As the unfortunate COVID pandemic hit, more people are seeking convenient ways to earn money from home. With the advent of technology, cryptocurrency has been recently booming and can be a great source of income.
Mining has always been an integral part of the world of cryptocurrency. Obtaining lucrative cryptocurrencies like Ethereum (ETH) and Bitcoins (BTC) has been made possible by mining.
Helium hotspot entered the cryptocurrency game not too long ago and is increasingly becoming a sustainable means of earning. This article will address all the important features and aspects of Helium mining and HNT coins.
What is Helium Network?
Helium is a new player that entered the cryptocurrency industry recently. Before delving into how it works, we need to know what the Helium network is.
All of us are familiar with the Internet and WiFi. Similar to WiFi, the Helium network aids people in transferring and receiving data through wireless means. What makes the Helium network unique is that it is peer-to-peer and is more economical.
The Helium network was developed to make the device connections of the wireless network simpler and more efficient. The technology verifies wireless hotspots by implementing long radio waves.
In comparison with other connections, the Helium network makes the wireless connections stronger and more secure.
The following factors make the Helium network distinctive from a regular WiFi network:
Reliability and Adaptability:
Scaling is made easy and safe by the Helium blockchain.
Security and Privacy:
Total encryption is provided from device to cloud, making the whole process secure.
Open Sourcing:
The Helium blockchain is developed from scratch for encouraging the decentralization of public wireless networks. Helium is devoted to open collaboration.
The Helium network operates via a new algorithm known as Proof of Coverage (PoC). This brand new mechanism has been specifically developed for Helium. PoC verifies various hotspots and ensures that they are legitimate. The process makes sure that the hotspots are coming from the locations that they claim to be.
From any corner of the globe, you can use your hotspot device without any privacy invasion and complete anonymity through PoC. Your data mostly remains untouched and secured. These devices function like miners and make your internet activities safe from potential cyber threats.
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People who operate Helium hotspots are known as miners. PoC gives rewards to Helium miners in HNT for contributing to the growth and authentication of the network. HNT is the native token in the world of Helium, and its value has been increasing in recent years.
Helium Coin and IoT
Helium coin is also known as HNT. According to the official Helium website, “HNT is a cryptocurrency earned when Hotspots supply and validate wireless coverage and send device data over the network.”
HNT is now becoming a valuable cryptocurrency and opens new profitable opportunities for everyone. As a token, HNT has a valid worth. The receiving and the contributing ends, both sides, are benefited immensely by this revolutionary technology.
Since hotspot coverage and a strong computer are the main requirements of this process, it is relatively easy for people to make significant profits in this field.
IoT is short for the Internet of Things. The purpose of IoT is to establish a global network that can be connected with any device. It can add numerous features to a surprising number of devices.
The devices can be simple household items like toasters and refrigerators. It can also be your pet’s collar or the light bulbs in your dining room. It can be any object you can think of. Via connection to this network, you can operate anything remotely.
Despite this, the best examples of IoT devices are smart devices like Alexa or Google Home. With the advancement of technology and the digital world, an increasing number of people are coming on board with this concept of ultramodern remote connection.
IoT devices are already connected through public WiFi and cellular networks. However, these networks are becoming more vulnerable to privacy invasion and becoming more pricey.
This is where Helium steps in. As mentioned earlier, Helium aims to establish a dependable, robust, and global network that is also decentralized. It supports the advancements of IoT devices but at a lower cost and more accessibility.
Helium has already made various partnerships in asset tracking, pet care, agriculture, and more. The service will become more powerful as the partnerships grow stronger with time. They will be able to serve a vast number of different users soon.
The HNT Market
Unlike most cryptocurrencies, HNT offers real-life usage. Helium is attracting more users as it refines remote connections and paves the path to the future.
Currently, at the time of this write-up, a single HNT coin is now worth $21.03 with a market capitalization of $2,057,588,177. At present, Helium is ranking at #60 in the cryptocurrency market.
Within only 24 hours, Helium’s prices surged up to 13.33 percent. This is a clear indicator of how volatile the market is. Within just a day it is following a bullish trend, opening various windows of earning immense profits.
Over 95,820,255 HNT coins are in circulation, and the total supply is 223,000,000. This means only 42 percent of Helium coins are being circulated. The HNT is distributed in three main sectors: Network Data Transfer, Hotspot Infrastructure, and Helium Inc and Investors.
Network Data Transfer accounts for 30% of the total, according to the official Helium website, and is awarded for listening devices and sending their packets to the Internet.
Thirty-five percent of the distribution is given to the Hotspot Infrastructure. This sector is rewarded for participating in, witnessing, and creating Proof-of-Coverage challenges.
Helium, Inc. and investors get 35 percent of the allocation. The earnings in this sector are assigned to the founders, investors, and organizations that will manage blockchain governance.
Buying Helium Coins
Helium coins are available on reliable platforms like Binance and Crypto.com. Opt for the exchange platform which you find easy to navigate and dependable. It is wise to go for trading platforms that offer to trade the HNT/BTC and HNT/USDT currency pairs.
Mining Helium Coins
Radio technology is applied for mining HNT. This technology is not as expensive as GPUs. Unlike the typical GPU, this method also does not drain resources and is less wasteful. Your utility bills will also not be compromised after installing a miner.
The setup of this device is also quite simple. To set the mining in motion, all you need is a simple hotspot device and a good internet connection. Simply download the mobile app on your phone and get the hotspot activated. Once activated, the hotspot will start transferring the data of the devices and earn HNT.
The Helium miners’ pricing is around $400, depending on the model and specifications. Before purchasing a miner, find the frequency of your country. Every continent has its frequency and corresponding miner.
Overview
Mining Helium coins can be a way of earning passively. Cryptocurrency is the future. Before stepping into this lucrative market, do your research and implement strategies.
