That's the smart way to look at it now—as a calculated deployment, not a guaranteed gold rush. The core value proposition shifted after the migration to the Solana blockchain. Profitability is now almost entirely dependent on location and network need. If you're in an area with few other hotspots (a less crowded "hex"), you're providing unique coverage and can earn reasonably well. In a saturated city area, earnings are often minimal.
The break-even math requires research. You need to factor in the cost of the hotspot hardware (~$300-$600), a potentially better antenna (~$50-$150), and your electricity/internet. Then, you need to estimate your likely HNT earnings using coverage explorer maps and check the current HNT price. For many in optimal locations, ROI can still be achieved in 12-24 months, but it's no longer the quick win it was during peak hype. It's become a long-term, location-dependent play. This guide covers the fundamentals of how it works and what you need: paybis.com/blog/what-is-helium-mining/