Mining has been an integral part of the cryptocurrency market. Without mining, a number of
prominent cryptocurrencies such as Bitcoin or even Ethereum are impossible to acquire. The
main concept of developing the cryptocurrency is to create a powerful decentralized structure
that aims to transfer funds from one to another without any central authority such as banks or the
government and these funds are fully secured by cryptographic algorithms and these
cryptocurrencies work on a distributed ledger called the blockchain network. Blockchain is the
technology capable of supporting a variety of applications associated with numerous industries
such as digital currency finance, supply chain.
What is a Helium network?
Helium network is a distributed blockchain network for the Internet of Things (IoT)
devices called “The People’s Network”. Mining cryptocurrency requires lots of computational
power and time but the helium network is growing fast, and it provides a way to mine the
cryptocurrency without utilizing a high electricity-consuming server. It also promises to be
accessible and reasonable, bringing wireless connectivity to millions of devices, sensors, MCUs
and chip sets for just pennies a year.
Helium Network provides long-range coverage for the Internet of Things IoT devices that are
enabled by LoRaWAN. Helium network is consisting of Hotspots that deliver network coverage
and the miners rewarded by helium’s native cryptocurrency named HNT. This network is also
incorporated with Helium blockchain so as to deliver the reward for operating Hotspots.
LoRaWAN is a network protocol that utilizes a modulation scheme named Semtech’s LoRa. This
protocol describes the way in which the radio waves communicate with the LoRaWAN network
to perform some important task such as identification and encryption. After two years in
Performance, the blockchain network and Helium network currently has more than 55,000
worldwide Hotspots, which makes it the most significant LoRaWAN network.
What is Helium coin?
HNT is a new cryptocurrency that is launched by the helium network in July 2019. And it is used
to build or develop the helium’s network. Helium’s aim to build a decentralized network and
to empower the Internet of Things IoT infrastructure considerably more reliable for the future.
The Helium network enables wireless devices to interact with one another and share information
across its network of nodes, and these nodes include mining device and wireless gateway
referred to as “Hotspots.”
Now the worth of a helium HNT coin is $13.14 with a market cap of $1.19 billion and the totals
supply of helium coin is 223,000,000.00 HNT. Now only 90.50 million HNT are in circulation.
The distribution of HNT coin into the following parts
* Network Data Transfer: 30% of helium HNT coin be rewarded for IoT devices and
communicating their packets to the internet.
* Infrastructure for Hotspot: 35% of helium HNT coin be rewarded for users who
operate develop the network, and issue the PoC challenges.
* Founders, Investors and organization: Another 35% of the total Helium’s coin
allocated to helium’s itself, organizations, and investors who will accomplish blockchain
What are RAK Hotspot Miners?
When the devices connect to each other within a network or by using the Proof-of-Coverage
consensus algorithm miners make more helium coin when they are in the range of peer miner
and validate the wireless coverage, the RAK Hotspot miners rewarded by helium’s coins HNT.
In order to get a reward RAK Hotspot Miners use “Helium LongFi” architecture. Helium LongFi
provides the capabilities of roaming and supports micropayment transactions so users only pay
based on network use without having to deploy gateways or servers.
The range between RAK miners is dependent upon the location or even region, for rural regions
around ten kilometers or longer, but for much more compact regions up to one mile. Single RAK
Hotspot Miner make fewer coins as they could only create challenges on the network, and can
not take part in Proof-of-Coverage.
Benefits of RAK Hotspot Miners
* RAK Hotspot Miners is comparatively cheap for people to get to cryptocurrencies.
* it is totally silent. No super-bright flashy lighting.
* It is very simple to install. Very little technical ability required. It has a very low
* Currently, able to generate a decent amount of profit.
* Small enough to put on a desk or in a corner without really realizing it.
Proof of Coverage
Proof of Coverage (PoC) is a consensus algorithm based on the HoneyBadger BFT protocol that
has been made for Helium. It verifies the Hotspots device are located in which they claim and
they are actually representing the wireless coverage that is being made by the Hotspot of its
location. PoC takes benefit of radio frequencies made by miners to confirm them along with
peers. There are generally three roles for Challenges on the helium’s network:
* Challenger: This is the hotspot node that built and issues the challenge. This happens
about once every 240 blocks.
* Transmitter: The transmitter is actually the target of the challenge. It sends out
challenge packets and is based on being witnessed by other nodes in close proximity. It is
also referred to as a “Challengee”
* Witness: These hotspots are close to the transmitter and affirm the validity of this
Single Miner makes about 0.95% of the reward that is available. On the other hand, witnesses
could earn around 21.24%. The mining reward depends on how much a hotspot engaged from
the PoC. Proof of coverage PoC empowers the helium network and consumes fewer power
resources and time. The Majority of the hotspots just utilize 5 Watt of power, which is
significantly lower than a desktop.
How to maximize your earning?
The simplest way to maximize your earnings is that the clear move of incorporating more
Hotspots. But that is not beneficial for the future because in a particular amount of the rewards
for each Hotspot begin to decline.
Ideally, you need to install your own Hotspot early, and it also needs to be in a place where the
number of Hotspots is now growing. Now, the East The Coast of the U.S. is the ideal location to
get a Hotspot, but other regions are catching up with this technology very quickly.