Bitcoin is undoubtedly the most popular cryptocurrency out there. However, when it comes to mining Bitcoin, it takes a lot of electricity, not to mention the high-computing power.
This is why most new miners look for alternatives to mine. Something that will yield good return on investment in the future and has real-world usage. That’s where Helium comes to the picture.
Launched on July 29, 2019, Helium is an open-source, public blockchain that incentivizes people for creating a physical, decentralized wireless network. According to what the founders have mentioned on their website, “By deploying a simple device in your home or office, you can provide your city with miles of low-power network coverage for billions of devices and earn a new cryptocurrency, HNT.”
If you are wondering about who uses the internet or coverage provided by you after you start mining Helium and how it affects the people or businesses around your neighborhood, then we have the answer for you.
The low-power network coverage that you will generate will be a kind of low-tier internet in the form of radio signals. It will be used by devices that don’t need high-speed internet or high bandwidth for that matter. Examples include tracking systems in vehicles, smart watches, sensors, and more.
Helium Mining
As mentioned above, Helium uses IoT (Internet of Things) devices to transmit and receive data from the internet. People who provide coverage for the Helium network are called miners.
However, it is worth mentioning that to mine Helium, you will need to purchase a Helium Hotspot that uses RF radio signals to provide coverage in return for Helium cryptocurrency. To maximize your earnings, you will need to transmit and receive coverage via more Hotspots. This makes it crucial to ensure optimal hotspot placement and antenna strength.
You can further boost your earnings by purchasing a 5.8dBi JYNG antenna that helps reach more miners more than ever before. Depending on your requirements, you can install the antenna both inside and outside of your home.
Bitcoin Mining
When it comes to mining bitcoins, you will need sophisticated hardware that solve extremely complex computational math problem. Bitcoin miners are rewarded with Bitcoin when they complete blocks of verified transactions. Apart from Bitcoin, as a miner, you will also get voting power when changes are proposed in the Bitcoin network protocol.
In order to mine Bitcoin efficiently, you will need to invest in high-end computer equipment, such as GPU (Graphics processing unit), cooling systems, and mining software. The costs could range from $1,000 to tens of thousands of dollars, depending on how large your mining facility is. It is also worth mentioning that Bitcoin miners see an average of $5,000 in electricity bills.
Difference Between Bitcoin and Helium Mining
As you can see above, Bitcoin mining requires you to invest heavily in hardware, whereas Helium mining requires minimal investment.
Also, there are lots of recurring costs associated with Bitcoin mining. Of course, the reward is higher than Helium, however, the costs are not something every miner can handle, especially when Bitcoin halving has already eaten up most of the profits.
Helium mining, on the other hand, requires minimal investment and can generate a high return on investment in the long run. Are you interested in Helium mining?
Should You Go for Helium Mining?
Given the rapid growth of Helium and smart devices adoption, Helium mining is one of the most profitable businesses in 2022. Helium mining can help you earn hundreds of Helium (or even more) every month. As the adoption rate of Helium grows, your return on investment will only compound exponentially over years.
If you have not yet started Helium mining, now is the right time to do so. Make sure to purchase the right equipment for Helium mining. Hundreds of companies and thousands of developers are already building on The People’s Network, the world’s largest, and fastest growing LoRaWAN network. Get started today!
