Mining Helium (HNT) at Home in 2023: How to Get Started (2024)

Founders established Helium (HNT) as a cryptocurrency in 2018. It is the native currency of the Helium network, which is a decentralized, peer-to-peer network that enables low-power, long-range wireless devices to connect to the internet.

Users build and run decentralized applications (dApps) on the Helium blockchain, a decentralized platform that powers the network.

The Helium network runs on its native blockchain but will soon move to the Solana network.

Gaining Adoption

The Helium network is a relatively new project, but it has already gained significant traction among developers, businesses, and cryptocurrency enthusiasts.

Helium started 2022 with approximately 450,000 hotspots and ended the year with roughly 980,000 hotspots in 187 countries and 76,000 cities. Miners on the network run Helium hotspots in their homes or business and earn HNT tokens for their network participation.

The number of active miners is not publicly available. Experts estimate that thousands of individuals mine HNT.

Thousands of individuals mine HNT, with more added daily. This means it may not be as profitable to mine HNT in 2023 as in 2022.

However, miners still have the potential to make a profit if they can find ways to optimize their mining operations and reduce costs associated with running a node on the Helium Network. Miners should also consider other factors, such as market conditions, when deciding whether or not it is still profitable to mine HNT in 2023.

Why Mine Helium at Home?

Low-cost, low-power equipment, like Raspberry Pi computers, can mine HNT at home, making it one of the key benefits of HNT mining. HNT mining doesn’t need powerful, specialized hardware (ASICs), like with Bitcoin mining.

Helium designs low-power, wide-area networks (LPWAN) for the Internet of Things (IoT) and Machine-to-Machine (M2M) communications. It aims to make connecting IoT devices and other machines to the internet easier and more affordable for people and organizations.

One of the key features of Helium is its network of wireless nodes, which are responsible for transmitting and receiving data packets between IoT devices.

By owning and operating a node, anyone can help support the Helium network and earn HNT rewards in return. Individuals and organizations can contribute to the growth and stability of the network by ‘mining’ Helium.

IoT: The Place to Be in 2023?

The IoT market is one of the fastest-growing technology segments. And boasts a projected value of USD 1.2 trillion by 2025. This represents a significant increase from its current value, with a projected growth rate of 13.4% from 2020 to 2025. Increasing demand for connected devices and the growing number of applications for IoT technology is driving growth.

IoT is changing how we live, work, and interact with the world around us. IoT technology enables us to collect and analyze data in real time. Insights from collected data improve processes, increase efficiency, and drive innovation. The potential applications of IoT technology are vast. Discoveries of new uses are happening all the time as the technology evolves and matures.

More Connected Devices

One of the key drivers of the growth of the IoT market is the increasing number of connected devices. That’s where Helium shines.

With the rise of IoT, the number of connected devices is growing. From smartphones and smart home devices to industrial sensors and medical equipment. Companies have an opportunity to collect and analyze data from connected devices and gain valuable insights to improve processes, increase efficiency, and drive innovation.

The increasing number of connected devices also creates a huge demand for IoT infrastructure and services. Companies are investing heavily in IoT to meet this demand. This creates new opportunities for companies specializing in IoT infrastructure and services. It also creates real opportunities for those interested in mining Helium and becoming part of the IoT economy.

Mining Helium at Home

To mine Helium at home, you need to have the following equipment:

1. A Helium Hotspot: This is the main hardware device you will use to mine Helium. It is a small, low-power, wireless device connected to your home network.
2. A SIM card: The Helium Hotspot requires a cellular data connection to access the Helium network. You will need to purchase a SIM card from a compatible provider and insert it into the hotspot.
3. A power source: The Helium Hotspot requires a power source to operate. You can use an AC adapter or a USB power bank, depending on your preference.

Costs Involved

The cost of setting up a Helium Hotspot varies depending on your location and SIM card costs. On average, you can expect to spend around $300 to $400 for the hardware and setup costs. This includes the cost of the Helium Hotspot, the SIM card, and any additional equipment you may need.

In addition to the upfront costs, you will also need to consider the ongoing costs of running the Helium Hotspot. This includes the variable cost of the cellular data plan.

Benefits of Mining Helium (HNT) at Home

There are several benefits of mining Helium (HNT) at home, including:

1. Earn HNT rewards: By contributing to the Helium network and verifying data packets, you can earn HNT rewards. These rewards are a way for the network to incentivize node operators and reward them for their contributions.
2. Support the network: By operating a node, you are helping to support the growth and stability of the Helium network. This will help to ensure that the network remains secure, fast, and reliable for everyone who uses it.
3. Potential for price appreciation: HNT is a cryptocurrency, meaning its value can fluctuate based on market demand. By holding HNT, you have the potential to benefit from price appreciation over time.
4. Support the growth of the IoT: By contributing to the Helium network, you are helping to support the growth of the IoT. This will help to ensure that more devices and machines can be connected to the internet, which will drive innovation and progress in many industries.

Helium and Solana

Holders of HNT voted for the Helium Network to migrate to the Solana blockchain in September of 2022. The migration, now set for 2023, will significantly impact those who are currently earning HNT tokens through mining.

Migration benefits faster transaction speeds and lower fees on the Helium blockchain. And lets miners use new features like staking and yield farming. However, mining HNT tokens may become harder due to increased competition. Miners should weigh the pros and cons before deciding to mine HNT on the Solana blockchain.

Buying Instead of Mining

For those who would rather buy into the network by purchasing HNT tokens, check out Binance, KuCoin, and Gate.io. At the time of this article, the price of HNT is $2.64.

Becoming a Part of the IoT Economy

Helium (HNT) connects low-power, long-range devices to the internet as a decentralized, peer-to-peer network. It gained popularity with 980,000 hotspots across 187 countries and 76,000 cities by the end of 2022.

You can mine Helium at home using low-cost, low-power equipment, unlike other cryptocurrencies that need powerful ASICs.The IoT market is one of the fastest-growing technology segments, with a projected value of $1.2 trillion by 2025. This growth presents a big opportunity for companies to collect and analyze data from connected devices. Also, meeting the increasing demand for IoT infrastructure and services.