Earning through cryptocurrencies? Sounds profitable. However, this job is not easy at all. You need to spend a lot of time there and the job often gets quite stressful. In addition to this, if you are doing crypto trading, you need to be good at that too. You will be investing your money and that is why you have to be attentive at all times. The market can show any sudden change and you might gain or lose a lot.
And then you get the option of mining. This is als
o not something easy to do. Firstly, you should be capable of handling the job, as it requires solving mathematical problems. Secondly, the whole system should be capable of handling to workload and there should also be enough supply of energy.
These are just two ways of making money through crypto. Although when you talk about making money through crypto, you will hear about these two ways. But there are more. Apart from trading and mining, you can still make money through passive ways. Even in mining, there is an option of cloud mining, you can read more about it at www.europeanbusinessreview.com.
The article tells you about cloud mining and about the best cloud mining sites that you can use. Be sure to visit europeanbusinessreview.com and learn more about this method.
And apart from cloud mining, there are other methods of making money. So let’s have a look at some of these options.
PoS (Proof of Stake) staking
This is the algorithm on which the cryptocurrencies work. Initially, the cryptocurrencies were working in Proof-of-Work (PoW) algorithm and BTC is still working in that. However, Ethereum changed its algorithm in December 2023. Therefore, now it works with the Proof-of-Stake algorithm. This algorithmic change allows the users to invest in the network. This is a replacement for mining.
So if you are not good at mining and you cannot understand it, you can do this. You won’t need any expensive and complex computed systems. Moreover, you won’t also need heavy computers and software applications. All you need is a sufficient number of tokens to get new blocks.
Various altcoins allow you this PoS staking. Some of these options are Ethereum (ETH), Cardano (ADA), Tezos (XTZ) and Cosmos (ATOM). So you can invest in any of these altcoins through PoS.
Paying for solar energy production units
As you might already know that mining BTC and getting new blocks of altcoins require a huge amount of energy. As a result of this, a large sum of carbon is also released into the environment. This situation is quite upsetting for the environment. That is why environmental activists tend to care a lot about it and spread awareness among the general public.
Therefore, there are various companies that are now working on producing renewable energy. This energy is then used for carrying out the whole operation of creating blocks of altcoins.
So if you are interested in making money through a passive and safer method, you can actually pay for these energy production methods. For example, there is the company “Sun Exchange”. They get funding for their solar power projects. So you can actually pay for their solar cells. The more you pay for these cells, there will be more energy production.
You can choose to pay through any currency, even BTC or altcoins. Likewise, you can get your share of profit from them in BTC or altcoins on crypto exchanges like www.okx.com. The choice is all yours. While other options are quite risky, this is a safer investment plan for you.
Although the returns won’t be much, but you will get them on monthly basis. In addition to this, it will be for a long time. So you will get monthly payments for many years. Therefore, instead of big and sudden profits, you will have a stable income from there.
Forks and Airdrops
Forks is a phenomenon of new chain creation when an existing coin branches off.
Airdrops are the creation of new coins. So if you are already in the crypto market, you will get these coins as a reward.
Both these processes are irrelevant to the crypto traders. But if you are involved in this market in one way or another, you will get the benefit. You might get such coins for free or get involved in the chain of an existing coin.
Have you ever heard about Bitcoin Cash (BCH)? This is an altcoin just like Ethereum. And this is not all, it is one of the top altcoins that we have in the market. This currency was introduced in the market in 2017. So at that time, everyone who owned BTC also received the same number of BCH.
The chances of this new currency becoming a hit are fifty-fifty. However, if you are lucky, you can make amazing profits just like BCH owners did.
Crypto products and services also have affiliate programs. You can join these programs and introduce others and can make money. Some of these options are;
- You can participate by signing up, submitting your application, or by sharing the affiliated link
- Introduce the affiliated program to your friends and family members or even with your social media followers.
If you do so and promote such affiliated links, you will get your share of payment every time someone takes a certain action. So even if someone signs up for the account, you will get your share of the profit. And all you will be doing is sharing the affiliated links with people you know.
Usually, companies take such initiatives for their promotion. For example, Coinbase offered some incentives as Bitcoins to the people who can get the new users. If you wanted to participate in this, you can sign up for the program and get your affiliated link. Now you have to share this link with your friends. With every new sign-up from your reference, you will be paid by the company.