What is the Helium Network & Token?

The Helium network, and thus the associated token, is based on proof-of-coverage (PoC), which is fundamentally different in comparison to proof-of-work (PoW) and is effectively a decentralized Internet of Things (IoT) based on the Helium blockchain.

Miners buy special LoRaWAN transmitters, such as the Bobcat 300, which they place on rooftops or balconies, for example, to extend the network. In return, they are rewarded with helium coins (HNT). The coins automatically end up in the Helium app, which is connected to the miner. The working algorithm checks in the blockchain if the hotspots are where they claim to be. In other words, PoC continuously checks if the hotspots are actually providing their location and the wireless network coverage generated from that location.

How much can you earn mining Helium?

How much the miner receives depends on the number of connected devices and their coverage. The network is attractive to e-scooter providers, who can run their scooters and apps over the network. But the Helium network can do much more: for example, if you attach a GPS tracker to your truck, bike or dog, you can track the transmitters through an app. The same goes for thermometers or other measuring devices used in art galleries to monitor the surroundings of valuable objects. This makes densely populated inner cities particularly attractive to miners.

What you can earn with your miner depends mostly on your location, but also on how many other devices are nearby and can be reached with the antenna. This is because in order to verify that a hotspot is where it claims to be, data is delivered to the network, and other hotspots nearby often run proof-of-coverage challenges. These challenges are the unit of work that must be completed in order for the network to reach consensus on new transactions that will be added to blocks in the blockchain. They are also the primary means by which miners earn HNT.

How to mine Helium (HNT)?

To mine helium, you need a device like the Bobcat 300, a suitable location where there is no other miner within 300 meters, otherwise you will have to share the reward. You'll also need a dual-stack Internet connection (DS-Lite is not sufficient), since you'll have to forward port 44158, as well as a lot of time and patience.

The network is very slow, which makes configuration very tedious, as you don't get real-time information from the app. Of course, it is possible to read the current status directly from the miner, but this takes up to 48 hours before it appears online in the app after a successful configuration. If the Internet or power fails, the miner may continue to be displayed as online, which is of course not the case, so immediate action is usually impossible.

Thus, a week may quickly pass during which you will not be able to generate any revenue due to the delays between each step. This is not only annoying, because you miss revenue, but also bad for possible planning for maintenance or updates, because this is also displayed with a time delay. If you own more than one Bobcat 300 as an example, this can mean a considerable logistical effort, as the machines should be at least 300 meters apart. In addition, due to the high demand, waiting times of 6-9 months for a device at the manufacturer's price are not uncommon. If one plans to relocate after a successful setup, one has to pay a fee of about US$10 in HNT. In addition, since December 2021, the value has decreased from nearly US$ 50 to US$ 20 as of April 2022.

How to earn Bitcoin with NiceHash?

This is in contrast to mining for Bitcoins with NiceHash. Anyone can be a miner who has the appropriate hardware to mine and wants to mine and earn Bitcoins with NiceHash. If you do the following, you can get started in less than 10 minutes!

If you have an NVIDIA graphics card, we recommend that you use NiceHash QuickMiner. A custom developed miner that is the only code-signed miner, which guarantees its safety. If you have multiple GPUs or dedicated mining equipment, we recommend you to use the NiceHash Miner.

NiceHash Miner is a free software that automatically selects the most profitable algorithm for you. This means that you don't have to worry about monitoring the market and multiple wallets. Moreover, the computers or mining rigs are not location-bound, which means they can be placed anywhere in the world and be connected to NiceHash. The number you would like to connect is also not limited and there are no fees no matter how many devices you connect.

Easy monitoring

NiceHash also offers an app where you can view your revenue, power, temperature and much more of the connected hardware in real time. In case of problems you can act immediately, because NiceHash will notify you via the app and by email if a computer or mining rig is offline. So save your time and mine the biggest and most stable cryptocurrency Bitcoin with payouts every four hours instead of risky and young altcoins like Helium.

So all you need to do and should do is download either NiceHash Miner or NiceHash QuickMiner, set it up once and then just let it run. You will see the first Satoshi flowing into your wallets in seconds. So what are you waiting for, you could be mining already! :)

Do you have any questions left? Share them with us and other community members on our Discord server and Reddit!