I’m Mining Helium! Full Breakdown, Hotspot Setup, and How Much I’m Making!

what’s up everybody logan alec now and i am very pleased to announce today that i have officially started mining cryptocurrency with this little device right here it plugs directly into my wall and at the end of this video i’ll show you how easy it was to set this bad boy up easier than setting up a wi-fi router to be honest this has been a fairly recreation campaign it’s become a neat little stream of organize it and forget it passive income for me i’m not making a fortune doing this but it’s just another revenue stream if you know me if you know my path you know that’s what i’m all about structure my rivers of revenue and my streams are well so what cryptocurrency am i mining with this device it’s called helium hnt helium helium is issued by a company called you approximated it helium who really has some pretty interesting things going on right now like i said i’ll talk more about the mining side of helium and the machine i’m exploiting to quarry last-minute in this video helium did fasten me up with that machine by the way so props to them but first let’s talk a little about what helium’s mission is to utter the world countries a better and more efficient place so helium labels itself the people’s structure and the helium system lets machines on the iot that’s internet of things to send data without being connected to a conventional cellular network for example some of the case studies that helium spotlights include gps sensors spray meters and ecological observes that way humidity temperature aura quality and more so if you want to use those inventions with a typical cellular alliance you’re going to need sim cards and those might not be cost effective depending on their consumption apparently wi-fi comes with its own restraints with respect to network range but in contrast to wi-fi helium uses the lorawan protocol which allows them to communicate over much larger divergences now the sacrifice there is that you can’t communicate so much better data via radio radiation as you are eligible to with a wi-fi network but helium isn’t really intended for users to send massive data or anything like that in the first place it’s more about offering wide coverage for small containers of data such as for gps trackers or gesture sensors or breeze aspect observes etc it wouldn’t be practical to download movies over the helium structure but it can be really effective for moving low-grade volumes of data over sizable lengths you can actually buy various categories of sensors that are ready to work with the helium structure they have sound detectors smoke and hot detectors grime moisture observes body temperature sensors motion detectors you referred it you can read about some of the use contingencies on the helium website there will be a link to their site in the description in case any of you want to check it out but basically what happens is that users who want to send data over the helium network pay for that coverage in the form of data credits which i will touch on later and parties with hot spot receive the helium cryptocurrency based on how much they contribute to that system so for example one case study is for a company called digital content that creates devices to move assets like vehicles uh shipping containers trailers implements pallets and more instead of connecting these objects to a cellular network or a wi-fi network they leverage the helium network to keep track of asset location as well as movement and accelerometer data in other words if you use digital matter devices to monitor your resources you can use helium’s pay-as-you-go model to buy however many data credits you need for the amount of information you’re sending over the network in turn helium hotspot proprietors are incentivized to provide that coverage in exchange for the mining honor so they receive that report they compute it to the blockchain and they receive the helium cryptocurrency in exchange for their contribution of course that’s a simple way to explain it i’ll go into more detail about how that process jobs later on when i talk about the hotspot itself but that should give you an idea of the interplay between users who need to send information over the network and miners like me who provide network coverage in order to receive the helium cryptocurrency and that’s why it’s called the people’s network right there’s no comcast or atnc at the top of this helium coverage comes from the hot spots and is funded by the data ascribes that users deplete to send data over that structure as i mentioned earlier there are two sides to this network on one paw you have network useds wasting data ascribes and on the other hand you have miners collecting helium tokens or hnt by contributing to the network now instead of being linked to the price of hnt the data ascribes are actually linked to the price of the dollar one dollar is always equivalent to 100 000 data approvals on the other hand data credits can only be produced by converting or burning hnt as helium says and data approvals are only redeemable for system used they can’t be transactions with anyone else there are five million hnt being minted every month right now and that digit will automatically be cut in half every two years starting on august 1st 2021. In other oaths even though you have to burn hnt to create data ascribes the equip of hnt doesn’t really have anything to do with how many data recognitions are actually being used so let’s say one hmt silver is equivalent to 10 us dollars that symbolizes every hmt copper you have can be burnt for 1 million data approvals in other words someone who needs 1 million data approvals will need one hnt coin then let’s say helium incomes cost now let’s say it’s worth 100 us dollars instead of 10 well now your 1 hnt will convert into 10 million data recognitions and the purchasers will merely need 1 10 of an h t copper to access those recognitions so it’s not that you now need more data ascribes for the same amount of data is that you’ll need more hnt silvers in order to burn the same number of data approvals this is based on something called a burn and slew equilibrium i don’t want to expend too much time on it for the purposes of this video but the point is that the value of hnt will diversify based on demand from system users as well as speculative involve from people who want to get in uh get into helium for the speculation opportunity all right now let’s talk about how i am helping to build the helium structure and being honored for doing so through get helium cryptocurrency aka mining helium and of course i’m doing that through my helium hotspot helium hotspot was actually really easy to set up it came in a slick carton that said helium hotspot i open the box up inside i received the helium hotspot little setup booklet as well as the hotspot itself it’s rather compact measuring six inches by six inches i too got a cool helium sticker and finally the stock antenna and the power cable setup is super simple you affix the antenna to the side of the hotspot i had a little helper come in my son hunter uh we checked it out together and then i was ready to plug it in the power cable is easy enough to attach and then i was ready to mostly plug in the hotspot but before i did that i downloaded the helium hotspot app on my phone opened it up formed my history produced my 12 messages now if you have a cryptocurrency wallet you’re probably familiar with this concept but these are basically your 12 grain messages kind of think of them like a password for signing into your cryptocurrency pouch so you don’t want to lose these terms uh whether with the helium app or any other crypto based wallet that “youve had” so the app generated by 12 messages undoubtedly i’m not going to show the 12 utterances on screen but i did write them down in a stick point after this i set a pin for my helium app patently i’m not showing that either then i sounded set up my hotspot i adopted helium hotspot since that’s the one that i have and then the app “ve been told” where to arrange my hotspot so it says to give the hotspot a delightful vistum hotspots cherish places where they can see plenty of sky so obviously second flooring would be better than first floor uh the app said to have the hotspot space at least 300 meters away from other hot spot then it said not to hide the hot spot it said hot spot shouldn’t hide in a nightstand or a bookcase it said to situated it next to a window instead then it said houses may block signals and that nearby houses may abridge the hot spots coverage for nearby devices this is why some helium miners actually purchase an feeler to hook up their hotspot to give their hotspot a clear line of vision with other hot spot in the field then last one now the app said that hot spots hate bug screens and that you should try to keep your hot spot away from metal meshes which can block radio signals dramatically then i clicked i’ve read the leader because i had indeed read the guide the app made me to the next screen where i want you to confirm that you understand that helium will never have access to your private keys and will use secure methods to identify issues with your hotspot i sounded i understand and then i had to enable location permission for the helium hotspot app which i granted then the app said capability up attach the antenna and plug in the provided supremacy adapter your hotspot will boot up and its light-headed will become light-green one ready so uh before i sounds i’m powered up i clearly got my hotspot all powered up first thing i had to do was figure out the right site for it thankfully in my upstairs home office i have a shelf right next to a window with a ability channel right beneath that window so that’s obviously a great location for the hotspot unfortunately there was a bug screen on this opening and i remembered that the helium hotspot app told me that hotspots detest defect screens because they can block the signals so i removed the flaw screen i inadvertently has broken the little tab off in the process uh but i eventually popped it out and then i was ready to go i kept my hot spot on the shelf i led the power line into the outlet below the window plugged it in then i was ready to go the hot spot first blinked orange which was unexpected so i pressed the black button on the side of the hot spot then the illumination was green just like the app said it “wouldve been” then i hop-skip back into the helium hotspot app i clicked i’m powered up then “ive seen” a screen that said press the pitch-black button on your hotspot and its light-headed should turn blue-blooded so i did that then i clicked scan for my hotspot in the app the app examination for my hotspot it discovered it and then connected to it then i had to configure the wi-fi network for my hotspot to connect to that’s mostly exactly the wi-fi network we have here at our residence so i selected our wi-fi network put in the network password then the app said connecting to network then after the hotspot connected to the network i had to set the hotspot location to do that i had to give the helium hotspot app permission to access my phone’s place which of course i held then i had to set the hotspot’s location of the app and the app pretty much figured out where i was so that was really no fus i moved a little map point around a little to make it more exact where my accurate site is i’ve patently burned out the delineate here for obvious rationalizations then i clicked registry hotspot and then i got this screen cross-file hotspot and i was stuck on the screen for a while actually over an hour deemed to be or not that seemed strange to me that i was stuck on the screen for so long so i actually thoughts over to the helium discord and i asked this question hey i set up my hotspot next to a second story window and the app has been saying registering hotspot with the spinning roundabouts for almost an hour now is this normal someone reacted almost immediately they said no it’s not try power cycle also try ethernet for associate so i tried the dominance round meaning i unplugged the hotspot plugged it back in what do you know that did the ruse my hot spot was now online but that didn’t mean it started quarrying immediately it still had to sink to the helium blockchain helium says to allow 24 to 48 hours to fully sync the blockchain for me this process started on the evening of march 13 th when i first got my hot spot online and it was fully synced within 24 hours so on the evening of march 14 th and shortly thereafter my hotspot received its first mining honor for 0.08 hnt so i’ll settle my wages up on the screen i largely get between 0.1 and 0.3 hnt per day sometimes a little bit more sometimes a little less but look there’s no work involved here i just move this hot spot up and it automatically started contributing to the helium network and i started mining helium super easy right and if you go to explore.helium.com coverage you can actually see a planned of all the helium hotspots worldwide and how much helium each of them are making right now and how much helium they’ve earned historically it is able to obviously give you an idea of how much h t hot spots in your neighborhood are making on that note let’s talk a little bit more about how these mining wages are actually payed how do these hotspots actually give hnt well the first nature is by simply assigning data from manoeuvres on the helium system helium was of the view that around one third of the mining compensations are for changing data and how much you receive depends on how much data your hotspot is under the responsibility of other mining payoffs chiefly revolve around what’s called a proof of coverage challenges so what happens here is the network will choose a hotspot to issue a challenge to another hotspot in other words uh they’re asking that challenged hotspot to transmit is evidence that uh of its system coverage right that’s actually contributing to the network which will then be verified or witnessed by some of the other hotspots in the area a little bit of quarrying rewards goes to the challenger but the majority of members of it “re going to the” evidences that report proof of coverage activity in their expanse so you’re going to have more opportunities to get involved in these activities of witnessing proof of coverage challenges if you live in an urban area with lots of hot spots around but the same time you’ll too be splitting those payouts with a larger number of hotspots now as of right now my hot spot unfortunately has not yet acted as a witness for any proof of coverage challenges hitherto this is mostly because my hot spot is not abysmally close to many other hot spots and the hot spot that it is relatively close to are not consequently at the same level so there’s not really that line of sight going on uh but i might actually buy an antenna in order to be allowed to to maximize my h t honors be able to witness other hot spots in my area there is another hot spot in my area that does witness proof of coverage challenges and they typically earn something like 7 hnt per period which is like 20 to 70 times more than my hot spot is making so obviously if you’re closer to other hot spots and your hot spot has a clear line of sight with other hot spots you’ll be able to witness proof of coverage challenges and earn a lot more hnt than if your hotspot simply participates in challenges or initiates challenges like quarry does at this time so for me you know there are actually there are a few other hotspots in my area but for whatever reason my hot spot is not able to witness proof of coverage challenges with those hot spots uh like i mentioned maybe i can remedy that with an feeler so i may actually get an antenna for my hot spot another way that a hotspot can earn hnt honors is when the network arbitrarily choice hotspots to join the consensus radical for a set period of time the consensus radical is responsible for validating deals and computing them to the blockchain and they get substantial substantial wages for doing that and the final third of payouts go to helium itself as well as early investors so i don’t get a piece of that pasty as a hotspot owned apparently now you might be wondering okay logan you’re earning a little bit of hnt per date how much does hnt actually work well as of the time i’m recording this hnt is worth seven dollars and 32 cents which constructs helium the 107 th largest cryptocurrency in terms of market cap as at the time of recording you were able to get one coin for less than a dollar as recently as december and the price has been participating in a somewhat consistent upward path since around the end of january so how much is my hot spot constructing me per period in dollar evaluate basically anywhere from 70 pennies a date to a little over a marry bucks a era but if perhaps for the use of an antenna i’m able to witness proof of coverage challenges for other hot spot in my area like another hot spot near me does i could possibly you know 10 x 20 x 30 x maybe even 70 x those earnings now i can’t tell you whether hnt is going to keep going up or not i don’t want to tell you how to invest your coin personally i think this is a really exciting project but ultimately whether it makes off in the way the creators are visualizing is anyone’s guess but hopefully this video gave you a better idea of what helium is a matter for and some information about the helium hotspot i kept a link to helium’s website in the specific characteristics below regrettably you can’t precisely you know go out right now and buy a helium hotspot this particular model uh helium does not have them for sale at this time that said in the coming weeks i hope to develop relationships with third party uh hotspot makes that you can use to quarry helium and maybe they’ll even be kind enough to send me uh their own hotspots so that i can maybe lieu them in a rental property or a friends or family member’s house and test out those hotspots as well and induce dedicated recollect videos for those hot spot that are currently available on the market right now so be sure you’re subscribed to the channel and make sure you made the little notification buzzer down there to make sure you don’t miss any of that helium relevant material also early next month i will be publishing an interrogation i’m going to have with recognize phillips who is the vice president of business development at helium i’m going to be chatting with him about helium the people’s system uh how helium you are well aware really wants to attain the world countries a better place for the network we’re going to talk about helium mining a good deal of other amusing substance if you have any helium related questions feel free to leave them in the comments below and i may ask mark about them when i got chat with him and then i will obviously publish that interrogation right here on the canal for your viewing pleasure thank you so much everybody for watching this video i hope it was educational i hope you learned a lot i have a couple of other videos that i know that you will love these videos will show up on the following screen and i’ll see you over there you

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