Helium Mining explained
Helium Mining, as you may have guessed, is not the physical activity that it sounds. Crypto Mining is simply a process of verifying transactions and recording them in the public blockchain ledger. This then creates new tokens on the Helium Blockchain Network. Tokens are also known as Cryptocurrency. The Token, or Currency for Helium is the HNT.
In the past mining for other tokens, especially the Bitcoin, or BTC has been regarded as something of a mystery to most people and involving great difficulty.
The fact is, it's neither. There is a wealth of information out there about Bitcoin or any Crypto mining and thousands of pages and videos on Google and tutorials, so it is no real mystery.
Yes, Mining Bitcoin is an extremely complex process - but still just as easy for any human being with normal computer operating knowledge. Why? The reason is that human beings do not really do much themselves - But they do require a great deal of computing power and hardware.
The investment set up cost of the GPUs, hardware and equipment for mining bitcoin and then the cost of the electricity to run these mining rigs is huge. In fact, the costs can be so high, that depending on the current value of Bitcoin, it can mean that Mining is not always profitable. That is often why you will see the majority of Bitcoin mining taking place in parts of the world where the cost of electricity is at its lowest.
The Difference with Helium Mining
Mining Helium or its token HNT, is done differently than with Bitcoin. Unlike Bitcoin, where there are relatively few key Mining centres worldwide, producing much of the Bitcoin for the network, Helium mining is set up using Hotspots. These hotspots are owned and run by thousands or even millions of people around the world. Together these individuals create a Wireless Global Helium Network.
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These hotspots use a wireless long range technology, called Helium LongFi and are just tiny units compared to a Bitcoin Mining Rig, maybe the size of a Broadband router or an i-Pad. They would just sit on a windowsill in your home or office.
But most importantly, unlike Bitcoin mining for example, which uses the electricity consumption of a small city, Helium Hotspot Mining units only use a tiny amount of energy, barely more that that needed to power a domestic light bulb.
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The functions of Cryptocurrency / Tokens
It is useful at this stage to further understand the differences between some Crypto tokens
Bitcoin was only set up as an alternative currency project and it does not really carry out any other useful function. (although it is nice to own! )
Ethereum on the other hand is a good example of the use of the secure Blockchain network and was set up to perform other tasks, in particular, the running of secure transactions known as Smart Contracts. Ethereum uses its own token, the ETH to fuel its network.
Helium also has its own function as a network to support the functionality and coverage of the ever increasing millions of devices known as the Internet of Things, or iOT. The HNT is the token that fuels this network and the validation of the iOT transactions and creation of the tokens is done by the Global Network of Helium Hotspot owners, AKA Helium Miners
The key thing is, that in the same way as you can buy the HNT token on many exchanges, you can now also buy the Hotspots and mine the HNT yourself. Alternatively you can join a Helium mining program like iHub Global and purchase a Hotspot unit through them.
Residual Income
Just remember that you will be mining small amounts of HNT and very gradually, but effortlessly and at very low cost. You set it and forget it. Your earnings may be affected for better or worse on your location and may also change as time goes on, with more people engaging with iOT technology. You can easily check your earnings stats online or using an App, whenever you choose.
You will not make millions in Mining Helium, but also you will not have the same investment risk either, as this is limited only to your unit purchase and the extremely small electricity usage. The initial outlay for the Hotspot itself (there are many out there), is a one time cost and is anything between 250 to 400 USD.
You can also join a Network and earn HNT by introducing this to others, such as ihub Global. You can then use your eanings towards purchasing a Helium mining Hotspot yourself.
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Note! - All Investments, however small, can go up or down - Never put in more than you can afford to lose!