Cloud mining is a way to mine and earn cryptocurrencies like Bitcoin without the need of your own hardware or technical knowledge. Companies like Hashflare already have mining rigs set up and running and sell this as a service. These cloud mining services give anyone the opportunity to mine cryptocurrency with no prior knowledge or large up-front costs.
Cloud mining vs. crypto mining
With crypto mining, you own, operate and manage the mining equipment yourself. This requires expensive hardware, lots of electricity, and technical know-how. With cloud mining, you can mine cryptocurrencies without owning any equipment. There are companies that own large mining facilities and sell plans to use their equipment. One of the largest cloud mining services is Hashflare.
How do you make money?
Anyone can invest in cloud mining services but you should not blindly put money into it. You should research the cryptocurrency you will be mining just like you would research a company when buying stocks. Most of your earnings depend on how much Bitcoin or your chosen cryptocurrency goes up in value. Thus you need an understanding of what you’re putting your money in.
How much can you make?
Your earnings depend on how much hash power you pay for and how much your cryptocurrency rises in value. Obviously, you’d want to research and mine a cryptocurrency that you think will be big in the future. Many plans allow you to choose what’s called a hash rate, which determines how much speed and computing power you pay for. The more hash power you have, the more of a coin you can mine and the more you’ll earn—but the more you’ll pay for your plan. Once you choose a rate and sign up, computers will mine all day and night for you, 24 hours a day. You can even track how much you’ve mined.
Pros of cloud mining
Anyone can mine – no technical experience required
Completely automated, they mine for you 24 hours a day
Low investment compared to buying your own mining rig
Unique way to invest your money
Cons of cloud mining
You can only choose Bitcoin and a few popular altcoins
Still relatively expensive to buy lots of computing power
Must pay to use their services (although it’s cheaper than buying all the hardware upfront)
How to get started
To get started sign up on Hashflare. They are one of the most popular and reputable companies in the field. Genesis Mining is another good option.
This article is thanks to The Crypto Degree. A free app to learn about bitcoin and cryptocurrencies. The crypto industry is growing worldwide and there are no signs of it slowing down. A fast growing industry like this is creating many opportunities for investors, businesses and employees. We made this article to help you find ways to earn money with cryptocurrency no matter what your experience or circumstances. Keep reading for 18 ways to make money with cryptocurrency.
1. Invest in Bitcoin and Altcoins
Reward: Low to High
The most obvious way to try making money is to invest in cryptocurrencies. You can research different projects then buy and hold coins you think will increase in value. Many believe the blockchain industry will explode in the future and with it the value of digital currencies like bitcoin. No one knows for certain what will happen, which coins will make it and on top of that the industry is extremely volatile. For these reasons a good rule of thumb is to only invest money you are willing to lose. But if you do your research and take your time to find quality projects there is big potential.
If you want to invest then Coinbase is the easiest place to buy Bitcoin and popular altcoins
Binance is the best and cheapest place to buy altocins
What if you could invest in bitcoin or ethereum when they were just a few dollars? You can essentially do that by finding altcoins with a small market cap and that look promising. Investing in projects that are small right now can get returns of 200x, 300x and possibly higher. You’re unlikely to ever see that type of return on the top cryptocurrencies now. This method requires more know-how and research than investing in the top coins. You also have to remember that higher rewards means higher risk. However the rewards can be very high so it’s worth doing if the risk-reward ratio makes sense to you.
3. Learn to Day Trade Crypto and Altcoins
The first two options above were about investing which is the opposite of day trading. Day trading is where you buy cryptocurrencies (or stocks) and sell them the same day to make profit. Day trading involves learning patterns and charts, doing lots of research, controlling your emotions, making quick decisions and more. Here is how day trading compares to investing:
Traders buy and sell quickly. Investors buy and hold long term.
Once you get past the learning curve day trading can make money quickly. Investing makes you money long term.
Day trading takes constant work and attention. Investing is more passive and involves less time.
Good traders make money in any market. Investors usually lose or don’t make money when the market is bad.
If this stuff interests you look more into day trading!
4. Invest in Crypto ETFs
Investing in ETFs is recommended by Warren Buffett himself. It makes sense because ETFs are an easy way to have a diversified investment. ETFs and Index Funds are a collection of assets you can buy. For example, the CMC200 is an index of the top 200 cryptocurrencies. If you buy one share you own a fraction of ALL 200 cryptocurrencies. You can search online for some choices. Solactive has partnered with Coinmarketcap to create the CMC200, which is listed on NASDAQ. Another option is The Bit10 by Abra, which lets you buy a balanced index of the top 10 cryptocurrencies. As crypto keeps establishing itself there will be more and more choices over time.
5. Cryptocurrency Mining
With the right equipment you can start mining Bitcoin or many other cryptocurrencies. Miners are the machines that keep blockchains running by securing the network and validating transactions. By doing this you are paid in the cryptocurrency that you are mining. Cryptocurrency mining is a multi-billion dollar business and when done correctly it can become a good source of passive income. But to mine profitably there is a lot of things to learn. It also requires special equipment, a cheap energy supply and some upfront investment. Inefficient setups requiring too much electricity quickly burn away any profits. Naturally, a big industry like this brings in a lot of competition. But if you enjoy working with computers and equipment then mining is something to look into.
6. Cloud Mining
If you want to mine crypto without any technical knowledge or equipment then look into cloud mining. There are companies that already have mining equipment set up and will sell it to you as a service. You invest money to rent computer power and in turn these companies take care of the complexities. Hashflare and Genesis Mining are the biggest names in the cloud mining industry. The biggest drawback is you can only mine the more established coins with these services. However, if it’s right for you this can be a cool way to diversify your portfolio or try making some money long term.
Airdrops provide one of the few ways where you can earn free money. Airdrops are cryptocurrency giveaways aiming to encourage the adoption of a particular coin. For example, in 2018 Stellar XLM airdropped $25 to users who signed up for a Blockchain wallet. Try the Airdrop King app to find new opportunities.
8. Crypto Money Making Apps
If you want to start earning cryptocurrency in seconds there are various smartphone apps offering micropayments. It won’t make you rich but you can take advantage in your free time, even if it just on the bus or sitting in the dentist’s waiting room. Some reward you for playing games, watching adverts or performing tasks. Here are some examples:
Lolli.com – earn free bitcoin and crypto for shopping online
People want to be around like-minded individuals and in an exciting cryptocurrency industry, people are desperate to connect. Running local events is an ideal way to build a network of opportunities or turn into a side hustle. The best part is it doesn’t have to be on a giant scale. It can be as simple as getting 10 people to talk crypto at a coffee shop once a month. Meetup.com is a simple and quick way to promote your first event. Popular reasons to organize events include:
Affiliate marketing is where you earn commission by getting people to sign up for or buy certain products. For example, companies like Binance, Coinbase, Trezor and Ledger will pay you for every referral you send them and there are many more companies like this. You can do affiliate marketing part time by referring friends to sign up for companies you like. You can also do it full time if you learn some type of digital marketing. Examples include building an email list, buying ads from blogs, using influencers or growing your own audience to send traffic to products.
11. Cryptocurrency and Blockchain Jobs
Such a growing industry is craving great talent and skills. New startups constantly spring up and many mainstream companies are adopting blockchain into their business somehow. If you have the right skills in the crypto-sphere job opportunites are on the rise. Take a look at job boards like Ethlance that offer cryptocurrency paid opportunities. Whether you want to learn new skills or switch careers here’s an idea of what jobs are available:
Graphic Design or Web Design
Legal consultant or attorney
And many more…
12. Sell Your Old Stuff for Crypto
You could sell stuff you already own for crypto (or cash). If you want to sell your stuff for crypto then Bitify is a bitcoin and litecoin auction site already in operation. Craigslist is another option as they offer a cryptocurrency payment choice when listing your second-hand goods. And it won’t be long until eBay has some serious blockchain competition. What have you got sitting around that you can sell?
13. Crypto Influencer
Many people are able to make money because they built a loyal following and monetized their audience. If you like marketing and creativity you can become an “influencer” in the crypto space. You can present yourself as an industry expert, thought leader, curate content, make entertainment and so on. Popular platforms in this field include starting a:
Instagram, Twitter, Facebook or other social media page
YouTube Channel which can be many different styles
Online course, ebooks or educational resources
If you can build an audience there is a career in it. And you can be an influencer in many forms whether it’s video, written or audio. You just need to create content that people want to consume and take the time to build a following.
14. Make Apps
Decentralized Apps (DApps) is a potential route to earning passive income. DApps enable the automation of cryptocurrency and blockchain based processes. They are built upon specific blockchains like Ethereum, Tron and NEO that allow smart contracts underpinning the DApps. Well-designed DApps require no 3rd party/human interference once up and running. Perhaps there is an asset in your life you could monetize or simply sell DApps to others. While it is still innovative technology there are some successful examples on the market already:
Golem allows you to rent out your unused computing power kind of like an Airbnb of computers.
Cryptokitties is a decentralized game where users collect and breed digital cats. Simple but loved.
Ethlance is a decentralized job board, it’s automation allows 0% fees. Pretty attractive compared to traditional models like Upwork which run 20% fees.
15. Start an ICO
If you want to start a company then an Initial Coin Offering (ICO) might be one path for you. During an ICO a company sells tokens or coins that will be used to run the application or network you are creating. Platforms like Tezos and Bancor made hundreds of millions from ICOs. You can think of it as a mix of crowdfunding and traditional stock IPOs.
16. Create a Crypto-Related Product
Reward: Depends on the idea
If you’re entrepreneurial you can create a physical or digital product related to crypto. It comes down to what problem can you solve in this space? Obviously, this is harder than most of the options but there is a ton of opportunity in this space. If this is intriguing to you can you think of a better software wallet? A hardware wallet with new functions? Or some type of innovative product to help move the market forward?
17. Dropshipping / Ecommerce Store
If you don’t have time to create your own product, dropshipping lets you build an online store and start selling stuff without having to see or touch the products. For example, you can find millions of products in china and create your own store to sell those products. When a customer places an order your supplier handles the inventory and shipping. Your products can be crypto shirts, mugs, posters, merchandise and so much more. The main thing to learn with dropshipping is how to get traffic to your store. Right now the popular method is to learn facebook ads but there are other choices as well. Dropshipping has become super popular because it takes very little investment to get started and all you need is a laptop to get started. Read this post for more info on dropshipping.
18. Free Money from Hard-Forks
If you’ve owned cryptocurrency for a while there is a good chance you have some coins to claim from a hard-fork. A hard-fork is when a 3rd party duplicates a blockchain, usually altering the protocols. Anyone holding coins on the original chain automatically owns the same amount of coins on the new fork. Sometimes they are worthless other times it can be very valuable. For example, users owning bitcoin when bitcoin cash was forked were sitting on a nice stack of free cash.
This is one of the simplest income opportunities we’ll cover. It’s also one of the least ‘passive,’ as it will require you to sit down in front of your computer and do actual work. Lame, we know. But it can provide you the option to earn some extra money just about anytime you need it if you’re willing to put in your hours. What is it? People around the world have audio files they need converted to text. You have fingers, a computer, and blazing fast typing skills. That’s where platforms like SpeakWrite and TranscribeMe come in. These online marketplaces connect businesses in need of transcription services with individuals willing to transcribe for them.
Who is it for?
If you’re a blazingly fast typer, or even just relatively quick, this income opportunity is for you. Anytime you find yourself with downtime, you can turn those empty minutes or hours into earnings simply by typing what you hear and submitting it back to SpeakWrite or TranscribeMe. It’s also very simple to sign up and get started, with a basic paid test after which you can start receiving work almost immediately. How does it pay? You’ll have the opportunity to earn between $15-$30 per hour of audio that you transcribe. While this isn’t going to result in you becoming a quick-typing millionaire, it’s a great way to earn extra cash whenever you find yourself a little short. We love it as an opportunity to justify extra purchases in your life that might lie outside your budget. Want to buy that awesome jacket but trying to stick to a strict budget based on your paycheck? Log a couple hours on SpeakWrite or TranscribeMe and take away the guilt of splurging a little.
Work opportunities are sent directly to you You can transcribe anytime, anyplace
You decide how much or how little to work—and won’t be punished for taking time off between projects
You can transcribe short clips rather than long, exhausting interviews or dictations $15-$30 hourly rate is respectable
As you improve your skills, you can work faster
Not fully passive income—requires you to be transcribing to earn
Not a massive hourly wage
How to Get Started
Simply go to TranscribeMe or SpeakWrite, submit your information to apply, and start earning money by transcribing. Their respective onboarding guides will walk you through the entire process and help you get well on your way to earning money.
After the year they had in 2017, you’ve certainly heard of cryptocurrencies like bitcoin. These digital currencies absolutely skyrocketed in value in 2017. But what exactly are they and how do they work? Understanding these cryptocurrencies and how they’re ‘mined’ can easily make your brain hurt. Let’s see if we can demystify the process.
MiningCryptocurrencies were originally developed behind the ideal of a global currency, one that would be recognized across national borders and industries. What began as a niche interest exploded into a major investment opportunity over the last few years—but there are more ways to access bitcoin than to simply buy shares of it. That’s where cryptomining comes in. Cryptocurrencies are designed as part of a blockchain, which is essentially a series of algorithms and encryptions designed to keep them secure and ensure that no transaction is used twice. It’s the digital equivalent of combatting counterfeiting and theft. The process of verifying the legitimacy of these digital transactions involves using powerful computers to solve extremely complex equations. You with us so far? We’re almost to the part where you can make money. Each cryptocurrency rewards anyone who solves these equations and verifies transactions by giving them a certain share of that given currency. What’s required to verify these transactions? Lots and lots of computing power and specialized equipment, which adds up to lots and lots of electricity. Bitcoin mining farms require a great deal of electric power to operate, and energy costs can add up. But when the potential earnings are so high, it can be worth the cost.
Who can make money?
Cryptomining is a perfect opportunity if you’re into the latest tech and building or modifying computers, plus niche interests like researching parts and which types of coins are the best to mine. Jumping into mining bitcoin might not be your best bet if you have no prior experience. The equipment can cost thousands or tens of thousands of dollars, and often cannot be adapted to any changes in the encryption types should bitcoin decide to switch things up. We recommend looking into mining some of the newer cryptocurrencies. Early adoption is often the key to success in cryptomining, as entry is cheaper.
What will you need?
To mine bitcoin, you’ll need an ASIC mining rig. These are available from both retailers and used gear marketplaces online. These generally cost in the range of $1K to $3K. Rigs designed for smaller cryptocurrencies can be less expensive. You’ll also need access to dependable electricity, preferable at a cheap rate to avoid bills from racking up.
How to get started
Lifewire offers an excellent in-depth guide to getting started with cryptomining. They offer a deeper look at how it works, the equipment you’ll need to get started, and more info. Get started, get informed, and get mining.