One of the ways to invest in Helium is to earn it passively by mining HNT. Twenty three-party hardware providers have created hotspots that have been approved for usage by the Helium community. The hardware used for mining varies in design and capabilities. All the certified hotspot models are mentioned on the Helium website and can help build the network and begin earning HNT.
Stop. Read Before You Buy a Used Helium Hotspot Miner.
You can find a decent deal on secondhand hotspot miners. It is a good way to get started mining at a low cost. Here are things to look out for when buying a used helium miner online.
Check If The Miner Is On Helium Deny List
Helium hotspots that try to cheat the system and steal HNT from the network are listed on the Helium Deny List. This list will be used to penalize the hotspots. The Helium deny list has been updated to include some Helium miners that have been reported.
Although some of these hotspots no longer produce HNT, they are not listed on the deny list on Helium Explorer. Nothing prevents the owner from selling it secondhand. Inquire about the miner's name from the seller.
Dialogue With The Vendor
Before purchasing a Helium miner, ask the vendor the following questions to verify their authenticity and know if the person is the actual owner of the miner:
- Does the miner have hardware issues or otherwise?
- How long have they owned the miner?
- Why are they selling the miner when they use it to earn?
- Has the miner ever been set up on the network?
- Has the current owner of the miner asserted a location and added the miner to the wallet? Don't buy the miner if the seller doesn't know the answer to this question.
If the vendor has set it up, inquire about the miner's name. You must ensure that the hotspot can be transferred to your wallet after you acquire it. The seller's responses to these questions will give you insight and a solid sense of whether or not you should do business with them.
Verify That The Miner Is Owned By The Seller
You must ensure that the miner genuinely belongs to the vendor. When a miner is sold, the seller must follow a protocol to transfer ownership to the buyer.
If the miner does not belong to the seller, you will receive a miner with no method to transfer ownership to you. This means you won't be able to use your wallet to set it up or earn any HNT.
The hotspot manufacturer cannot unlock the miner or transfer ownership from one individual to another. Here's a guide on how to accept a Transfer Hotspot transaction as a buyer:
- A notification will display in the Buyer's notification center after the Seller has initiated the transaction.
- To view the transaction, tap on the notification.
- The name of the Hotspot, the amount required, and the transaction charge will appear on a payment user interface.
- To submit the transaction to the blockchain, click Complete Transfer. To complete the transaction, the Buyer must have a non-zero wallet balance.
- On the Account page, buyers will see a pending transfer Hotspot transaction; once cleared, the Hotspot will display in the Hotspot list.
Check The Seller’s History
Check if the seller has a previous history of selling on eBay. If it is a new account that they’ve recently set up to sell helium miners, ask the seller questions to verify their authenticity. If it is an account that has been in the business of selling used helium miners, go through its feedback history.
Location To Setup The Miner
Helium miners are built for certain locations across the world. A miner designed for the United States (US915) and Singapore (AS923_1) will not work in Europe (EU868). Make sure the miner you buy has the suitable frequency range for your area.
What Antenna comes with the Hotspot?
To contribute value to the Helium Network and earn the maximum HNT feasible for that area, each hotspot placement requires a well-matched antenna. Verify with the vendor if the helium miner put up for sale comes with the appropriate antenna for it.
Due to the disadvantage of not being able to verify if the helium miner is fully functioning, especially if it is an online purchase and not a physical purchase you need to understand the vendor's return policy. If the vendor accepts returns, after receiving the miner if you find it faulty you can return it otherwise you will be stuck with a bad miner and at loss. Check if the vendor accepts returns and offers a refund.
Confirm The Duration Which The Miner Was Put To Use
Some people are reselling miners they bought and have been using for almost a year. If a miner has been in use for a year, there are several factors to consider, including the wear and tear on the RF input/output connector. It is best to look for another miner if it has been subjected to heavy use or if the owner has been experimenting with other antennas and positioning.
The increase in helium distributors has led to an easy and faster access to mining hardware. Before helium miners on eBay were selling for around $8000, individuals were charging twice the price they bought the hardware due to the lack of accessibility and low supply. Purchasing a used helium miner is a good way to get started at mining at a low cost.
Disclaimer: Mapping Networks does not offer or endorse buying used hotspot miners.
FAQWho pays for the transfer hotspot transaction fee?
The Seller pays for the transfer hotspot transaction fee of 55,000 DC.
What if the activity check reveals the Hotspot hasn’t done anything recently?
The Hotspot cannot be transferred. It is required that the hotspot must have had Proof-of-Coverage activity during the last 20 hours before it can be transferred. This is to confirm that the Hotspot is completely operational for the buyer's safety.
Is the Hotspot's history also transferred to the new owner?
Yes, the new owner will inherit the Hotspot's mining history as well. This cannot be cleared because the ledger contains all transactions. It does not transfer any HNT that has been previously earned.