In this guide, we take a look at bitcoin mining - what it is, how it works, how it influences world economy, and whether it's some...
Here’s the complete guide describing key working opportunities that presents the crypto world both for freelance people and formed teams.
Many people still don’t see how to gain money working in cryptocurrency space. It is well-known that Bitcoin is a mystic thing, and that bitcoiners are rich and good at economics. Let’s examine how they earn cryptocurrency instead of the usual fiat money.
Unlike the usual press, crypto news is open to new people. Anybody with a short CV can get a job here. This is the best entry point, and the easy chance to learn more about blockchain technology, the ecosystem, and its current developments. Not many authors can write on such delicate topics as the blockchain. Such things as node distribution, network confirmation time, and OP_RETURN scripts tell nothing to the average reader. But many bitcoiners value journalists who understand that tech.
Just drop your CV on the official mail of a chosen outlet. Showcase your previous works, it’s better if you have worked at financial news or blogs.
Next, wait for a day or two, give them time to study the links you’ve sent. Many authors think the editors don’t read the articles from a CV. But they do so, you should prepare and fill in the list of your best pieces. The editors love it when you send news tips or op-ed suggestions with your CV. You can earn cryptocurrency by writing short news, Op-Eds, guides, price analysis, investigative longreads, and more. Keep in mind that rare information costs more money than the usual news pieces. This includes technical tricks, trading insides, blackmail materials, or scam alerts
If you know two to three languages, and your fingers are fast, it could be a lot of money. The author makes one to four articles per day on average. You can earn $5 to $50 (on average) per piece from different news outlets in the field. It depends on the outlet’s inner rates and the sort of information you give.
Websites with less traffic pay less. If you feel you are a professional already, try getting onboard the larger websites. Always pitch the best tips and ideas, especially in your initial letter to the Editorial. If you have a good reputation, it’s much easier to become a valued author. Google traces the authors and ranks them. It checks if any of the top authors work for the website and alter the site ranking.
One of the most reliable ways to obtain bitcoin is to mine it. You won’t have to deal with money laundering, OTC platforms, or other risks. What’s bad about mining? It requires investment in mining equipment, which is a kind of tricky game not for everybody. Even after you buy a lot of miner rigs, you’ll have to prepare a room and set them working.
Typically, you have to wait for at least two months for your hardware delivery. Be sure to fill in the local declaration form according to the regional laws so that the customs workers let your package pass the border.
Old cheat is to feature crypto miners as ‘server equipment’ in case your country has no clear position on how to declare the rigs. Some countries charge additional cash for the import of mining equipment. Some restrict such packages from passing the customs. Make sure your jurisdiction is mining-friendly. Check local forums and Bitcointalk.
Many of the manufacturers can postpone the delivery date. They sometimes change pricing, cancel the orders, and so on. The list of trusted suppliers is very short. Read the reviews and feedback on Bitcointalk, Reddit, and other forums to know the legit suppliers. Some examples are Bitmain, Ebang, or Canaan. Never buy the equipment from resellers, order from the official websites only. You don’t have to hire someone to help you with the order.
When the equipment is in your house, you will need a separate room, with electricity, dry air, and ventilation systems. Never let the miners work somewhere near the source of heat or hot liquid. The colder the air, the lesser the aging of mining chips.
Many of crypto websites feature mining profitability calculator, you can fill in the specs of the miner and find out the sum of profit. Be aware that many of the miner models become profitable only after 6-9 months of work. Also, worth noting that Bitcoin’s mining difficulty is not a constant value. Over time, it will change so that you either earn more or less with the same gear.
Developers are apparently the most needed people in the crypto world. Financial apps are about storing the wealth, and bad crypto software receives feedback quickly enough to harm the industry, and the sales.
You can develop complex software for cryptocurrency wallets, or start with browser apps, and even hardware wallets. Many of the wallets feature a possibility to create third-party plug-ins. With support for wallet developers, even novice can try himself on coding the plug-ins.
Working as a contributor in decentralized blockchains and apps means no guarantees that the time spent on work will pay. If you want to gain real cash, it’s better to join a classic centralized company with a stable set of benefits. Developers with deeper knowledge look at the Open positions page of a preferred company. Typically, companies look for skilled blockchain developers, testers, UI/UX designers, and so on.
Crypto trading is somewhat similar to Forex trading, or classic stock trading. As a crypto trader, your goal is to hold the deposit on trusted exchanges, here’s our definitive guide on how to pick exchanges for trading. Keep in mind that you should study some classic basics before moving to the trades.
You should know what George Tritch strategy does, or how Wyckoff accumulation works. Read classics like Benjamin Graham’s “The Intelligent Investor” and keep up with the news. You need to learn how to separate an empty cause from an important one. You should see the hidden game while everyone else falls for delusions. Comparing the sentiment over many experts is one starting practice.
One of the rare ways people make money in crypto is by receiving Bitcoin via art pieces. The street art by Pascal Boyart is an interesting case. He has earned over $12500 in donations. Money flow from people on the streets who send coins via QR-code that’s embedded in the art. Another interesting take is the Bitcoin Quest idea where people search for the seeds hidden in hi-res drawings.
Media people can increase awareness about their own stuff. Crypto sphere is a large international public, so just saying something smart about crypto may drive you to the headlines. Many musicians and comedians use cryptocurrency to boost recognition, accept donations, and so on.
A bright example of a top-level crypto educator is Andreas Antonopoulos. He has been traveling around the planet for years to bring Bitcoin to the masses. Andreas has earned more than 2 million dollars in crypto donations for his work. His books about cryptocurrencies are well accepted, cited around the press, and give you initial knowledge.
If you want to write without following the general rules, consider joining projects like Steem or read.cash. Those are blockchain-based blogging platforms that have a system of community funding. Users tip the author using an internal wallet and a feature button under each piece. If your posts gain much appreciation, you could make up to $200 per piece, sometimes – even more than that.
You can but a sound domain and set up your own blog. Crypto blogging is somewhat profitable if you manage to establish a loyal audience. Subscribers in the crypto world are picky, so they must be addicted to your style to stay for long. Don’t fall into accepting cash from scams and Ponzi schemes while risking your reputation. Bright opportunities arise over time for honest/clear crypto bloggers.
For instance, legitimate projects entering the field may ask you to make a comprehensive review of their team, code, or the entire business model. This means you keep making organic content for your blog without teasing people to unsubscribe. And you receive a good paycheck for increasing the firm’s reputation as hundreds of their competitors may not fit your definition of the “legit” kind of projects.
One more way of making cash on a crypto blog is by introducing rare products to your audience. The crypto sphere is good at inventing strange ways of making money. If you post a review of some large exchange, the readers will guess it’s a sponsored piece. But it’s a different thing if the article is about a service that sends horse poop to your enemies for crypto, or about a website that lets users embed JPG pictures in the transaction metadata. Such content looks organic and it’s interesting to read. It may not fit the large scale news websites. Yet non-standard ‘opinion pieces’ are great for blogs.
When you gain a certain level of authority and show rare skills, head hunters will invite you to join companies with a high salary. Be extremely careful. Those people persuade well, they have a plausible appearance and often come from forex scams or acting schools, or both.
Scammers like collecting personal data of clients and employers. You will also have to send them your ID scans, talk with their people over a web camera, and so on. This is the way they ensure you won’t spread truth after quitting. In fears of legal prosecution for ‘business secrets’ revealing lies the scammer’s success.
Even if you don’t have another choice than working with scammers, keep in mind that prosecutors tend to ask for a full list of workers if they bust a company on crime. Before proceeding to work with scammers, be sure that you won’t regret it. Many Telegram channels dump data very fast, and the fact of your participation in scam pyramids will shine bright someday. As an author, you will have to invent a new name to keep working in the industry.
Government investigators are gathering data before attacking the fraudsters. Some officers like to dump related names onto forums even before the legal actions occur. For instance, the WEX exchange former employees’ names surface on Bitcointalk together with other inside data. Take a look at these detailed posts on personal contacts of WEX-related people. The thread is created by the user ‘Polizei’ for the sake of the Russian public.
What’s disappointing when working for financial scams: you will receive the usual payments while the project admins gather millions and live a luxury life. When the police find out the exchange scams people over, you may become one of the targets. They may even make up the documents so it looks like you’re the head of the organization or a financially responsible person.
Software wallets are the backbone of crypto adoption. Many rather talented teams put efforts to rediscover the design and functionality of Bitcoin payment apps. All such payment apps consider their own features and create ways of keeping the users on the hook.
If the coin issuers are well-known people, press and users show much more trust. Take computer games or cartoons, for example. Studios can have their coins with branding. Fans receive or send native tokens after completing simple quests, posting on forums, etc.
In many ICO startups, we have seen anonymous people gathering millions, then disappear. On the other hand, an established company has the name, profitable product, and loyal community. The studio launching an ICO campaign can benefit from the fans while giving them valuable virtual or physical prizes.
To build a farm you will need substantial investments, as well as a special warehouse of some sort. The place must have protection against thieves. Make sure that it’s cold there, the place has clean water supply and electricity. Sometimes miners consider moving the equipment to another country.
The price per kWh is very different across the globe. More than that, to get to the profitability zone you will need approximately 500-1000 TH, otherwise, you won’t get much profit. The Bitcoin reward system delivers $1950 per month if you use a farm with calculating power of at least 1000 TH/s.
Mining hotel is a kind of business where other people send you their rigs, and you take care of the air humidity, temperature, power line, cooling, motherboard crashes, repairs, and so on. You charge a fixed sum per month and handle most of the paperwork. Mining hotels are small scale businesses. Usually, it’s valid crypto entrepreneurs working for their local fellows, while avoiding the international market. You must have a reputation if you want people to believe that you won’t steal the miners, as some companies tend to do.
Cloud Mining is a kind of business where people pay a fixed price per contract and receive remote control over mining rigs. It is risky to be a client of such a firm. Almost all of them collect negative feedback on forums over the years of work. Don’t order contracts from them and make no partnerships. Per BBW’s Joran Tuwiner, 99% of such companies are scams.
There is no way to clearly define whether a given company is scamming people. Because many commentators claim to receive payouts. So if you just want to earn bitcoins, avoid this kind of crypto activity. Cloud mining looks more like a lottery. Not a business scheme and no legal matters provided to help in client protection.
There are probably five to six ASIC-chip manufacturers on the planet. One or two make chips for private use only. Among the most notable ones are Innosilicon, Bitfury, and TSMC. Chip manufacturers have rare engineering experience. They won’t pass it to anyone, so you cannot easily enter this business even with huge investments.
A better option is to facilitate IoT devices development. It is hard to reach the technological advantage needed to manufacture 5nm ASIC chips. Yet a much easier task is making a device with double function that is based on mining chips by Chinese experts.
Ready to use mining machines with additional functionality might get people very interested. For example, here are convectors for cold areas, they can mine bitcoins and use high temperature of working mining chips to heat your apartment.
Another interesting option: custom Bitcoin full node implementations, like these ones. Also, the hardware crypto wallets manufacturers are receiving constant profit inflow. All because many coiners want to hold coins with style as if they are computer game characters from the cyberpunk future.
Basically, a hardware wallet is an encrypted flash drive made with fashion, where private keys are generated in offline mode on secured disk space. The product is built using technologies from debit and credit cards. All to protect coins, avoiding information leak.
Consider the level of debit card security applied to cryptocurrency transfers, and you get the idea. Hardware wallets are good at virus protection thanks to the inability of malicious code execution. However, you must be very careful with engineers who develop the wallet. They may want to put a backdoor or hidden vulnerability into the design to steal the user’s coins and remain in shadow. Such hacks will erode the hardware wallet’s reputation. As the head of such a company, you will have to put a lot of time and energy to find honest staff members.
As Bitcoin shows, people value rare things. Honesty is something rare among crypto ventures, as they often don’t stick to fiduciary duties or official SEC guidelines. Typically, many of those legitimately looking companies are stealing from investors as soon as they see ample profits. On the other side, crypto companies that work for years and gather positive reputation receive huge fanbase and a right to form the future of money.