What is Helium crypto?
Essentially, what Helium crypto is, is another crypto coin like many others.
At the time of writting, Helium’s total market capitalization puts it into the top 100 crypto coins on the market.
And that would be a bare bones explanation about it…
Instead, I think that Helium crypto is a hidden gem project, just waiting to explode.
Why do I think so?
So let me tell you that even I myself didn’t know much about it up until the beginning of 2021 and at that point it’s value was between 1-2$.
A friend introduced it to me saying: “here is a very interesting crypto project, you should check it out“.
Since I trusted him, that was enough to make me do so.
While doing my research, as my friend pointed me to, I found about helium mining and how some people already made huge amounts of money by mining it.
At first I though, bleh…another mining coin where I have to get graphic cards, rigs and there will be alot of heat involved.
It didn’t really inspire me from the start, but I gave it further inspection.
After researching it a bit more what I found up was that the Helium miners and Helium crypto were tools for building an IOT network infrastructure.
And that is what got my attention.
Now, I can’t say I am very savy on everything IOT, but the concept of building a network where low cost radio transmisions could power infinite projects and applications for tracking devices for both businesses as personal use seemed quite inspiring.
When my friend showed me the helium map, there were around 20k Helium crypto devices or miners already mining and connecting the network.
Look at it now: Helium crypto miners coverage map
Helium The people's network
Helium crypto is as some also call it: “The people’s network“.
If you check the link about the helium miners coverage map or the picture above, you will see that there are plenty of dots.
Each of those dots represents a Helium miner device.
Zooming in will help you understand even better as those dots are actually spread into hex based areas, which are ranges for the miners.
Miners are owned by individuals giving coverage for the Helium network in their area and that is the base principle.
Well, some people actually own multiple miners at different locations, but that is a story for another time.
In any case…
Most of the miners are owned by different people and they are trying to conect the Helium network and give it as much coverage as possible and that is why it’s called by many “The people’s network” – people building a network.
Helium crypto, and how Helium mining works
What you see above is literally copied from the Helium.com website and explains in a few words the basic concept what Helium mining is and how it works.
So let’s start from the top and give a few more words, explanations and aditional info on what Helium mining is and how it works.
All you need to start is a simple device.
Yeah essentially that is true, but getting the device can be a pain in the arse.
If you were wondering where you can get one, here is a list of currently available providers/sellers of Helium miners:
|Maker Name||HIP19 Application||Date Approved|
|HeNet BV/LongAP||HeNet BV/LongAP||2021-03-16|
|Smart Mimic||Smart Mimic||2021-03-25|
I bought my 1st from Nebra for about 300€ + shipping + tax, but more about that in one of the next posts.
The whole process “on boarding” on how to get your miner started along with some basic suggestions for optimization can be found at each Helium miner maker’s website.
To give you some basic directions how it is done check the list below:
- Wait for your miner to be delivered.
- Open the package and put the antena on it.
- Power it up and wait for it to be ready.
- Download the Helium app on your smart phone
- Create a Helium wallet with the app and save the wallet data somewhere safe
- Use the helium app to connect to the Helium miner.
- Once connected, asert the location where it will be residing/mining/providing proof of coverage.
- Let the miner sync to the network (it can last a day or two for that to finish)
- Let it mine for a day or few, then assert if you received any rewards and the process works
Proof of coverage
How the Helium miner works is by providing a proof of coverage.
So how is that done?
The network sends beacons at random intervals from each miner and other miners witness those beacons, which in practice means that signal is sent by miners and receieved by others.
That way the network can asert that there is coverage for it, by sending and receiving those events.
When beacons are sent and witnessed, Helium is paid to the devices that participate in this process, so that is how you earn Helium tokens.
You can find more details at Helium.com.
And I will also give some more related information from my personal experience with my miner/s in future posts.
Helium crypto mining requires low energy consumption 5W
Compared to graphic card mining which many other crypto tokens use, where you can actually use your computer or rig during winter for warming your place, Helium crypto miner consumes the mere 5W of energy for it’s usage.
Why is that?
It is because the mining concept is totally different from what graphic cards do when mining other crypto coins.
While graphic card miners consume alot of energy in order to solve the cryptographic puzzles, Helium miners simply send events and witness events when they happen, therefore no need for as much energy consumption as graphic cards need for mining.
This is not something I intended to mention in this post, but you can see another reason why I like this project/coin.
Having a lower energy consumption makes the Helium project a good long term project as it doesn’t produce as much energy waste as Bitcoin or other bigger crypto chains produce in order to do their transactions.
Conclusion about Helium crypto and why you should mine it
The Helium project is still in it’s pretty young days, but as you can see things are already moving at a fast pace with miners being deployed left and right.
Currently the mining process provides rewards in Helium – HNT mainly for the proof of coverage as there aren’t many projects using the network…
…but imagine when things really start happening as with many other crypto tokens of whom many still don’t have actual use cases, how high the price of Helium can go?
I am very bulish and if so are you after reading this post or after getting more info, go buy yourself a miner, but not just that!
Go buy some tokens at Binance as not only you can buy it, but also stake it for extra rewards and help the Helium token be even more stable and slowly grow to new heights.
If you need more info about what staking is, read this post.
For more related and usefull links about Helium crypto, check the sidebar or ask in the comments.
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