Helium Developers Considering Shifting to Solana

Helium (HNT) runs on a proof-of-coverage (PoC) network in which users operate hotspot devices that act as nodes. Helium was founded to build an open, affordable, and secure (decentralized) global wireless network owned and operated by people around the world.

Since their networks launch in 2019 there are nearly 1 million active hotspots operated by users. There are currently 939,913 hotspots with 64% online. The hotspots are currently in 72,488 cities spread across 182 countries. Hotspots look like minimal internet routers and don’t consume much power, unlike most other mining machines.

There are over 20 manufacturers of Helium hotspot miners. Some of the most popular manufacturers include Bobcat, Cal-Chip, and FreedomFi which are also the only three that offer 5G options. 5G radios started shipping earlier this year and cost significantly more than the regular miners. Helium miners go for around $500 for the Bobcat miner 300. The 5G version, Bobcat Miner 500, has bundles ranging from $999 to $9,999. There are now 3,463 5G radios set up across 1,039 cities and 48 states.

Helium also offers staking. To run a validator node, a stake of at least 10,000 HNT is required (worth around $47,100 at time of writing). There are currently 3,727 validators on the network with a total of 37.27 million HNT staked- about 38% of the total supply.

The developers behind the network have proposed shifting the entire protocol to the Solana blockchain to take advantage of faster transaction speeds and compatible with other blockchains.

HNT prices hit an all time high of $52.71 on November 2021. Most of 2021 and up to the Terra and crypto market crashes in March 2022, the price maintained between $20 to $30. The price is now around $4.70.