Is Helium Mining Still Worth it 2022?
Updated: Jul 12, 2022
Have you come across TikTok videos of people claiming to make over $1000 per month by simply plugging in an internet router-looking thing? If you have and wondered what that was all about, this article is for you.
The internet-router-looking device is called a Helium miner used in the affluent business of Helium mining. This article summarizes the key points to know if you want to get started in the business of Helium mining, as enlightened by an interview Kevin – The Financial Tutor, did with the Hobbyist Miner.
How the Helium Network Works
Anyone with no experience at all can join the Helium Network. The network operates on lo-fi, a low bandwidth network, which exempts a user from long watch hours that typically constitute other blockchain mining processes.
The Helium network is available globally. An example of the application of the Helium network is scooters available in major cities that people can scan to use. Such devices would usually have a 4G card that one would need to pay for, which is very pricey.
Now, the Helium network contrarily provides a free wireless connection on a low bandwidth convenient for a scooter that goes from point A to B and has a tracker. The Helium network is also applicable in GPS trackers common in food service or the trucking industry.
A point to note is that the Helium network is not a replacement for a 5G plan. Rather, it is a low-fi signal network. If one is in the industry of hosting a Helium network, they get paid in Helium as the byproduct. Hosting essentially involved plugging the Helium miner into one’s device, such as a phone.
Setting up a Helium Miner and Earnings per Day
Setting up a Helium miner is very straightforward. It is easier than setting up an internet router in one’s house. Once you have it set up and positioned, you can start earning.
The amount one makes in a day after setting up the Helium miner is subject to the position. For instance, when he first plugged in the Helium miner, the HobbyistMiner positioned the miner in his walk-out basement. At that position, he earned an average of $2 a day. When he repositioned the Helium miner to his second-story window, he started earning $7 a day. He again moved it to his attic and began earning $15.50 a day. Thus, the level of earning depends on how high the elevation and location of the Helium miner are placed.
The Cost of Running a Helium Miner
Like the other blockchain miners, having a Helium miner also incurs electricity costs. However, the consumption level of a Helium miner is much lower than a Bitcoin or GPU miner. The HobbyistMiner has an MMTD miner that uses only 10 watts, equal to a light bulb.
Looking into the cost then directs us to the question of profitability. There are insightful websites such as Helium Explorer and Hotspotty.net; one can see the other Helium miners around them, their profitability per day/month, the elevation above ground, and the db signal. The information will guide a miner on how they can do better to improve their earnings.
Where to Buy a Helium Miner
Unfortunately, getting a Helium miner is not very easy. There is an option of looking up Helium miners on eBay. However, the miners will likely be overpriced and have a questionable return on investment.
Despite the need to get into Helium mining as soon as possible, it is recommended that users wait to buy the miners from the actual manufacturers.
Is it too late to get into Helium Mining?
After considering the attractive profit margin, many would ask whether it is too late to get into Helium mining in 2022. The answer is no. The entry point is first getting your hands on a Helium miner.
The market in the Helium network has grown tremendously in the past year, and so has the price of Helium. The HobbyistMiner estimates about 550,000 Helium miners are currently available worldwide and predicts this number could grow to 1 million.
The tip to get hold of a Helium miner is to look through the different manufacturers available and sign up for their newsletters to keep track of upcoming sales.
If you would prefer to see the the full interview with the HobbyistMiner (additional tips than this short article) in a video format, please watch the video below.