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Is It Too Late To Earn Passive Income with Helium Mining?
I’ve had recent success in Helium mining and have been able to maintain rewards of $400+ per month. Although this works well for me, it may not for everyone. The daily network mining average is currently around 0.11 HNT per day which at a market price of 30 USD/HNT is only $3.30 USD. Earning $3.30 USD per day may not be so appealing to most especially when a decent setup can cost upwards of $1000 USD. In this article, I will cover the due diligence I took before deciding to purchase a miner and suggest you do the same before choosing to join The People’s Network!
If you haven’t already checkout my first article to see how I got started in Helium mining: I Tried Helium Mining for a Month And Made $419.54 USD! . It goes over what Helium mining is, the different types of rewards, and how I got my miner set up.
Prime Location for Helium Mining
It is first important to determine if you are in a good location for helium mining. The location of a miner is a key factor in the amount of HNT you earn.
Start by researching how other miners nearby are performing, all hotspots on the network can be found on the Helium Explorer (the map is represented as hexagons, if interested in how this mapping system works check out this article). This explorer will show the number of hotspots in a hexagon and the amount of HNT these hotspots have been mining for the past 30 days. If there are too many miners performing poorly in your hex, this may not be a good sign, nor if there aren’t any other miners nearby.
The best hotspot location is somewhere not too close to other hotspots but still close enough to still receive signals from them.
Although the Helium Explorer does not show the exact hotspot locations pinned by the owner, this can be seen on Hotspotty. Using this data, drive-by hotspots nearby to see if the owner’s setup is visible. This can help determine what having a similar setup in the area can earn by contrasting setups with data on the explorer. If you feel like you can have a better setup than most hotspots in your area, then great, your earnings are likely to be more.
