What is Helium mining and can you actually make money
What is Helium (HNT)?
Helium (HNT) is a blockchain-powered decentralized network for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet or mainnet allows low-power wireless devices to communicate with each other and send data through its network of nodes.
The nodes come in the form of so-called access points or Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Therefore, users who operate nodes, mine and earn rewards in Helium's native cryptocurrency token, HNT. Helium's goal is to prepare IoT communication for the future by identifying the inadequacies of the current infrastructure since its inception in 2013.
My personal experience
I started getting my Helium miners today. I ordered about 5 off of Ebay. I didn't even know I wanted them when they dropped. I really want to experiment dropping them off at friends houses and building a network for friends and family and work that is all far apart. With all the chip shortages and the increase in price of HNT, I think there is still some more left to be made. If I am wrong, I still get to be part of the Internet of Things revolution. If millions of people put up these hot spots we will have an government resistant peer to peer low power network that can connect to all kinds of low data low power devices.
I am really excited to get mine working. I have it plugged into my ethernet and it should be downloading fast. I have 500 mb speeds up and down. I have heard it sometimes take a few days for the initial sync. I have the first one in my apartment in the city but I am really close to the lake so there aren't that many around.
I am going to put the next one in the factory which is on the West side of Chicago. From there up to my parents house in Northbrook to see if we can get it there. Then off to West Dundee to see how the farmland handles the new technology. The return on investment is going to continually go down as more people get devices. I am hoping I can make back most of my money by having a first mover advantage.
Its a fun topic to write about and I am planning to get more devices and give them to people. I have many friends that are very interested in learning how to turn electricity into a spendable currency.