The crypto market is full of endless altcoin projects that can be bought. Of the more than 19,000 assets that exist, some are valuable, some are worthless. Determining what to bet on isn’t always easy, especially if you’re new to crypto.
Walmart engineer impressed by this altcoin project
A senior manager in Walmart’s engineering team and an industrial engineering BA, Devin Fitts entered crypto by only buying Bitcoin in 2016 after hearing from a friend’s father. entry. He then expanded his investment by buying coins like Ethereum (ETH) and Binance Coin (BNB). He was betting that these investments would have the potential for long-term growth.
Four years later, while still working from home in November 2020, he heard about Helium mining. Fitts, whose career has focused on automating logistics and processes to improve distribution centers for Walmart, loved Helium for being a simple and real-world use case. He also liked the idea of owning something physical that is crypto-related and generates passive income. Finally, it was the most accessible form of mining.
Helium mining is quite cheap
As we have also reported on Kriptokoin.com, the Helium Blockchain is a network of miners connected via small devices hosted in people’s homes or offices. The miner then creates a secure low-bandwidth wireless signal for devices that require an internet connection. Participants essentially allow the network to use their internet to generate a set of signals that can be used by devices, including motion and leak detectors, and light and air quality sensors. A Helium miner can retail for $350 to $450, depending on the supplier.
Fitts said, “It was much cheaper to buy a Helium miner hotspot than to set up a massive computer to mine Bitcoin or Ethereum. “It’s also cheaper because it uses the amount of electricity needed to charge a mobile phone.” Bitcoin ASIC mining tools often cost more than $10,000 and can result in huge electricity bills. Ethereum mining requires effort and technical skill to assemble expensive graphics cards.
Details of Helium mining tools
Helium miners earn rewards for providing a signal and checking the signals of other miners around them. Participants are paid with the network’s native altcoin project HNT. Overall, Fitts thought it was less risky if he tried, and nothing happened. He eventually bought six Helium mining vehicles. One of the models was the Rak V2, which sold for $420, and the rest were the Bobcat Miner 300s, which sold for $430. He said he paid about $2,559 for all six. Between the two models, Fitts said the Bobcat Miner is easier to set up and operate.
The time to receive a miner after placing an order can be quite long. He placed his first order in November 2020 and waited about seven months before taking delivery. By June 2021 he received his first mining tool. After installing it, he said he initially earned an average of 0.97 HNT per day. Today, only three of its six agents are online. Helium suggests placing the miner on a windowsill, while Fitts’ loft Bobcat is not near any windows. Surprisingly, he has the highest earnings of the three.
According to Insider, Fitts’ Bobcat, which has been online since June 10, 2021, has a lifetime income of approximately HNT 324.79. The second Bobcat, online since June 11, 2021, received 128 HNT. Online since 8 October 2021, RAK V2 has brought 32.41 HNT. The total return for all three miners is around $4,173, compared to HNT’s transaction price of about $8.60. Placing devices in areas with miners within a mile or two increases their profitability because they can control signals in exchange for additional rewards. There were only one or two other miners around the town in North Carolina. Meanwhile, the area surrounding Fitts had about 20 miners within a five-mile radius.
Altcoin mining in bear market
Currently, Fitts is holding his HNT because he believes more tech and smart home devices will start taking advantage of Helium’s hotspots. The network will also be compatible with mobile phones running on the 5G network. But new miners may not be as rewarded as Fitts: During the November 2021 bull run, HNT traded at around $53 at its peak, but is now down about 84 percent. He believes the price will recover to at least $25 to $30.
Looking back, Fitts soon regrets buying six miners. Now it is struggling to find other profitable places to plant them. Depending on the location, it can take a very long time for a miner to bring in coins even if the rewards are not high. Miners should also consider the trade price of HNT, which can fluctuate greatly and delay return on investment. Going forward, it wants to try devices from other networks that provide similar use cases to Helium. The two projects he looks at are Pollen Mobile, which offers a 5G network signal, and Hivemapper, a dash camera built into your vehicle that collects road data for mapping purposes.
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