Is it really worth mining Helium these days?

For a frustrated miner

What a scam this Helium thing is turning out to be! After all the hype about "The People's Network," what we have is yet another opportunity for the early birds to get rich while the rest of us are left with the crumbs.

I started mining a few months ago and I will share my experience from the inside. The concept sounds wonderful: you set up a small device at home, it provides coverage for IoT devices, and you get flooded with HNT tokens. Ha! The reality is quite different.

This decentralized system supposedly revolutionizes telecommunications by eliminating large operators. My hotspot has been running day and night, consuming little electricity (, that is true) and barely generates a few coins that do not even cover the initial investment of the equipment.

The real problem is saturation. In cities, there are so many hotspots competing that the rewards are ridiculous. And if you live in a rural area, there are hardly any IoT devices that require your coverage. It's a vicious cycle!

The coverage test (PoC) seems designed to benefit those with privileged locations. Place your antenna in a central skyscraper and you will earn. The rest of us settle for pennies while the "chosen ones" can make up to $300 daily. Democratic? Don't make me laugh.

Now everyone is talking about the transition to 5G as the new golden goose. But of course, you need specialized equipment that costs an arm and a leg. Small miners are left out once again.

The price of HNT has risen, yes, from $2 to over $6 in 2024. Nice for those who accumulated earlier, but mining rewards have been reduced proportionally.

If you ask me if it's worth it, it depends: do you have a tall building, a good location, and money to invest in 5G equipment? Go ahead. Are you an average user with a regular apartment? It's better to invest directly in cryptocurrencies on some exchange platform.

I do not deny that the project has a future. IoT continues to grow and decentralized networks have their place. But the promises of "mining accessible to all" and "democratization of telecommunications" are pure marketing while the real benefits are concentrated in a few.

Like many crypto projects, Helium has created another hierarchy disguised as a revolution. The next time someone sells you the dream of making passive income with a miner, remember my experience.