Crypto Newbie Explains How To Buy Helium Miner

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Nick Levine thought helium might be the next big cryptocurrency, so he decided to mine it. Crypto miners are computers that generate coins by solving complex mathematical puzzles. This is how Levine bought his miner while avoiding scams and huge eBay markups.

In crypto, everyone is looking for the next coin that’s about to explode, including me.

I’m a newbie who decided to jump on the bandwagon earlier this year after seeing the price of ethereum and bitcoin hit all-time highs.

For the past decade, I’ve worked primarily for tech companies where web developers and founders have spent a lot of time talking about crypto, and I have some regrets that I didn’t dabble in crypto earlier.

To me, helium looked like the next big coin. Launched in 2019, it is skyrocketing after Andreessen Horowitz, a leading venture capital firm, invested $ 111 million earlier this month in Helium Systems Inc., which issues the tokens.

Earlier this month, the value dropped from $ 14 to just under $ 19 in a single day, and it’s now close to $ 23.

I have been following helium for a few months and decided to buy a miner after a friend told me he ordered one which is now making around $ 40 a day by mining the cryptocurrency from his one bedroom apartment in London.

Demand for miners is now so high that one of the devices, which normally costs around 300 pounds ($ 410), has been auctioned for 2,200 pounds ($ 3,000) on eBay.

Buying them is so complicated that some people even sell their services to minors on pre-order.

Helium Systems Inc. is building a low-bandwidth wireless network to power “Internet of Things” devices, such as smart fridges, security systems and doorbells. People who help grow the network are rewarded with tokens for feeding the network.

Helium mining is considered to be much less power consuming than bitcoin mining, so it’s probably not as damaging to the environment and likely won’t result in high utility bills.

As a novice, it was difficult to choose the most suitable miner and find a seller that I was sure I could buy safely. Helium Systems Inc. made the first helium miners, but late last year third parties were asked to build compatible hardware to meet growing demand.

Suppliers such as FreedomFi and CalChip Connect even temporarily stopped taking new orders because they were unable to source the components to build the devices.

Scam websites emerged as helium became better known so I made sure to see the full range of miners on offer and only clicked on the direct buy links on the main site of ‘helium.

I chose to order a Bobcat Miner 300. It is called “the people’s miner” because it is small, relatively easy to set up and monitor using the helium application, and uses the equivalent power. a 5 watt bulb.

Other helium miners include Nebra (outdoor and indoor versions are available) and Sensecap, which is powered by Raspberry Pi.

Even ordering a Bobcat miner was extremely complicated for crypto newbies like me.

Miners must be purchased with USDC, a dollar-pegged stablecoin, and the cost is calculated (including shipping and taxes) in the payment section of the Bobcat Miner’s website.

To complete the transaction, you need to set up a send request to Coinbase or Binance, copy the Bobcat site wallet address, and enter the necessary USDC value.

The transaction is particularly difficult because you must have enough USDC in your crypto wallet before completing the transaction. To buy USDC, you need to convert it from another cryptocurrency.

I watched two instructional videos on YouTube that explained how to first buy enough Ethereum on Coinbase, then convert it to USDC to cover all of the miner’s funds, as well as the exchange fees.

Upon completion of the 347 pounds ($ 472) transaction, Bobcat emailed me an order confirmation with an estimated delivery time of 12-20 weeks.

Assuming there is no production backlog, I will know around Christmas if my miner will pay for itself within a few weeks of activation.

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