Maximizing Passive Income: My 3-Month Journey with Helium Mining
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Chapter 1: Reflecting on My Helium Mining Experience
On March 11th, 2022, I reached the three-month milestone in my Helium mining venture. During this time, I successfully mined 40 HNT, which, at an average market price of $30 USD per HNT, totals to $1200 USD. It’s important to note that we are currently experiencing a crypto bear market; thus, I opted for an average valuation of $30 USD/HNT to provide an approximate figure for my earnings.
In this article, I aim to share my overall experience with the Helium network, the lessons I’ve learned, a summary of my earnings, and tips on how I’ve managed to sustain high rewards. If you're unfamiliar with Helium, I suggest starting with this introductory article on the Helium Network.
Over the past three months, I have witnessed remarkable growth within the Helium network, which now boasts over 600,000 hotspots. Additionally, Helium's developers are consistently proposing updates and enhancements as the network evolves, which is encouraging. These updates and adjustments are essential for the long-term scalability of this peer-to-peer network. Despite the declining value of HNT, I attribute this trend more to global market challenges rather than any inherent issues with the Helium network itself.
Moreover, I've noticed an uptick in data transfer activity from my miner, which is a positive indicator. Increased data transfer typically signifies higher usage of the network by Helium's clientele. This is a vital step forward, as establishing a P2P network without users would ultimately lack value. More data transfer indicates a growing user base.
Section 1.1: Utilizing the Miner Diagnoser Page
There have been instances when my miner experienced downtime due to network disruptions, synchronization issues, or firmware updates from Bobcat. Each time, the miner's diagnostic page proved invaluable for troubleshooting. While the Helium Explorer can often be slow and cumbersome for resolving issues, many popular miners, like Bobcat and SyncroBit, come equipped with a diagnostic feature, which I highly recommend for beginners.
To access this page, simply enter your miner's IP address into your web browser. Follow the instructions in the screenshot below to locate your miner's IP address via the Helium app. For further guidance, check out the Bobcat Diagnoser User Guide.
Note: Ensure you are connected to the same network as your miner to access the diagnostic page.
This diagnostic interface quickly displays the miner's current status, along with troubleshooting tips if the status isn't optimal. If the miner is out of sync, you can initiate a quick sync from this page, significantly speeding up the process to regain synchronization with the blockchain. I’ve occasionally needed to restart my miner to resolve certain issues, which can be done directly from the diagnostics page. Given that my miner is located in the attic, having to physically access it for a restart would have been quite inconvenient.
Section 1.2: Earnings Overview
The Helium Explorer provides a summary of earnings for only the last 30 days, so here’s an overview of my earnings during that timeframe.
In the past 30 days, I earned 12.889 HNT, totaling approximately 40 HNT over the last 90 days. On average, I generate around 0.45 HNT daily, although this amount fluctuates. I've observed that snowy or rainy days tend to yield less HNT, while clear days often compensate for it. The above graph even illustrates a day when my miner was offline due to a firmware update issue.
Chapter 2: Withdrawing and Diversifying HNT
As my daily HNT earnings have remained substantial, I've decided to cash out some of my HNT to recover my initial investment and reduce risk. While I see great potential in this project, diversifying a portion of my HNT income into other non-crypto investments seemed prudent.
To do this, I first transferred HNT from my Helium wallet to KuCoin, exchanged my HNT for ETH, and then moved the ETH to my Shakepay account. With ETH in Shakepay, I converted it to CAD and transferred the funds to my Canadian bank account. This route has proven to incur the least fees for converting HNT to Canadian dollars.
Section 2.1: Maximizing Rewards Before Purchase
The key to achieving high rewards actually begins even before purchasing your miner. Conducting thorough research to confirm your location is conducive to high rewards is essential. I delve into this topic in detail in the following article, so I recommend giving it a read if you haven’t already.
Is It Too Late To Earn Passive Income with Helium Mining?
Can you earn $400+ per month passively too? Let’s go through the due diligence I took before deciding to purchase a…
medium.datadriveninvestor.com
Disclaimer: This article is intended solely for informational purposes and should not be considered financial, tax, or legal advice. Please consult a financial professional before making any significant financial decisions.
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