5 Ways to Earn Passive Income With Your Cryptocurrencies

1. 5 Ways To Earn Passive Income With Your Cryptocurrencies 1 We all know that we won’t get rich only by working hard. We need to make passive income so we’re earning while we sleep, and there are many passive income hacks in the fiat world, but what can we do to earn a passive income with cryptocurrencies? Investing is an excellent way of creating wealth for the future, if you invest in the right thing. Cryptocurrencies are promising, but if you invest and hold (hodl) you have to ride the volatility and although your cryptocurrency value remains the same, it’s not easy to watch your dollar value extinguish itself during the volatile bear markets. Not everyone, in fact not may can trade, especially cryptocurrencies. So for those that can’t read the market trends, here’s 5 ways you can put your money to use to earn a passive income, cryptocurrency style. Mining Cryptocurrencies Mining cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Monero (XMR) is probably the best-known way of earning a passive income through cryptocurrencies. It’s not easy and if you want to mine Bitcoin, you will need specialized expensive mining rigs. But it is profitable if you live in an area where the electricity is cheap. To make a profit mining BTC, and depending on the price of your electricity, you will need Bitcoin to be worth around $6000. However, with the Bitcoin halving due to take place in May 2020, BTC will have to be around $12,000 for it to be profitable for most miners around the world. Another way to mine from home is to use a Coinmine One device. It’s a great way for a beginner to get into mining as it’s about the size of and looks like a games console. www.minedhash.com your platform for everything cryptocurrency, mining and gaming

2. With the Coinmine One, you basically plug it in, choose which coin you want to mine, and it With the Coinmine One, you basically plug it in, choose which coin you want to mine, and it starts mining. It’s a real foolproof way of getting into mining. They cost about $799 and the return isn’t as good as what you’ll get if you mine with the ASICs mining gear, but Coinmine One does simplify mining and it is much more passive than the technicalities of mining with specialized mining rigs. Related Reading: Is USB Mining The Way Forward for Mining Bitcoin? There are other cryptocurrencies to mine that don’t require expensive mining rigs. And there are some that you can mine on your laptop or phone even. Although, I wouldn’t recommend this as you’d soon wear down the processing power and battery of your home device. If you have an old laptop you don’t use, however, you could try it out to see if it’s profitable. To mine these, you would usually join a mining pool, which would allow you to choose the cryptocurrency you want to mine, and the mining pool network works together to mine the cryptos. Many are not profitable, but some are at times. It will all depend on the value of the cryptocurrency you intend to mine, so always do some research before deciding on mining. Crypto Savings Accounts Crypto savings accounts are aplenty. They act like banks but the interest they pay out is much higher. Blockfi is my favourite and the only one I would recommend. There are other crypto savings accounts that pay out more interest, but they’re unregulated. What’s more, Blockfi seems to be doing everything by the book and has backing from Coinbase, Fidelity, Morgan Creek Digital, and many other huge venture capital funds. Blockfi also uses Gemini exchange as its custodian. www.minedhash.com your platform for everything cryptocurrency, mining and gaming

3. 5 Ways To Earn Passive Income With Your Cryptocurrencies 3 I’m not saying the other crypto savings accounts aren’t to be trusted, but with Blockfi using Gemini as its custodian, the funds are as safe as can be for a third party custody solution. You can HODL and earn interest with BTC, ETH, LTC and stablecoin GUSD, and you can also be paid out in the cryptocurrency of your choice. For example, if you hold a few of each crypto in there but you prefer to be paid out in GUSD or all in BTC, then you can choose that option. While the saying goes: Not your keys, not your Bitcoin. Of course that is true, but personally I trust Blockfi and Gemini. They have huge institutional investment, and they’re as insured as can be for a cryptocurrency company. Personally, I wouldn’t store all my cryptocurrency in there, but it is nice to see my sats being stacked every month. Staking Cryptocurrencies Another way to earn passive income with your cryptocurrencies is by investing in proof-of- sake (PoS) cryptocurrencies. PoS cryptocurrencies don’t use miners to verify transactions like Bitcoin does. Instead PoS cryptocurrencies use hodlers’ tokens to verify transactions. It’s known as staking, hence the term proof-of-stake. Basically, you’re staking your cryptocurrencies on the network, which is also helping to secure the network, and for each cryptocurrency you have staked, you will be rewarded – like miners are rewarded for mining Bitcoin. And the more cryptocurrencies you stake, the more your payout will be. As well as it being a way to earn a passive income, your staked cryptos will also be taken off the market, which should have a positive effect on the price of that cryptocurrency as there will be less to buy and sell on the market. Currently, there are a several cryptocurrencies that use a PoS model. Some of the top cryptos are Tezos (XTZ) and Decred (DCR), and the staking rewards vary, but I recommend only staking with the bigger and better-known coins. www.minedhash.com your platform for everything cryptocurrency, mining and gaming

4. EOS does a staking reward of sorts. EOS is a delegated proof of stake token. This system is EOS does a staking reward of sorts. EOS is a delegated proof of stake token. This system is where the stakers (known as block producers in EOS) are voted for by the EOS community, and they’re the ones who create the blocks and earn the reward. However, there is a staking system where EOS hodlers can earn EOS. This is called REX, and basically you transfer your EOS into REX and stake your REX tokens. You’re paid out in REX, and you can unstake them at any time and change them back to EOS. The payments come from developers wanting to borrow EOS to build their dApps on the network. The interest varies depending on the need of EOS tokens, but it’s a good way of earning free EOS if you’re intending to hodl for the long term. Ethereum is a proof-of-work model at the moment, but once Ethereum 2.0 launches (hopefully this year) and the blockchain migrates to a proof of stake model, there will be earning opportunities with Ethereum, the second biggest cryptocurrency. It is believed that to stake on Ethereum you will need a minimum 32 ETH. This is more than many can afford, but like all mining and staking systems there will be staking pools that you can join if you don’t have that many ETH. Be A Loan Shark Lending your cryptocurrency is another way to earn some passive income. Binance Lending is a great way of earning some passive income by lending your cryptocurrencies out on the Binance platform. All you do is hodl your cryptocurrency on Binance Lending platform for a fixed period of 15-30 days and your cryptocurrency will earn interest while it’s there. The best thing is you can leave it in there to earn interest and re-stake it for another period of time, or you can take it out to start trading again if you so wish. While ever it’s staked in www.minedhash.com your platform for everything cryptocurrency, mining and gaming

5. 5 Ways To Earn Passive Income With Your Cryptocurrencies 5 Binance Lending, you will earn interest on your cryptocurrencies, and the percentage varies depending on which cryptocurrency you hodl in there. There are other platforms that offer lending services, but I would only recommend Binance. Masternodes Masternodes is a similar system to proof-of-stake, but it’s actually a proof-of-work consensus mechanism. And the best thing is you don’t need expensive mining gear to run a masternode. Masternodes are similar to the block producers on EOS, but to run a masternode you must have so many coins or tokens of the asset. Masternodes underpin the security and validity of the network, and like the EOS block producers they’re the ones who verify the transactions and produce the blocks. Running a masternode is a cheaper way of earning cryptocurrency than buying expensive mining gear. Some of the better-known masternode coins are DASH and PIVX, and the earning reward varies depending on whichever network you choose to be part of Conclusion Passive income is a buzzword, but for good reason. If you don’t make money while you sleep you will never get rich. I’m not saying these ways will make you rich, but at least you will be earning cryptocurrencies while you sleep. Also, the more you hodl and stake your coins, the more you will earn. Be careful though, there are many scams out there that offer amazing deals, but I believe the passive income you earn from the above mentioned platforms is definitely an excellent ROI, and I recommend digging deeper and looking into whichever idea that peaks your interest. For more information visit: www.minedhash.com your platform for everything cryptocurrency, mining and gaming