Is Helium Mining in Canada Profitable?
Knowing the latest trends as the world explores new technologies is crucial. The Helium project is essential to anyone that wishes to be up-to-date on the cryptocurrency world.
Using blockchain technology, Helium is an IoT network that no individual controls. Communication between devices is made possible by Helium technology, and network data is sent through nodes. Nodes are widely called "Hotspots." Platforms like Helium can connect to the cloud component of LoRaWAN, a protocol for media access control.
Helium uses a Proof of Work (PoW) method similar to Bitcoin and Ethereum. Still, they call it Proof of Coverage (PoC) since Helium mining includes validating network activity via radio waves. Helium mining requires significantly less power than other cryptocurrency mining methods (only 5 watts). Many Helium miners use less than $1 per year on electricity.
How to Get Started with Mining Helium
Unlike other mining cryptocurrencies, you don't need extensive systems to mine helium. Many brands sell helium miners, the most popular being the Nebra ROCK Pi and SenseCAP M1. These devices cost about $700 CAD on average.
There are many Helium Miners brands, and you can choose any brand with a good track record. Another great place to get miners is eBay, where you can buy used miners for a lower price. Read our article on Buying Used Helium Miners before going that route.
The placement of your Helium miner is crucial. There should be some other miners nearby for yours to connect with — but not so many that it gets lost in the crowd. If there are too many miners within your hexagon, your profits will suffer; the is true if no other miners are nearby. A miner's optimal position is somewhere in the middle.
Many mid-sized towns and cities in Canada are ideal for Helium miners. As a result, the most consistent method to make a significant amount of HNT is to locate your miner somewhere in the sweet spot. We'll examine some particular examples in this article.
Potential Earnings in Canada on the Helium Network
The best way to learn precisely how much you can earn is to use the Helium Explorer tool. This intuitive tool shows you real-time earning data to inform your decisions. So whatever location you’re at, you need to study the earnings and ensure you’re at the best possible place to increase your profits.
In Canada, the average hotspot earning of HNT is about 0.1 HNT per day; however, the highest earner makes up to 1 HNT per day.
Although there are various considerations before you begin mining HNT, the most crucial is the location. The location has to be perfect for your earnings to be significant. The Helium network works on many principles, and knowing them would help you choose a suitable place to earn the most HNT.
The Helium Network rewards all active miners. The rewards depend on certain variables. These variables monitor your activities as a miner and how many miners you can communicate with — although the network reduces earnings if the miner is in a saturated location within the same 'hex'.
Mining in the Big Cities
Toronto is one of the biggest cities in Helium mining worldwide, coming third place to Los Angeles and London. The density of Helium hotspots in downtown Toronto is too high to make reasonable profits from mining.
You could make good earnings in this location if you can get your miner very high and within it's own hexagon. It is possible to make as high as 1 HNT per day even in downtown Toronto.
A miner should be able to witness beacons from miners with high transmission scales and a larger than the average number of beacons to make the maximum HNT. The miner is responsible for both.
The best advice is to avoid setting up your miner in the big cities because it is increasingly difficult to make find an empty hex from these locations. However, one good thing you could do is move to a place not too far from the city where you miner can still witness beacons from miners in the city.
The Greater Toronto Area
The Helium network isn’t exactly new in the GTA. Still, it is a growing trend making it ideal for people just starting their journey with HNT mining. This is a fantastic location for new Helium miners. With a great setup, you're sure to make a profit in the underserved spots in GTA.
The Greater Vancouver Area
Like Toronto, Vancouver is also not an optimal location to set up your miner due to saturation. Instead, you could explore West Vancouver, Point Roberts, or Maple Ridge.
Greater Montreal Area
It is the same story with Toronto and Vancouver. Montreal is also quite saturated with Helium miners. By simply moving away from the city, you would be in the perfect spot to make some HNT. Places like Lac-Echo, Quebec, would be a perfect spot for you to set up where you can get earnings of up to 3 HNT in 30 days.
Other Great Locations
Some miners are still earning as much as 10 HNT, which is more than ten times the average earnings of an average miner in downtown Toronto. Places like Newmarket and Oshawa are great locations because of their proximity to Toronto. You could triple your profits in a good area in either of these.
Red Deer, Alberta, and Nanaimo, British Columbia, are also growing in popularity. They currently have many unserved hexes and are a great spot to start. They are great locations to place your miner, especially with a high gain antenna and high-speed internet. You could be potentially earning close to 1 HNT per day.
Mining Where there are no Miners
There are only a few miners in some small towns. Take the village of Poplar Bay, which only has one person who mines helium. Since this miner can't talk to any other miners, it has only been able to make 0.1 HNT in the last 30 days. Wetaskiwin and Leduc, 60 km away, have the closest miners (70 km away). However, remember it takes people hosting miners in these location to help build the network.
Best Miners to use in Canada
1. Nebra ROCK Pi Hotspot
The Nebra is a super reliable miner brand. They offer both an indoor and outdoor miners. The indoor costs less than the outdoor miner; however, the outdoor variant is more sturdy and designed to face environmental wear and tear.
2. SenseCAP M1 Hotspot
The SenseCAP M1 miner is produced by Seeed Technology and they are one of the original manufactures of Helium hotspots. They offer a wide variety of product lines that work with the product such as Sensors, Trackers and accessories for the hotspot.
3. Bobcat Miner 300
The Bobcat Miner 300 has onboard the most miners onto the Helium Network. They account for over 1/3 of all miners currently active on the network with 250,000 hotspots in total.
Summary
Passive income hasn’t been more accessible. All you have to do is buy a device, set it up, and start earning. You could be making your return of investment in 1-3 years depending on your location.
To make the most of your miner, you need to ensure that you do these three things right. Buy a high-quality miner and high gain antenna, and choose a good location. You can never go wrong if you have these things down.
To make the most out of Canada, you need to set up in an underserved location. Checking your explorer, you can make informed decisions on where to set up.
FAQ
1. Is it legal to mine Helium in Canada?Yes, it is legal. Mining Helium does not facilitate any illegal activities. The frequency US915 Mhz is used which is an unlicensed frequency.
2. Who owns the Helium Network?
The Helium Network was started by Shawn Fanning, Amir Haleem, and Sean Carey. The company recently changed its name to Nova Labs to differentiate itself from the Helium brand.
3. Can I connect my phone or computer to the Helium hotspot?
Yes. The Helium Network has started to roll out 5G coverage on the Helium blockchain. However, we advise that you read and understand the terms of service with your local network provider so you don’t breach the terms and conditions of your connection.