So you’re into crypto and you just discovered HNT? Let’s go through the basics so you can decide whether or not you want to jump into the world of Helium.
First, what is HNT crypto?
HNT stands for Helium Network Token. HNT can be traded on crypto exchanges like Binance.us for whatever you’d like (dollars, BTC, ETH, euros, etc), or it can be used to buy Data Credits on the Helium Network. A Data Credit is how a user (not necessarily a miner) on the Helium Network pays to transfer data. Helium miners earn HNT for providing wireless (radio) coverage.
What is HNT mining?
HNT mining involves plugging in an HNT miner to power and the internet. The miner will automatically begin mining HNT based on the radio signals it sends and receives. The signals it sends and receives depend heavily on three things: How many other miners are nearby, how far away they are, and how many of them it can communicate with. You can optimize the signals your miner sends and receives (and therefore the HNT you earn) by using an aftermarket antenna connected to your miner with antenna cable, and getting the antenna on top of your house (or building, or mountain).
What is HNT worth?
HNT is a cryptocurrency with a volatile price. In the past year (May 2021 – May 2022) the price has been as low as $11 and as high as $60. You can check the current price here.
What is HNT used for?
HNT is used to buy Data Credits on the Helium Network. Data Credits are how you use the Network to transfer data. As of current writing, the only wireless network available on Helium is LoRa (for Long Range). LoRa is designed for IoT or Internet of Things devices. While you may not have heard of the IoT, it’s one of the largest coming technologies that humanity will use to help understand our world.
Why is Helium (and HNT) special?
Helium is the first and so far the largest cryptocurrency and blockchain project to have an actual use in the real world. You can use Helium today to track anything from packages to pallet to planes to paragliders, or keep an eye on your crops, water pumps, buses, or even camels. While many blockchain projects are out there claiming to be useful, Helium is one of the few you can actually use right now.
How can I learn more about HNT?
This website was built to help you understand it! Check out our articles on a Rough Guide to Helium, or Which Antenna Should I Buy, or take one of my Helium Courses. If you’d like to join up with a group of Helium enthusiasts who are exploring and building solutions using Helium, join the Gristle Crüe. We meet weekly on Zoom to discuss the latest in Helium, and topics range from how to optimize your miner out to tax planning and of course, building an IoT business.