What is Helium HNT? HNT Mining Explained + HNT Price Predictions

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I’m talking about Helium, and their native token HNT. I’ve been watching this one for a minute because they have become massively popular because of the simplicity of the HNT miners, and I get asked about those a lot. Because you don’t need these big mining rigs that looks confusing to set up and are often thousands and thousands of dollars. That’s the big appeal of Helium miners right now and why they’re so damn popular. Cheap and simple, like myself. Helium is literally the fastest growing wireless network in the world with 601,745 hotspots.

They are currently sitting in that number 46th spot on Coin Market Cap. They are trading for $25.05 per HNT and has a market cap of 2.8 billion. The max supply is set at 223 billion with around half of that being in circulation. So there are a lot more tokens to be earned mining.

FYI, I will be doing a video more in-depth on that very thing, but my miner is still on back order. I bought a bobcat 300 and have been waiting on it for 3 months. I hate waiting, but they are in such high demand, which to me is a good sign. We’ll talk more about their simple mining process in just a moment.

The Helium network is a blockchain project that focuses on the Internet of Things, IoT, and has been working since 2013 but revamped a few years ago. It was founded by 3 partners named Shawn Fanning, Sean Carey and Amir Haleem. Helium is often refereed to as the “People’s Network.”

The People’s Network is the world's first peer-to-peer wireless network that provides a secure and cost-effective way for low-power Internet of Things devices to send data to and from the Internet.

It connects devices and collects data in ways never before possible at a fraction the cost of cellular without needing to deploy and maintain wireless infrastructure.

The idea of IoT is to have a global network that you can connect any device to. Your fridge, dog collars, any electronic in your house. The most recognizable being Amazon’s Alexa or Google home.

There are millions of connected devices in the world, and connecting these devices to the Helium network is significantly cheaper than buying a cellular data plan for each device. And in the next 5 years, we are expecting close to 100 billion devices will need a way to connect to the internet.

Because of the hot spots’ long range, Helium’s network can also reach places that typical Wi-Fi and cellular networks don’t. So, Helium is solving a real-world problem, which is one of the first arguments made by crypto haters.

Helium already has partnerships in agriculture, environment, pet care, asset tracking, and more. A business for instance would be, Lime, the scooters that you see across cities. Lime uses the Helium network to help track their scooters.

The Helium blockchain uses a new consensus algorithm dubbed Proof or Coverage (PoC). The Helium blockchain is behind the largest LoRaWAN network in the world, LoRaWan stands for long range wide area network.
Now let’s talk about that POC or proof of coverage. Proof of Coverage is the new algorithm that was created for Helium. It verifies that the Hotspots in the network are physically located where they claim, and that they are honestly representing the wireless coverage that’s being created by the Hotspot for its location. Rewards in HNT are give out to these hotspots.

HNT distribution is divided to three different sectors:

Network Data Transfer (30%) – Rewarded for hearing devices and relaying their packets to the internet.
Hotspot Infrastructure (35%) – Rewarded for participating in, witnessing, and creating Proof-of-Coverage (PoC) challenges.
Helium, Inc., and Investors (35%) – Assigned to founders, investors, and organizations who will manage blockchain governance.

The Bobcat 300 I mentioned earlier is the miner I’m waiting on. It’s definitely one of the most popular Helium miners out there. I mentioned it being pretty simple to set up which is a pro to some of us less technically savvy individuals.

And from my understanding, you set the miner up by downloading the app, connecting it via Bluetooth, and then your wifi network. You’ll have to register your info in there but that’s pretty much it. If you want to buy a Bobcat 300, expect to wait a long time on it, maybe 6 months, because the demand is ridiculous right now, or be prepared to pay a lot more than retail price, which is around $429. Passive income, and the power usage is that of a 5w light bulb, per Helium.

#helium #mininghnt #bobcat300

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