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 pushes 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 jolly fun activity it’s become a delightful little stream of located 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 canal you know that’s what i’m all about structure my torrents of revenue and my flows 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 guessed it helium that actually has some pretty interesting things going on right now like i said i’ll talk more about the mining appearance of helium and the device i’m utilizing to mine later in this video helium did hook me up with that manoeuvre by the way so props to them but first let’s talk a little about what helium’s mission is to oblige the world a better and more efficient place so helium orders itself the people’s network and the helium structure earmarks inventions 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 foregrounds include gps sensors irrigate meters and ecological observers that way humidity temperature breeze caliber and more so if you want to use those inventions with a usual cellular alliance you’re going to need sim cards and those might not be cost effective depending on their practice plainly wi-fi comes with its own drawbacks 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 as much data via radio radiation as you can with a wi-fi network but helium isn’t really intended for users to send large registers 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 air quality observers etc it wouldn’t be practical to download movies over the helium system but it can be really effective for tracking low-pitched volumes of data over enormous lengths you can actually buy various categories of sensors that are ready to work with the helium structure they have sound detectors inhale and hot detectors soil sweat observes body temperature sensors motion detectors you appointed it you can read about some of the use clients 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 mostly what happens is that users who want to send data over the helium network pay for that coverage in the form of data ascribes which i will touch on later and people with hot spots receive the helium cryptocurrency based on how much they contribute to that network so for example one case study is for a company announced digital significance that creates manoeuvres to move resources like vehicles uh shipping receptacles trailers tools 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 wage so they receive that intelligence they contribute 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 occupations 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 system 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 credits that users devote to send data over that structure as i mentioned earlier there are two sides to this network on one pas you have network customers devoting data ascribes and on the other hand you have miners rallying helium clues or hnt by contributing to the network now instead of being linked to the price of hnt the data credits are actually linked to the price of the dollar one dollar is always equivalent to that given to 100 000 data ascribes on the other hand data ascribes can only be produced by converting or burning hnt as helium says and data credits are only redeemable for network used they can’t be traded with anyone else there are five million hnt being minted every month right now and that quantity will automatically be cut in half every two years starting on august 1st 2021. In other messages even though you have to burn hnt to create data credits 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 can respond to 10 u.s. dollars that makes every hmt coin you have can be burnt for 1 million data ascribes in other words someone who needs 1 million data ascribes will need one hnt coin then let’s say helium amplifications value now let’s say it’s worth 100 us dollars instead of 10 well now your 1 hnt will convert into 10 million data approvals and the buyer will simply need 1 10 of an h t copper to access those credits so it’s not that you now need more data approvals for the same amount of data is that you’ll need more hnt coppers in order to burn the same number of data ascribes this is based on something called a burn and slew symmetry i don’t want to devote 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 necessitate from people who want to get in uh get into helium for the financing opportunity all right now let’s talk about how i am helping to build the helium structure and being rewarded for doing so through getting 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 casket that said helium hotspot i open the box up inside i saw the helium hotspot little setup folder as well as the hotspot itself it’s rather compact weighing six inches by six inches i also got a cool helium sticker and finally the stock antenna and the power cable setup is super simple you append the feeler to the side of the hotspot i had a little helper come in my lad 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 basically plug in the hotspot but before i did that i downloaded the helium hotspot app on my phone opened it up initiated my report produced my 12 words now if you have a cryptocurrency wallet you’re probably familiar with this concept but these are basically your 12 grain terms kind of think of them like a password for indicating into your cryptocurrency pouch so you don’t want to lose these statements uh whether with the helium app or any other crypto based purse that “youve had” so the app has brought about 12 utterances undoubtedly i’m not going to show the 12 paroles on screen but i did write them down in a self-assured site after this i set a rod for my helium app plainly 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 sit my hotspot so it says to give the hotspot a nice examine hotspots enjoy places where they can see plenty of sky so obviously second storey would be better than first floor uh the app said to have the hotspot space at least 300 meters away from other hot spots then it said not to hide the hot spot it said hot spots shouldn’t conceal in a nightstand or a bookcase it said to kept it next to a opening instead then it said structures may block signals and that nearby houses may decline the hot spots coverage for nearby designs this is why some helium miners actually buy 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-place one here 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 navigate because i had indeed read the steer 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 clicked i understand and then i had to enable location permission for the helium hotspot app which i awarded then the app said influence up attach the antenna and plug in the specified strength adapter your hotspot will boot up and its glowing will become lettuce one ready so uh before i sounds i’m powered up i undoubtedly got my hotspot all powered up first thing i had to do was figure out the freedom spot for it thankfully in my upstairs home office i have a shelf right next to a window with a strength channel right beneath that opening so that’s obviously a great location for the hotspot regrettably there was a bug screen on this space and i be reminded that the helium hotspot app is saying that hotspots hate bug screens because they can block the signals i used removed the fault screen i inadvertently broke the little tab off in the process uh but i eventually sounded it out and then i was ready to go i employed my hot spot on the shelf i flowed the power cord into the outlet below the window plugged it in then i was ready to go the hot spot initially flashed orange which was unexpected so i pressed the pitch-black button on the side of the hot spot then the sunrise was green just like the app said here today would be then i hopped back into the helium hotspot app i clicked i’m powered up then i saw a screen that said press the black button on your hotspot and its glowing should turn off-color so i did that then i clicked scan for my hotspot in the app the app examination for my hotspot it spotted it and then connected to it then i had to configure the wi-fi network for my hotspot to connect to that’s basically merely the wi-fi network we have here at our room so i adopted our wi-fi network lay 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 site which of course i imparted 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 inconvenience i moved a little map point around a little to make it more exact where my accurate site is i’ve plainly burned out the map here for self-evident reasonableness then i clicked register hotspot and then i got this screen cross-file hotspot and i was stuck on the screen for a while actually over an hour believe it or not that seemed quirky to me that i was stuck on the screen for so long so i actually manager 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 inventing haloes for almost an hour now is this normal someone responded almost immediately they said no it’s not try power cycle also try ethernet for bond so i tried the influence hertz representing i unplugged the hotspot plugged it back in what do you know that did the joke 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 reinforce for 0.08 hnt so i’ll introduce my honors up on the screen i predominantly get between 0.1 and 0.3 hnt per daylight sometimes a little bit more sometimes a little less but look there’s no work involved here i just create 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 map 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 certainly give you an idea of how much h t hot spots in your range are giving on that note let’s talk a little bit more about how these mining honors are actually payed how do these hotspots actually pay hnt well the first way is by simply transferring data regarding designs on the helium structure helium says that around one third of the mining payoffs are for moving data and how much you receive depends on how much data your hotspot is responsible for other mining reinforces primarily 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 channel proof that uh of its structure 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 honors goes to the challenger but most of it “re going to the” witnesses that report proof of coverage activity in their area 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 played as a witness for any proof of coverage challenges yet this is mostly because my hot spot is not exceedingly close to many other hot spots and the hot spots that it is relatively close to are not certainly at these levels so there’s not really that line of sight going on uh but i might actually buy an feeler in order to maximize my h t honors be able to witness other hot spots in my area there is another hot spot in my region that does witness proof of coverage challenges and they typically earn something like 7 hnt per daylight which is like 20 to 70 times more than my hot spot is paying so obviously if you’re closer to other hot spot and your hot spot has a clear line of sight with other hot spot you’ll be able to witness proof of coverage challenges and earn a lot more hnt than if your hotspot merely participates in challenges or develops challenges like pit does at this spot 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 alleviate that with an feeler so i may actually get an antenna for my hot spot another way that a hotspot can make hnt reinforces is when the network randomly opts hotspots to join the consensus radical for a set period of time the consensus group is responsible for validating transactions and supplementing them to the blockchain and they get substantial substantial remunerations 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 tart as a hotspot owner patently now you might be wondering okay logan you’re earning a little of hnt per daytime how much does hnt actually progressing well as of the time i’m recording this hnt is worth seven dollars and 32 cents which does 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 toll has been on a jolly consistent uphill path since around late january so how much is my hot spot moving me per daylight in dollar cost basically anywhere from 70 cents a period to a little over a duet bucks a era but if perhaps for the use of an feeler i’m able to witness proof of coverage challenges for other hot spot in my region 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 money personally i think this is a really exciting project but eventually whether the government has takes off in the way the creators are visualizing is anyone’s guess but hopefully this video “ve given you” a better idea of what helium is a matter for and some information about the helium hotspot i set a link to helium’s website in the description below regrettably you can’t exactly 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 manufacturers that you can use to quarry helium and maybe they’ll even be kind enough to send me uh their own hotspots in order to be allowed to maybe region them in a rental belonging or a friends or family member’s house and test out those hotspots as well and determine dedicated refresh videos for those hot spots that are currently available on the market right now so be sure you’re subscribed to the channel and make sure you smacked the little notification bell down there to make sure you don’t miss any of that helium associated material also early next month i will be publishing an interrogation i’m going to have with differentiate 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 is intended to utter the world countries a better place for the network we’re going to talk about helium mining a good deal of other amusing stuff if you have any helium related matter 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 has publish that interview right here on the direct 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 next screen and i’ll see you over there you

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