Nova Labs announced the launch of home hotspots today for Miamians who are willing to pay $250 plus an increase in electric bills.
These hotspots could be used in cafes and other commercial spaces where the business owner can plug in a Helium Hotspot to slowly accumulate Helium native MOBILE Tokens.
Nova Labs’ Miami mobile network, launched in partnership with T-Mobile mid-August this year, is another important step on the road to financial sustainability.
In the past, Helium’s hotspot mining system has been criticized for its economics. Coverage providers have struggled to recoup the cost of their miner rigs as MOBILE tokens prices plummeted. MOBILE token prices are down by almost 40% according to CoinMarketCap.
Boris Renski is the wireless head at Nova Labs and he says, “We are launching our own hotspots.” The community is now pragmatist about the bear market.
Renski, Blockworks’ CEO, said that in earlier versions of Helium hotspots had been deployed randomly, which caused MOBILE returns for miners to drop. Helium token holders have proposed tiered rewards based on the strength of the signal and limiting the number hotspots in a given area.
Helium of today has been optimized “towards more realistic steady state returns versus speeding into the hype cycles, so to speak,” Renski said.
Under the Miami hybrid phone plan, users use Helium data unless there aren’t hotspots in range, at which point T-Mobile’s service takes over — and Helium foots the bill. Renski explained that Helium will only be profitable and grow if subscribers use data via Helium hotspots, rather than T-Mobile’s network.
Helium hopes to make a difference with these hotspots. Renski claims that they are cheaper and easier to set up than CBRS cell technology.
Even so, building an entirely decentralized network is not a simple financial undertaking. Helium’s unlimited cell plan costs only $5 per month. This is good for user adoption, but bad for Helium’s bottom-line.
“That’s not a secret: we are losing money on every subscriber,” Renski said.
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