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 immediately 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 quite fun project it’s become a nice little river of initiate 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 building my torrents of revenue and my brooks 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 that actually has some pretty interesting things going on right now like i said i’ll talk more about the mining position of helium and the device i’m expending to quarry later in this video helium did fasten me up with that maneuver by the way so props to them but firstly let’s talk a little bit about what helium’s mission is to oblige the world a better and more efficient place so helium announces itself the people’s system and the helium system lets devices 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 liquid meters and ecological observes that line humidity temperature breeze character and more so if you want to use those manoeuvres with a conventional cellular joining you’re going to need sim placards and those might not be cost effective depending on their utilization undoubtedly wi-fi comes with its own restrictions with respect to network range but in contrast to wi-fi helium uses the lorawan protocol which allows them to communicate over much better gaps now the sacrifice there is that you can’t communicate so much better data via radio wave as you are eligible to with a wi-fi network but helium isn’t really intended for users to send massive folders 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 breath character checks etc it wouldn’t be practical to download movies over the helium structure but it can be really effective for tracking low-pitched volumes of data over sizable intervals you can actually buy a variety of sensors that are ready to work with the helium system they have sound detectors inhale and heat detectors grunge sweat observers body temperature sensors action detectors you called it you can read about some of the use examples 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 system pay for that coverage in the form of data credits which i will touch on later and beings 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 called digital significance that creates machines to track resources like vehicles uh shipping receptacles trailers tools pallets and more instead of connecting these objects to a cellular system 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 machines to monitor your resources you can use helium’s pay-as-you-go model to buy nonetheles many data ascribes 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 intelligence they supplement 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 handiworks 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 among the priorities of this helium coverage comes from the hot spots and is funded by the data ascribes that users spend to send data over that network as i mentioned earlier there are two sides to this network on one handwriting you have network users investing data recognitions 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 recognitions on the other hand data credits can only be produced by converting or burning hnt as helium says and data credits are only redeemable for structure utilization they can’t be sold with anyone else there are five million hnt being minted every month right now and that crowd will automatically be cut in half every two years starting on august 1st 2021. In other paroles even though you have to burn hnt to create data ascribes the give of hnt doesn’t really have anything to do with how many data credits are actually being used so let’s say one hmt coin can respond to 10 u.s. dollars that implies every hmt copper you have can be burnt for 1 million data recognitions in other words someone who needs 1 million data recognitions will need one hnt coin then let’s say helium increases evaluate now let’s say it’s worth 100 u.s. dollars instead of 10 well now your 1 hnt will convert into 10 million data ascribes and the buyer will only need 1 10 of an h t silver to access those recognitions so it’s not that you now need more data approvals for the same amount of data is that you’ll need more hnt silvers in order to be allowed to to burn the same number of data recognitions this is based on something called a burn and pile stability i don’t want to spend too much time on it for the purposes of this video but the point is that the value of hnt will run based on demand from structure useds as well as speculative requisition 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 reinforced 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 encountered the helium hotspot little setup booklet as well as the hotspot itself it’s rather compact assessing six inches by six inches i likewise got a cool helium sticker and finally the stock antenna and the power cable setup is super simple you affix the feeler 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 basically plug in the hotspot but before i did that i downloaded the helium hotspot app on my phone opened it up developed my chronicle rendered my 12 terms now if you have a cryptocurrency wallet you’re probably familiar with this concept but these are basically your 12 seed texts kind of think of them like a password for ratifying into your cryptocurrency wallet so you don’t want to lose these oaths uh whether with the helium app or any other crypto located pocketbook that “youve had” so the app has brought about 12 names patently i’m not going to show the 12 oaths on screen but i did write them down in a secure locale after this i set a bolt for my helium app clearly i’m not showing that either then i clicked set up my hotspot i adopted helium hotspot since that’s the one that i have and then the app told me where to locate my hotspot so it says to give the hotspot a nice panorama hotspots adoration places where they can see plenty 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 spots then it told me not to hide the hot spot it said hot spot shouldn’t obscure in a nightstand or a bookcase it told us to situated it next to a opening instead then it said constructs may block signals and that nearby structures may lessen the hot spots coverage for nearby maneuvers 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 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 sounded i’ve read the template because i had indeed read the guidebook 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 supremacy up attach the feeler and plug in the afforded ability adapter your hotspot will boot up and its light-footed is increasingly becoming light-green one ready so uh before i click i’m powered up i undoubtedly got my hotspot all powered up first thing i had to do was figure out the claim spot for it thankfully in my upstairs home office i have a shelf right next to a opening with a strength store right beneath that space so that’s obviously a great location for the hotspot unfortunately 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 so i removed the flaw screen i accidentally has broken the little tab off in the process uh but i eventually sounded it out and then i was ready to go i situated my hot spot on the shelf i rolled the power rope into the outlet below the window plugged it in then i was ready to go the hot spot initially blinked orange which was unexpected so i pulped the black button on the side of the hot spot then the sun 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 i saw a screen that said press the black button on your hotspot and its light should turn off-color i used did that then i sounded scan for my hotspot in the app the app search for my hotspot it felt it and then connected to it then i had to configure the wi-fi network for my hotspot to connect to that’s basically precisely the wi-fi network we have here at our live 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 locale which of course i granted 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 bit to make it more exact where my exact place is i’ve undoubtedly burned out the planned now for self-evident concludes 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 ability 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 circles for almost an hour now is this normal someone greeted almost immediately they said no it’s not try capability repetition also try ethernet for bond so i tried the ability cycle representing i unplugged the hotspot plugged it back in what do you know that did the quirk my hot spot was now online but that didn’t mean it started mining 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 introduce my wages up on the screen i largely get between 0.1 and 0.3 hnt per epoch sometimes a little more sometimes a little less but look there’s no work involved here i just provide 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 giving right now and how much helium they’ve earned historically it is able to undoubtedly give you an idea to seeing how much h t hot spot in your orbit are earning on that note let’s talk a little bit more about how these mining payoffs are actually made how do these hotspots actually earn hnt well the first space is by simply moving data regarding manoeuvres on the helium system helium says that around one third of the mining reinforces are for giving data and how much you receive depends on how much data your hotspot is responsible for other mining wages mainly 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 give is evidence that uh of its network coverage right that’s actually contributing to the network which will then be verified or ever witnessed in some of the other hotspots in the area a little bit of quarrying compensations goes to the challenger but the majority of members of it “re going to the” watches that report proof of coverage activity in their neighborhood 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 also be splitting those payouts with a larger number of hotspots now as of right now my hot spot unfortunately has not been able to acted as a witness for any proof of coverage challenges yet this is mostly because my hot spot is not abysmally close to many other hot spots and the hot spots that it is relatively close to are not necessarily at these levels 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 region that does witness proof of coverage challenges and they typically earn something like 7 hnt per day 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 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 appoints challenges like mine does at this point 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 perhaps i can ameliorate 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 opts hotspots to join the consensus radical for a set period of time the consensus radical is responsible for validating business and lending them to the blockchain and they get substantial substantial reinforces 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 pie as a hotspot proprietor patently now you might be wondering okay logan you’re earning a little of hnt per era how much does hnt actually work well as of the time i’m recording this hnt is worth seven dollars and 32 cents which becomes 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 expenditure has been participating in a fairly consistent upward path since around the end of january so how much is my hot spot concluding me per daylight in dollar importance basically anywhere from 70 pennies a epoch to a little over a duet bucks a daytime 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 coin personally i think this is a really exciting project but ultimately whether the government has 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 is a matter for and some information about the helium hotspot i made a link to helium’s website in the description below regrettably you can’t just 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 creators that you are able to mine helium and maybe they’ll even be kind enough to send me uh their own hotspots in order to be allowed to maybe lieu them in a rental asset or a friends or family member’s house and test out those hotspots as well and conclude dedicated discus videos for those working hot spots that are currently available on the market right now so be sure you’re subscribed to the channel and make sure you reached the little notification buzzer down there to make sure you don’t miss any of that helium pertained material also early next month i will be publishing an interrogation i’m going to have with tag phillips who is the vice president of business development at helium i’m going to be chatting with him about helium the people’s network uh how helium you know really is intended to utter the world countries a better place for the network we’re going to talk about helium mining a lot of other fun 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 chat with him and then i has publish that interview right here on the channel 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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