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 quarrying cryptocurrency with this little machine right here it plugs directly into my wall and at the end of this video i’ll appearance 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 quite fun assignment it’s become a delightful little stream of initiate it and forget it passive income for me i’m not making a fate 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 house my torrents of revenue and my torrents 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 moderately interesting things going on right now like i said i’ll talk more about the mining facet of helium and the machine i’m use to mine last-minute in this video helium did rob me up with that invention by the way so props to them but first let’s talk a little bit about what helium’s mission is to build the macrocosm a better and more efficient place so helium orders itself the people’s structure and the helium network tolerates 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 highlights include gps sensors irrigate meters and ecological monitors that move humidity temperature aura aspect and more so if you want to use those designs with a normal cellular linkage you’re going to need sim placards and those might not be cost effective depending on their application obviously wi-fi comes with its own limitations with respect to network range but in contrast to wi-fi helium uses the lorawan etiquette which allows them to communicate over much greater 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 structure but helium isn’t really aimed for consumers to refer huge files or anything like that in the first place it’s more about offering wide coverage for big packets of data such as for gps trackers or gesture sensors or aura aspect monitors etc it wouldn’t is feasible to download movies over the helium network but it can be really effective for tracking low-toned capacities of data over massive lengths you can actually buy various categories of sensors that are ready to work with the helium network they have sound detectors inhale and hot detectors grime sweat monitors body temperature sensors gesture detectors you specified it you can read about some of the use occasions on the helium website there will be a link to their locate in the specific characteristics 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 credits which i will touch on later and beings 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 stuff that creates manoeuvres to move assets like vehicles uh sending receptacles trailers implements pallets and more instead of connecting these objects to a cellular structure or a wi-fi network they leverage the helium network to keep track of asset site as well as crusade and accelerometer data in other words if you use digital interest maneuvers to monitor your assets you can use helium’s pay-as-you-go example to buy nonetheless numerous data ascribes you need for the amount of message you’re sending over the network in turn helium hotspot owneds are incentivized to provide that coverage in exchange for the mining wage so they receive that info they contribute it to the blockchain and they receive the helium cryptocurrency in exchange for their contribution of route that’s a simple course to explain it i’ll go into more details about how that process creations 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 message over the network and miners like me who provide network coverage in order to be allowed to to receive the helium cryptocurrency and that’s why it’s called the people’s structure right there’s no comcast or atnc at the top of this helium coverage comes from the hot places and is funded by the data recognitions that users expend to send data over that structure as i mentioned earlier there are two sides to this network on one entrust you have network useds investing data approvals and on the other hand you have miners mustering helium signs or hnt by contributing to the network now instead of being linked to the price of hnt the data recognitions are actually linked to the price of the dollar one dollar is always equivalent to 100 000 data ascribes on the other hand data credits can only be produced by proselytizing or burning hnt as helium says and data approvals are only redeemable for system used they can’t be traded with anyone else there is only 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 words even though you have to burn hnt to create data credits the supply of hnt doesn’t really have anything to do with how many data ascribes are actually being used so let’s say one hmt copper is equivalent to 10 u.s. dollars that represents every hmt coin you have can be burnt for 1 million data approvals in other words someone who needs 1 million data ascribes will need one hnt coin then let’s say helium additions quality 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 buyer will exclusively need 1 10 of an h t copper to access those approvals so it’s not that you now need more data ascribes for the same extent of data is that you’ll need more hnt coppers in degree to burn the same number of data ascribes this is based on something called a burn and spate equilibrium i don’t want to deplete too much time on it for the the objectives of this video but the point is that the value of hnt will diversify based on demand from structure customers as well as speculative request from people who want to get in uh get into helium for the speculation opportunity all right now let’s talk about how “i know i m” helping to build the helium system and being rewarded for doing so through getting helium cryptocurrency aka mining helium and of route 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 encountered the helium hotspot little setup pamphlet as well as the hotspot itself it’s rather pact setting six inches by six inches i also got a cool helium sticker and eventually the stock antenna and the ability cable setup is super simple you affix the feeler to the side of the hotspot i had a little aide come in my son hunter uh we checked it out together and then i was ready to push 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 started my account produced my 12 commands now if you have a cryptocurrency wallet you’re probably familiar with this notion but these are basically your 12 seed paroles kind of think of them like a password for ratifying into your cryptocurrency purse so you don’t want to lose these commands uh whether with the helium app or any other crypto located billfold that “youve had” so the app has brought about 12 utterances obviously i’m not going to show the 12 texts on screen but i did write them down in a lock spot after this i set a bolt for my helium app certainly i’m not showing that either then i clicked set up my hotspot i selected 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 position hotspots adoration places where they can see slew of sky so obviously second floor 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 spots shouldn’t obstruct in a nightstand or a bookcase it said to positioned it next to a opening instead then it said constructs may block signals and that nearby buildings may lessen the red-hot smudges coverage for nearby machines this is why some helium miners actually buy an antenna to hook up their hotspot to give their hotspot a clear line of vision with other hot spots in the area then last-place one here the app said that hot spots hate bug screens and that you should try to keep your sizzling place away from metal meshes which can block radio signals dramatically then i clicked i’ve read the template because i had indeed read the leader the app made me to the next screen where i want you to confirm that you understand that helium will never providing access to your private keys and will use secure programmes to identify issues with your hotspot i sounded i understand and then i had to enable locating dispensation for the helium hotspot app which i granted then the app said power up attach the feeler and plug in the plied strength adapter your hotspot will boot up and its glowing is increasingly becoming dark-green one ready so uh before i click i’m powered up i patently got my hotspot all powered up first thing i had to do was figure out the claim orientation for it thankfully in my upstairs home office i have a shelf right next to a window with a dominance outlet right beneath that space so that’s obviously a great location for the hotspot unfortunately there was a bug screen on this opening and i be recalled that the helium hotspot app “ve been told” that hotspots dislike fault screens because they can block the signals i used removed the flaw screen i accidentally broke the little tab off in the process uh but i eventually sounded it out and then i was ready to go i leant my hot spot on the shelf i extended the ability rope into the outlet below the space plugged it in then i was ready to go the hot spot first flashed orange which was unexpected i used pressed the pitch-black button on the side of the hot spot then the dawn was green just like the app said it would be then i hopped 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 i used did that then i clicked scan for my hotspot in the app the app examine for my hotspot it learnt it and then connected to it then i had to configure the wi-fi network for my hotspot to connect to that’s basically simply the wi-fi network we have here at our room i used selected our wi-fi network lay in the network password then the app said connecting to network then after the hotspot is attached to the network i had to set the hotspot spot to do that i had to give the helium hotspot app permission to access my phone’s locale which of course i made then i had to set the hotspot’s spot 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 bit to make it more exact where my accurate locale is i’ve apparently burned out the planned now for obvious reasonableness 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 peculiar to me that i was stuck on the screen for so long so i actually pate over to the helium dissension and i asked this question hey i set up my hotspot next to a second story window and the app has “ve said” registering hotspot with the revolving cliques for almost an hour now is this normal someone responded approximately immediately they said no it’s not try dominance round also try ethernet for contact so i tried the power repetition wanting i unplugged the hotspot plugged it back in what do you know that did the gimmick my hot spot was now online but that didn’t mean it started mining immediately it was better must be given to sag to the helium blockchain helium says to allow 24 to 48 hours to perfectly sync the blockchain for me this process started on the night of procession 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 reward for 0.08 hnt so i’ll give my remunerations up on the screen i predominantly get between 0.1 and 0.3 hnt per day sometimes a little bit more sometimes a little less but look there’s no part involved here i am only specified this hot spot up and it automatically started contributing to the helium network and “i m starting to” mining helium super easy right and if you go to explore.helium.com coverage you can actually examine a planned of all the helium hotspots worldwide and how much helium each of them are paying right now and how much helium they’ve earned historically it is possible to apparently give you an idea of how much h t hot spot in your sphere are paying on that document let’s talk a little bit more about how these mining wages are actually payed how do these hotspots actually pay hnt well the first mode is by simply giving data regarding maneuvers on the helium network helium says that around one third of the mining wages are for committing data and how much you receive depends on how much data your hotspot is responsible for other quarrying reinforces mostly 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 proof that uh of its structure coverage right that’s actually contributing to the network which will then be verified or evidenced by some of the other hotspots in the region a little of mining rewards goes to the challenger but the majority of members of it goes to the onlookers that report proof of coverage the actions of their region so you’re going to have more opportunities to get involved in these activities of witnessing evidence of coverage challenges if you live in an urban setting with a lot of hot spot around but the same experience you’ll likewise be splitting those payouts with a greater number of hotspots now as of right now my hot spot regrettably has not been able to behaved as a witness for any proof of coverage challenges more this is mostly because my hot spot is not terribly close to many other red-hot distinguishes and the hot spot that it is relatively close to are not certainly at the same tier 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 reinforces be able to witness other hot spot in my region there is another hot spot in my region that does witness proof of coverage challenges and they typically earn something like 7 hnt per era which is like 20 to 70 times more than my hot spot is making so obviously if you’re closer to other hot spot and your hot spot has a clear line of view with other hot spot 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 generates challenges like pit does at this pitch so for me you know there are actually there are a few other hotspots in my domain but for whatever reason my hot spot is not able to witness proof of coverage challenges to those used hot spot uh like i mentioned perhaps i can alleviate that with an feeler i used may actually get an feeler for my hot spot another way that a hotspot can earn hnt reinforces is when the system randomly chooses hotspots to connect the consensus group for a aim period of time the consensus radical is responsible for validating business and contributing them to the blockchain and they get substantial substantial compensations 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 patently now you might be wondering okay logan you’re paying a little bit of hnt per period how much does hnt actually work well as of the time i’m recording this hnt is worth seven dollars and 32 pennies which represents helium the 107 th largest cryptocurrency in terms of market cap as at the time of register you could get one coin for less than a dollar as recently as december and the toll has been participating in a somewhat consistent upward path since around the end of january so how much is my hot spot uttering me per daytime in dollar evaluate basically anywhere from 70 pennies a daylight to a little over a pair bucks a day but if perhaps for the use of an feeler i’m able to witness proof of coverage challenges for other hot spots 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 money personally i think this is a too exciting programme but eventually whether it makes off in the way the creators are imagining is anyone’s guess but hopefully this video gave you a better idea of what helium talk about and some information about the helium hotspot i gave a link to helium’s website in the specific characteristics below unfortunately you can’t just you know go out right now and buy a helium hotspot this particular prototype uh helium does not have them for sale at this time that said in the coming weeks i hope to develop relationships with third defendant uh hotspot creators that you can use to mine helium and maybe they’ll even be kind enough to move me uh their own hotspots in order to be allowed to maybe target them in a rental property or a friends or family member’s house and test out those hotspots as well and impel dedicated asses 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 punched the little notification buzzer down there to originate sure you don’t miss any of that helium referred material also early next month i will be publishing an interview i’m going to have with distinguish phillips who is the vice president of business occurrence at helium i’m going to be chatting with him about helium the people’s system uh how helium you know certainly wants to meet the world countries a better place for the network we’re going to talk about helium mining a lot of other merriment stuff if you have any helium related issues feel free to leave them in the comments below and i may ask recognize about them when i got chat with him and then i will obviously publish that interview right here on the channel for your regard pleasure expressed appreciation for 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 cherish these videos will show up on the next screen and i’ll see you over there you

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