Helium (HNT) is a cryptocurrency that powers the Helium Network, a decentralized network for low-power, long-range wireless communications. The network is designed to support Internet of Things (IoT) devices and is built on a blockchain that uses a proof-of-coverage consensus mechanism.
One of the key features of the Helium Network is its use of “miners” to build and maintain the network. These miners are responsible for providing coverage for IoT devices, and they are rewarded with HNT for their efforts.
In 2023, the Helium Network is expected to see an increase in the number of miners as more and more people become aware of the potential of the network. This is due to the growing number of IoT devices that are being connected to the internet and the need for a low-power, long-range wireless communications network to support them. As we’ve seen with IaaS (Infrastructure as a Service) companies like Amazon AWS or Microsoft Azure, once you have a user using data it’s very likely they will keep coming back and growing their data usage.
To become a miner on the Helium Network, an individual will need to purchase a Helium Hotspot. This is a specialized device that acts as a gateway for IoT devices to connect to the network. The hotspot is equipped with a LongFi radio, which is designed to provide coverage over long distances using very little power. These LongFi radios have different frequencies they operate on based on the market they are in due to local regulations. This removes the ability to arbitrage based on…
