Helium crypto mining is the use of helium blockchain in mining crypto. The helium blockchain platform sufficiently helps to mine crypto on a consistent basis. This is a new way of mining crypto by deploying a simple device.
Helium Crypto Mining
Helium is a blockchain network designed to provide wireless coverage to the masses. It is relatively a new blockchain that is designed to create decentralized and public wireless network.
Tools to Maximise Profit While Mining Helium
Some vital tools provided by helium platform that helps in determining the potential earnings and optimizing of radio signal transmission are :
Helium Coverage Map
This map is provided by the Helium Network and is super helpful for seeing where active hotspots are located. By choosing a specific hotspot you can easily see the other hotspots that it can witness and how many rewards it has earned. By finding hotspots in your area you can estimate potential earnings.
Helium Place is an excellent tool that shows where other hotspots are located, but, it also shows you the spot for placing hotspots. By being able to visualize the spot, you can ensure that you are not placing hotspots too close to one another. If you select an existing hotspot, Helium Place links back to the hotspot details of the Helium Coverage Map.
Helium Hotspot Radio Frequency Simulator
HotspotRF is an application that allows you to select a location, enter the specifications of your Helium mining hotspot, and it will simulate the geographical coverage of the radio frequency signal.
Radio Frequency Line of Sight Tool
As the name indicates, this tool allows you to pick two geographical locations and determine if they are within line of sight. If two points are near enough and within line of sight, it’s almost guaranteed that they will be able to witness challenges for one another. Once you have picked the two locations, make sure to adjust the height (meters) of each location so that you can accurately simulate the height of your Helium hotspots antenna.
How Does Helium Work?
Helium uses a work algorithm called Proof of Coverage (PoC), and rewards miners in HNT. They use radio waves to validate that hotspots are actually providing wireless coverage to devices.
Just like Ethereum uses graphics cards to crunch cryptographic hash codes that provide the proof of work needed to validate transactions, Helium miners makes sure the wireless hotspots are not lying about their service by using radio waves to “interrogate” hotspots about their activity.
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Using proof of coverage usually attract some benefit and problems such as :
Proof-of-Coverage does not require the hotspot to crunch numbers or solve puzzles in order to secure the network. Instead, POC has a process that attempts to validate that a given location has coverage. To do this, the network issues a challenge to a set of coordinates. In order to complete a challenge, there must be a Helium hotspot within range of the challenge. Proving coverage of the challenge area results in a reward of HNT to the hotspot.
The reward can be earned by witness as well. A witness is another hotspot within range of another which is completing a challenge. When a hotspot witnesses a challenge it is also rewarded with HNT. Additionally, the reward for the hotspot solving the challenge is increased if there are more witnesses nearby.
Is Helium a Good Investment?
Demand for helium has accelerated notably in the medical sector, the largest consumer, where its uses include for MRI scanners and refrigeration of Covid 19 vaccines. Also in most applications, there are no substitutes for helium.
Helium One has said it expect annual global growth of about 3%, driven by increasing demand in the medical sector (particularly from MRI demand in developing countries), as well as the technology and aerospace sectors.
Helium mining is still gaining popularity and becoming more frequently used by traders. It is advisable to partake in this, given that it has the potential to grow and be profitable in the future. We hope this article has given you enough insight on helium crypto mining and how it work. Let us know your views and recommendations by hitting the comment section.