In a blog post that was published on the 17th of February, Helium Network [HNT] disclosed that the company’s migration to the Solana [SOL] network would start on the 27th of March. As a direct consequence of this, the current state of the Helium Network as well as all wallets and Hotspots will be updated. On that day, a 24-hour period of transition time will start at approximately 1500 UTC, which is equivalent to 10:00 AM ET.
The community’s success with HIP-70 in 2022 and the introduction of a large number of remedies to the scalability issues faced by the Helium network made it viable to make the switch to Solana.
Together with this, switching the processing of Proof-of-Coverage and Data Transfer to Oracles in conjunction with the transfer to the Solana blockchain releases a considerable amount of resources that may be used for scalability.
How miner`s earnings will be affected
According to reports, the HIP 70 plan will result in the return of 2 million HNT to the rewards pool on a yearly basis, which will be to the benefit of hotspot owners throughout IoT and 5G networks. In addition to this, the proposal said that after the migration, there would be a 6.85% increase in the total number of HNT incentive tokens that are distributed to miners and node operators.
Second, the enhanced proof of coverage offered by the Solana blockchain will be advantageous to all Helium users, which will make the platform more appealing to both consumers and developers according to related sources. Also, it will create better opportunities for miners and hotspot owners, allowing them to receive more rewards for their efforts.
Last but not least, there will be an increase in revenue from mining due to the fact that an additional 2 million HNT will be contributed to the rewards pool on an annual basis, and hotspots will beacon and witness in a manner that is far more dependable.
Helium (HNT) on the charts
The price fluctuation of HNT demonstrates that there was a significant reaction to the most recent announcement that was released. Following the dissemination of the news, there was a 10.78% rise in the value of the token.
Overall for the month of February, this was the second-highest growth, and for the whole year, it was the third-highest growth. It had a price of approximately $2.83 when this article was written, representing a decrease of approximately 0.3%.
According to the volume statistic provided by Santiment, the metric has not experienced a major increase as of recently. The volume has been rather low for some time now, and it was $3.8 million at the time of this publication.
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