get equipment from the company, then we can earn about $ 15,000 (not a promise or guarantee) per month, so we ourselves let’s answer whether it will be worth the sacrifice in order to be able to derive appropriate profits at a later time.
How much can we earn?
Earnings are not guaranteed and will vary over time. But the best information is the current earnings made by users from their own installed hotspots. If we live in a remote area, a small number of people live in our area, and there are no other hotspots, earnings start at $ 5 a month. Small towns earn between $ 16 and $ 160 a month. Moments after registration, we will not be able to see all of the hotspots and the profits generated by them on the map. We will not see who owns them, but we will see their location and the profits they can provide.
What should we do to earn even more?
Maximize your HNT earnings
The easiest way to increase your earnings will undoubtedly be adding more hotspots. However, this is not necessarily in our long-term interest, as at some level of coverage, hotspot rewards start to decline.
Ideally, we should set up our own Hotspot in advance. We should set it up in a place where the number of hotspots is constantly growing. Currently, the US East Coast is the best location for hotspots, but other areas are catching up quickly, and coverage in the UK and Europe is now much better than it was just six months ago.
More useful tips:
appropriate placement of sensors, as 30 percent of all HNTs go directly to hotspots, which redirect real data from sensors (such as, for example, helium locators available for sale),
ensuring that we are not the only hotspot in our area is a way that is likely to increase our earnings. If we are in an area with a minimum of three hotspots, we are likely to take part in the PoC challenge and witness more challenges happening around us,
installing a larger antenna, which will be helpful in situations when other Hotspots are located in the area, but either fail or we do not witness the challenges in which they participate,
the opening of the network’s internet ports supports the delivery of Witness and PoC Challenge receipts to the PoC Challenger.
Own network – how to build it?
After registering on the site, our affiliate link will be displayed. You should copy it and send it to your friends so that they can join the project, using our affiliate link. All people who visit the site from our link and register will be assigned to our network.
Occupied location – what to do in such a situation?
The longer we think and wait, the more likely our location will be occupied. Unfortunately, we were late. We can at most try a free cryptocurrency excavator to the address of our grandparents, sister, brother or parents – if the package comes with our name and surname – they will receive it without any problems.
If our address is already taken, we still have a chance to earn a lot. We just have to build our own network. We have 10 percent of the earnings from our network, which can be very large amounts, many thousands of zlotys per month. Let’s invite more people, providing them with their own affiliate link, thanks to which they will register and order their hotspot.
Is it safe? Will data be collected about me?
Hotspot is completely safe and will not spy on us or collect our data. Hotspots do not have access to any other devices on the network, and they will never be able to do so.
Our own hotspot and recommendation
We can only own the device, which we will receive for free, but nevertheless we will have no profit from it. A much greater opportunity for us is the referral program from iHub Global, from which we can earn very good earnings.
For example, from direct referrals, we can earn up to 20 percent of the HNT profit, which in the case of 5 people in the network, gives us 100 percent of pure income. We should consider whether it is better to own a device from which we have continuous profit for ourselves, worry if someone near us will also have it, so that we can create a network and we will still not be sure whether we will earn or better get the device for free where there is profit sharing, but we create a common network and enjoy profits on many different levels?
Helium hotspots – EU vs USA
As of April 8, 2021, there are over 25 million active hotspots on the network. People who live in the most important urban centers in the USA and Western Europe already have a good chance of earning a decent amount of HNT, and in selected places the coverage may extend to the suburbs. The range in China is also increasing more and more, and in a few other hotspots in Japan, or in the rest of Asia. The number of hotspots is growing very fast in Europe and North America, so it will be worth joining this network. Thanks to such hotspots, our profits will be certain, and much greater, compared to those that we would have in locations with a small range.
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