The HNT token is the native cryptocurrency of the Helium network. The first tokens appeared with the genesis block on July 29, 2019. The tokens serve the needs of the two main parties in the Helium blockchain ecosystem, namely Hotspot hosts and network operators, as well as companies and developers using the Helium network.
There are currently 100,539,362 $HNT in circulation out of a total of 223,000,000. Helium has a limited maximum supply, while no HNT tokens are pre-mined. Although new $HNT is mined to reward Hotspots, it is worth the $HNT burned to generate Data Credits in the Burn-and-Mint Equilibrium token model. The inflation rate decreases over time, ensuring that the total supply never exceeds 223 million.
The amount of $HNT multiplied by the current price of Helium in the market equals the market cap. The market cap determines the ranking of $HNT compared to other cryptocurrencies in the market and also determines its market share and dominance.
In addition to leading-edge security concepts and systems, Helium also uses mining systems and tools that are different from other crypto mining. This is one of the advantages of Helium as a crypto Web 3.0 project.
Mining on the Helium network uses a simple Hotspot device that can be purchased on the Helium website. This system will compete with other crypto mining using GPU. There are various variants of miners available in the market such as Sense cap helium miner, Nebra miner, and so on.
Hotspots are peer-to-peer wireless networks that enable IoT devices to be efficient at offering low-power data delivery to and from the internet. As previously stated, Helium Hotspots serve as nodes on the Helium network. By using Helium Hotspot, you are rewarded with $HNT for offering wider network coverage. Due to Helium’s PoC algorithm, your Hotspot will only use 5 watts of energy.
You can start mining $HNT with a Hotspot device and an internet connection. Once you have it, download the Helium mobile app on your phone and activate Hotspot. Hotspot will transfer data and allow you to earn $HNT. Prices for miners range from $300 to $600, depending on the Hotspot model you are using. How to Earn Revenue by Mining $HNT
The number of HNT tokens you earn depends on the number of miners in your location, the device data that Hotspot transfers, the location of the Hotspot, and the number of witnesses. The more data Hotspot transfers, the more $HNT it earns. In addition, the more Challenges you participate in, the more $HNT you will get.
Here are statistics to understand the $HNT mining system better.
3-5 Witness > 150 HNT per month.
5-15 Witness > 500 HNT per month.
15< Witness > 800 HNT per month.
Hotspot miners earn more $HNT when they are in range with other miners, but they must be at least 300-350 meters apart. This means that single $HNT miners can earn less because they can only issue Challenges over the internet and participate in Proof-of-Coverage.