Helium Coin: Mining without a graphics card

May 29, 2021
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Technology guru Elon Musk keeps the crypto market on its toes via Twitter: Only recently, the Tesla boss criticized the high power consumption when mining some crypto currencies such as Bitcoin (BTC). Consequently, Teslas can no longer be paid with Bitcoin. Then the market collapsed. Coins like Ethereum also currently rely on the “Proof of Work” validation system, which requires immense computing power. “Mining” is not the same as “Mining”, there are different coins with significantly more economical proof of performance models – such as the Helium Coin, which relies on “Proof of Coverage” (PoC). You can find out what it is and how it works here.

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Helium Coin: Proof of Coverage with LTE antennas

The helium network is essentially a decentralized Internet of Things (IoT) based on the helium blockchain. Miners buy special LTE transmitters that they set up on roofs or balconies and thus help expand the network, for example. For this they are rewarded with helium coins. How it works? This is where the “Proof of Coverage” (PoC) comes into play. The working algorithm checks in the blockchain whether hotspots are where they claim to be. In other words: PoC continuously checks whether hotspots actually provide their location and the wireless network coverage created from this location. How much the miner gets depends on the number of connected devices and their range. A big plus point: A helium transmitter consumes very little energy, 15 watts are sufficient for most models.

Why do you need a decentralized IoT?

The connection costs are only a fraction of the costs associated with mobile communications. This makes the network attractive for providers of e-scooters such as Lime, who run their scooters and apps over the network. But the network can do a lot more: anyone who provides their truck, bicycle or dog with a GPS tracker can track the transmitters via an app. This also applies to thermometers or other measuring devices that are used in art galleries to monitor the surroundings of the valuable objects live.

Helium: IoT — Lost dog? No problem: if Schnuffi wears a transmitter, his or her mistress can follow it over the helium network.

Miner sold out

If you are convinced of the project and want to help expand the network, you will encounter the same problem as with mining using graphics cards: The hardware required for this is completely sold out. After all, there are few models left over helium.com pre-order. However, patience is required, the waiting time can be several months.

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