Since my Top 6 Altcoins for 2020 article HNT has seen an exponential gains it’s up over 100% since I name dropped it for you guys a month ago from .40 cents to $1.74.
But something has changed about this project.
Helium Hotspots were in my opinion one of the best decisions in the crypto space I made.
My one hot sport earned 6-10 HNT per day (in Richmond, CA), 10-20 HNT per day (in San Jose, CA). This thing paid for itself within 3 months so i decided to go hard. I bought nine more Helium Hot Spots.
Ordered May 11th, they were delayed by “Covid-19” and took about 3 months to arrive. Conveniently right before their massive update to the mining rewards. Did they just hold onto my hot spots for like a month to delay my earnings? I think so because I was told on
June 25th “The most recent update we have been given is that the container is scheduled to arrive in Los Angeles on July 9. Once unloaded, we can expect customs clearance and transit to our distribution center to take another ~2 weeks.”
July 17th I was told “After the delays brought on by the global pandemic, we're happy to say that the Hotspot are en route to the shipping facility, and we're looking to start shipping orders in the next week or so!”
I got them August 12th and I was so stoked.
I was able to mine on the old paradigm for just 2 days before the update I was bringing in tons of HNT 60-100 a day sadly this was only for a couple days.
On their site they are showing an example of mining rewards with some crazy mining amounts that no one hot spot will make under this new update. They need to update this to reflect the new amounts, as this explanation is giving people ideals of grandeur. I’d say now it would take about ten years to mine the amounts they show in their example on their site. https://developer.helium.com/blockchain/mining-token-rewards
After this new update to the mining rewards it’s quickly becoming one of the worst decisions I’ve made recently.
From my 10 hot spots I’m now making 2 HNT per day. A 98% drop in my earnings. I wasn’t aware of the changes and I thought there would be a vote on something like this? This is supposed to be the peoples network after all? I feel I got suckered in hard on this one. Supposedly they had these changes posted for awhile but still it's far more than they show on their chart.
There are a lot of variables attached to how much you are making like the amount of hotspots in your area etc. I did buy a huge antenna set up for my rig so I’ll have to write another one and give you guys an update in the future after I set it up next week.
I complained in thier discord but they were just a bunch of newbies that never felt the fountains of HNT that flowed before this update. But i don’t want excuses. I just know what I was making before and what I’m making now and it seems way lower than what they show on their chart they showed me in defense of their new update. Balaton cash grab from the people that own the network. But in their defense maybe they started this project and didn’t expect to pay out so much HNT so fast and they're just adjusting it for the future.
Google is a validator for this project. I’m curious if their payment incentive went down after this update? If anyone knows this information please share it with the community.
Nothing much more I can do then warn you guys that it doesn’t feel worth it anymore. Unless you can get a hotspot at a discounted rate like a holiday sale which they do a lot of don’t expect a quick ROI on your hotspot.
At this new rate these hot spots should pay for themselves in 3 years. So at least there is that. Although, I was told there will be a deduction in rewards every year. Seems like a depreciating asset for all the owners of hot spots. Everytime this coin goes up 100% that will drop down a year. So it’s possible they could become profitable at some point like a 6$-8$ HNT.
Hey even bad publicity is publicity. End rant...
On a positive note I do know a secret about HNT. They are going to be launching an exchange soon. This should help to increase the value of HNT and it will be fun to see where this project goes from here. I’m forced to HODL this coin and I’ll be doing so until I break even! Expect more articles on HNT.
Stock and Crypto Rappers Part 3
Crypto.com is the #1 Project in the Game Part #2