The other day I wrote a article about how to make passive income with the hive blockchain. But today I want to expand that while still touching on a few nuggets for hive I'll also be going into other areas to build passive or semi passive income streams with crypto.
To be totally honest with you crypto blows my mind and I don't get why more people don't use it yet. The possibilities are huge, the barrier to entry is low and the rewards are massive over time.
Airdrops
Let's get this one out of the way first. Yes you need crypto already or you need to be using the Alpha/Beta version of the game, chain etc in order to get an airdrop. However when it drops it's pretty much like free money in your pocket. It can either be sold for other assets or held on to if you believe in the project. It does require some work to keep up with it all but there are websites that can help keep track of these. ALSO YOU HAVE TO BE HYPER AWARE OF SCAMS with these things otherwise you could lose your wallet and funds.
Mining
There's two main types of mining right now in the crypto space. Those are POW (Proof of Work) and (Proof of stake) with either of these you need startup funds now in order to really take part in these. However if you do have enough getting your hands on some solid BTC miners right now and low cost/ free power (solar, wind etc) then this can become a huge passive income stream for you. If you don't have the infrastructure yourself you can pay a company to manage if to you something like Musk Mining.
The other method with Proof of stake you can build a $300-$500 computer and a small bit of power. In fact my system I built runs on 13 watts when not mining and when fully staking actively with about 6 wallets it only gets up to about 40 watts. That's crazy cheap in terms of power output for being able to run a number of wallets on the system. The core spec of this staking pc is going to be the CPU and keeping that thing cool the last thing you want is for it the throttle because it's over heating.
While BTC and ETH are pretty much stables now they are difficult to mine yourself. That's where speculative mining might be more of your thing. Mining tokens which have little mining power and demand now but could be big winners in the future for holding them.
*Now seems like a great time to put in this disclaimer. This article is for entertainment purposes only and is not financial advice.
Nodes
Nodes are kind of like Staking computers but you're contributing more to the network in most cases. For example sites like Presearch or Theta let you run nodes to contribute to the network and support it giving you tokens in return for that work.
There's a vast amount of these node networks which you can join up on offering huge rewards in some cases.
Mining/Bot NFTs
These projects are normally startups which sell NFTs as a proof of ownership asset class to help them get up and running. Once they are a share of the revenue is paid out to all NFT owners. It's rather passive but it's also high risk as the project could be a scam, never launch well or it could pay off great. This is where I always say do your own research and never invest more than you are willing to lose.
There you have it some powerful ways to earn passive income with cryptocurrency in general. Sure there are many other ways like games, gamefi, defi etc but we can cover those in another article in the future and keep this to some large core basics.