Our first article about Helium mining received a lot of interest from our viewers. So, we’ve decided to answer more questions about Helium mining in this second part.
The Helium network aims to change how people connect to the internet. Being a decentralized network, Helium mining is secure and less vulnerable to hacking. So, let’s continue answering some questions about this topic.
1) Will Helium Mining be Profitable in 2023?
Profitable, by definition, refers to a venture or activity that generates revenue or makes money. People have asked if mining HNT will still be financially viable in 2023. Not exactly! Although the Helium Network might witness a surge based on predictions, Helium mining might not be as profitable as it was 2 years ago.
There were over 14,000 Helium hotspots in January 2021. Now, there are over 900,000 Helium hotspots in the Helium Network as of August 2022, and they all share the same rewards.
Enter to win 10 free SyncroBit Miners and earn HNT https://t.co/xCXyb0is0p
— Hotspot Mining 🎈 (@HeliumMining) March 2, 2022
Even though the network is continuously expanding with new miners, rewards eventually start to decline. So, the HNT token was mined at a reward rate of 5 million HNT per month from the beginning. The reward rate was decreased in half in August 2021, down to 2.5 million HNT per month, and it will again be halved in August 2023.
So, early adopters of the Helium Network did quite well and were well-compensated for their hotspots and their contribution to the network. So, running a hotspot is perhaps not as lucrative as it once was, but it is nonetheless profitable. As of August, the network’s daily average reward rate was 0.11 HNT. This generates earnings of $1.10 daily or around $400 per year at a market price of 10 USD/HNT.
— JayM🎈 (@jaym2518) July 27, 2022
2) Does Helium Mining Slow Down Internet?
Not necessarily, but it also depends on how fast your internet is currently. A helium miner could significantly slow down your current data plan if it is already at its maximum capacity due to multiple TVs streaming Netflix simultaneously and a sparse number of WiFi-connected gadgets.
42 Mbps is a respectable average, even if the internet speed may vary depending on where you are. For as long as you have the Helium miner connected, you may need internet speed above average if your household uses more than four devices simultaneously.
3) Does Helium Mining Work in Rural Access?
Generally speaking, densities are higher in urban areas and lower in rural areas. So, rural areas are bound to have lesser miners. However, Helium mining will work in rural as long as locals are willing to connect their hotspots.
— Alessandro🎈 (@VisionGrid) March 26, 2022
Moreover, Hotspots prefer to be placed high up, looking out over expansive areas. So, if your home or apartment complex has numerous floors, opt for the one with the most windows. Therefore, your Hotspot should be able to see the sky clearly.
These afternoon storms are no joke. pic.twitter.com/IBYoAbqRUr
— Will 🎈⚡️ (@WillHNT) August 12, 2022
Note: Avoid placing the Hotspot in spaces where it cannot access the outside world, such as in basements, cupboards, behind TVs, metal screens, or “cyber glass” in skyscrapers, among other places.
4) Where to Buy Helium Mining?
Following the approval of HIP 19, third-party manufacturers and suppliers who want to create and provide hotspots that mine HNT may do so with community consent. The listing below does not imply endorsement or suggestion. Please conduct your own research. Here are some vendors:
- COTX Networks
Do you know our enclosures are the most affordable and convenient outdoor @helium enclosure solution in the market right now?
High end quality, protection, price and service. Start making more HNT without breaking your bank!#ThePeoplesNetwork pic.twitter.com/8mGfcPb35U
— IotOffGrid 🎈 (@IotOffGrid) April 18, 2022
In conclusion, Helium mining remains a profitable venture. However, HNT rewards are bound to decrease as more people adopt them.
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