Welcome to bulliscoming cryptocurrency media, in todays guide we are going to guide you on helium mining, coach you on how to start HNT mining, and to sum it up, analyze how much HNT token you can get from helium mining.
But before that, let get to know what Helium crypto (HNT) is all about
What Is Helium (HNT)?
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices.
Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.
Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT.
Helium’s goal is to prepare IoT communication for the future, identifying inadequacies in current infrastructure from its birth in 2013.
Who Are The Founders Of Helium?
Helium’s three co-founders Amir Haleem, Shawn Fanning and Sean Carey started the company in 2013.
Haleem has an active eSports and game development background. Fanning, by contrast, is well known for developing Napster, the music sharing service which was one of the first mainstream peer-to-peer (P2P) internet services in the late 1990s.
Carey meanwhile held multiple development roles prior to Helium, which included advertising optimization firm Where, acquired by PayPal.
Helium’s team now consists of members which the company says have experience in “radio and hardware, manufacturing, distributed systems, peer-to-peer and blockchain technologies.”
Is Helium Crypto a Good Investment?
Helium crypto aims to improve the communication capabilities of wireless Internet of Things (IoT) devices. In 2013, infrastructure around IoT was still in its infancy, but developers wanted to add decentralization to their offering, hence referring to it as “The People’s Network” in official literature.
Its core appeal will be to device owners and those interested in the IoT space, with financial incentives providing further outreach possibilities.
Network participants purchase Hotspots — a combination of a wireless gateway and a miner — or build their own. Each hotspot provides network coverage over a certain radius, and also mines Helium’s native token, HNT.
The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol which allows nodes in a network to reach consensus when connection quality is highly variable.
In addition to HNT, users pay transaction fees in a separate token called Data Credits, which are not exchangeable and tied to individual users themselves.
How to Mine Helium Crypto (HNT)
Mining HNT tokens is done by installing a simple device on your office window. That’s it. Seriously.
Hotspots provide miles of wireless network coverage for millions of devices around you using Helium LongFi, and you are rewarded in HNT for doing this.
And because of an innovative proof-of-work model (we call it “Proof-of-Coverage”), your Hotspot only uses 5W of energy.
Below are the Hotspot models that have so far been approved by the community and the Manufacturing Oversight Committee, which governs vendor onboarding.
Please do your own research as a vendor listing does not equal endorsement or recommendation.
- FXTec Linxdot
- Milesight IoT
- Pisces/ Green Palm Technologies
Participants earn HNT by mining and building coverage for The People’s Network using compatible Hotspots.
As well as earning HNT, deploying a Hotspot helps local businesses build powerful new wireless devices and sensor applications. Discover new hardware and software solutions using and supporting The People’s Network on our Ecosystem page.
How are HNT Tokens Earned
Hotspots earn HNT for building and securing network infrastructure and transferring device data.
The amount of HNT distributed to Hotspots depends on the type of “work” they perform based on the value to the network. This validation of network contribution is accomplished by a new work algorithm called Proof-of-Coverage (PoC).
To participate in PoC, Hotspots receive instructions (or ‘challenges’) to transmit payloads to any nearby Hotspots to witness and verify.
These single-hop challenges are also known as ‘beacons’. Hotspots without neighbors earn less as they can only issue Challenges, and are unable to have their beacons verified. After the first year, distribution amounts adjust.
1. CHALLENGERS: 0.9%
Hotspots are chosen by the network to issue challenges, encrypted messages over the Internet, to a target group of Hotspots. Challenges are used by Proof-of-Coverage to validate wireless coverage. Hotspots can issue challenges from any location, not just to local Hotspots.
2. PROOF-OF-COVERAGE: 5.02%
Hotspots earn a share of HNT for participating in Proof-of-Coverage and validating their peer’s wireless coverage. The amount each Hotspot earns depends on how often it is directly involved in Proof-of-Coverage activity.
3. WITNESSES: 20.08%
Hotspots that monitor and report Proof-of-Coverage activity (beacons) of other Hotspots receive a portion of HNT depending on how much activity they’ve witnessed, and the reward scaling of the Challengee.
4. NETWORK DATA TRANSFER: 35%
HNT is distributed to Hotspots that transferred data from devices on the network. The amount of HNT is allocated proportionally based on the amount of data a Hotspot transferred.
f you would like to know where to buy Helium, the top cryptocurrency exchanges for trading in Helium stock are currently Binance, FTX, Crypto.com Exchange, Gate.io, and ZT.
Join the Groups For More Updates