Dwayne Starc

How to Earn Money from Cryptocurrencies?

How to Earn Money from Cryptocurrencies? Earn Money from Cryptocurrencies

Cryptocurrency is one of the trending topics these days. And people want to get indulged with it in a way or another. Some people do consider it as an investment option and some consider it as a way to make quick money. But one question that many has is How to Earn Money from Cryptocurrencies?

Well, if you have similar questions in your mind, then let me help you out. In this article, I am going to talk about certain things that will help you to earn money from Cryptocurrencies.

So let’s just go ahead and check them out:

Earn Money from Cryptocurrencies

1. Investing and Holding

Investing and holding is one of the common ways to earn money from Cryptocurrencies. In this case, all you have to do is invest in some of the most profitable cryptocurrencies and hold them for months or years. And when the price starts to go up and reaches a good level, you simply sell all your cryptocurrencies, and you are all done.

It is the safest option to earn money from Cryptocurrencies. Also, if you ask me what are the most profitable cryptocurrencies, I would recommend you to look for Bitcoin, Ehteerum, BNB coins and others.

2. Lending Cryptocurrencies

Lending cryptocurrencies is another great way to earn money online. If you are someone who owns some cryptocurrencies like Bitcoin or Ethreum, then you can lend your coins and earn benefits in return. By lending your cryptocurrencies, you will be able to earn a decent profit of 2% to 8%.

Also, the best part of crypto lending is that you don’t just get to hold your coins for the future. But you are also earning a profit on the go. To get started with Crypto lending, you can join Blockfi.

3. Mining Cryptocurrencies

Cryptocurrency mining is another great option to make money. However, this method requires you to invest in good hardware and electricity. But it will surely fetch you a large amount of money in the long run. Even in some countries, different companies have built Crypto mining farms.

Moreover, it is not really necessary to have good hardware and invest in electricity. These days, there are quite a lot of platforms available which you can use for cloud mining.

4. Blogging On Cryptocurrency websites

You can also earn money from cryptocurrencies by blogging and writing on websites that pay you in cryptocurrencies. The logic is pretty simple, you post your articles on a website, and if readers really like your content, they will pay you cryptocurrencies to read it.

If your content is valuable, then you can also directly monetize your content. To get started with this platform, you can join platforms like Steemit, Y’alls, and so on. A great example of this is my friend Sandra Smith from TechCrucial as she has also started blogging on cryptocurrency sites.

5. Cryptocurrency Arbitrage

In the end, you can try out Cryptocurrency Arbitrage. As you know that Cryptocurrencies are not controlled by any government. Hence, you will see a price difference from one exchange to another. So all you have to do is buy Cryptocurrencies from one exchange and sell it on another platform where the price is a bit higher.…

What Hardware Can Extract Bitcoins?

What Hardware Can Extract Bitcoins? bitcoin mining

Topical models for Bitcoin mining: Antiminer S7, Antiminet S9, Antimner D3. The release of these ASICs is engaged by brand Bitmain. The key indicator of miners is power consumption and hashrate. Model S9 has a hashrate of 12,000 to 14,000 Gh/S (gigahashes per second). Power consumption: 1300-1400 watts. All these miners are mining according to the Scrypt algorithm. Running model Antiminer S9 with a hashrate of 13.5 Th/S and a consumption of 1400 watts will cost 2200-2500 dollars or 150,000 rubles. Buyers have to buy from the Chinese – only they produce them on an industrial scale.

Features ASIC Antminer S9 for mining bitcoins

In the summer of this year, a new ASIC appeared in the world of cryptocurrency. If to characterize it in a few words, then we can say that it is very powerful, very fast and quite expensive. The developers did not stint on the most advanced technology. Moreover, each individual element is far superior to earlier versions. Miners can buy ASIC AntiminerS9 for two thousand dollars.

The new model has an updated version of the Bitmain interface, which takes a minimum of time to configure. In this case, the user can receive the necessary statistical information in real time. All information is grouped in the appropriate tabs and categories, which greatly simplifies working with them. But the key performance characteristics of the installation are the following performance indicators:

  • The level of energy consumption is 1172 W/h.
  • Hashrate is 11.85 tx/s.

It is clear that the development of such hardware for mining Bitcoin invested a lot of money, and to create it yourself, with your own hands is unlikely to succeed. The creators of AntminerS9 have managed to significantly increase the speed of mining of virtual coins and at the same time reduce the level of electricity consumption. When comparing the models of S7 and S9, it becomes obvious that the hashrate has almost doubled.

Such a powerful jump is quite justified, because the complexity of the mining also increased significantly. In addition, the new version of ASIC is equipped with two coolers. The fans are located on the sides of the installation, so that the processor cools much better and faster. Acquaintance with the technical characteristics of AntminerS9 causes the majority of cryptominers to immediately buy mining equipment Bitcoins. But first you need to prepare for it enough free space, taking into account the dimensions of the model: 35×13.5×15.8 centimeters. Special mention chips deserve. If 135 chips were installed in S7, then there are already 185 of them in the new version.

The approximate current yield of Antminer S9

It is quite natural that such a large investment in the purchase of the latest model of ASIC makes one want to know what profit this investment will bring. The updated version of the device will replenish the budget of the cryptominer by an average of $ 7.29 per day (excluding the cost of electricity). At the same time to calculate the profitability of hardware for mining, the following indicators were taken for bitcoins:

  • The reward for the mined block is 12.5 Bitcoins.
  • Hashrate is 11850 gigahashes .
  • Power does not exceed 1172 watts. When the price of electricity is $ 0.02 per hour, its consumption per day is $ 0.48.

Even if the cost of electricity slightly exceeds these indicators, the result will still be quite impressive. If the user intends to buy Bitcoin-miner ASIC, it is best to make a purchase through a solid online store. Only in this case, the freelancer can be sure that he will receive a quality product with a guarantee. If ASICs are purchased using bulletin boards or suspicious sites that sell goods with a big discount, then it is quite possible to come across scammers.

On what to get Ethrerum – video cards (GPU).

Mining of Ethrerum is possible only on video cards. Unlike Bitcoin, a different algorithm is used here – EthHash . Therefore hashrate of ASICs and farms to compare incorrectly.

For efficient mining, miners combine GPUs into farms. For the operation of this design requires a processor with PCI slots (number of slots = number of video cards), a powerful power supply, a frame. The work of the farms is accompanied by the release of heat from the video card fans and the characteristic sound. Powerful units provide a cooling system.

Due to the growing interest in mining, the cost of video cards in the world has doubled since the beginning of 2017. Those who want to start the mining of ether or other currency often order equipment in the USA or in China. Against the background of the cryptocurrency boom co-operatives created ready-made farms. Groups of such entrepreneurs buy video cards, motherboards, carcasses in bulk abroad and then sell to the general population at retail. The cost of farms for mining ETH ranges from 1000 to 15000 US dollars.
Popular models of maps for mining Ethrerum and other altcoins on the EthHash algorithm:

  • NVIDIA GTX 1080
  • NVIDIA GTX 1070
  • NVIDIA GTX 1060
  • AMD RX 480
  • AMD RX 580

The fundamental difference in the purchase of GPU and ASIC

By purchasing an ASIK-miner, you are forever attached to the production of cryptocurrency according to a specific algorithm. In the case of the Antminer S9, this is Sha-256 and Bitcoin. For profitable mining Litecoin, other miners implemented. If the complexity of Bitcoin mining increases significantly, there will be no good options for changing directions. Only mining forks are available.

Actual ASIC models are available in China. Warranties for ASICs are not issued, repair is almost impossible. Delivery of miner from China takes 2-4 weeks. Because of the duty on purchases of over $ 1,000 on the Internet, miners often buy installations in China.

Video cards give great flexibility to miner. It is possible to switch from mining one cryptocurrency to another. For example, from Ether to ZCASH.

One of the problems is the growing cost of the GPU and the exploitation of the farm. Installation takes more space compared to ASIC, requires cooling and control of the work.

Advantages: the availability of warranty, the possibility of repair and re-sale.

How Can We Efficiently Use Cryptocurrencies in our Day to Day Life?

How Can We Efficiently Use Cryptocurrencies in our Day to Day Life? how to use cryptocurrency

We realized that bitcoin and ethereum are revolutionary, but what are the advantages of cryptocurrency in practice?

What makes cryptocurrency useful is not so much the goods that you can buy for them, as well as getting rid of the problems that they solve. This is the main value that they provide to the end-user. It is no coincidence that the most valuable cryptocurrencies are innovative. Take Bitcoin, which revolutionized how we carry out transactions and store values, allowing us to send money to anyone, anytime, anywhere, without any permission.

Like any great idea, Bitcoin has several followers who want to improve what it has been able to achieve. Players like Litecoin, Dash, IOTA and Ripple quickly took the stage, offering faster transactions with lower cost, improved scalability and energy efficiency. Although to some extent these altcoins are struggling to become the most popular payment system of all, the nuances keep them in different markets.

For example, Monero is an anti-tracking cryptocurrency with anonymous transactions, which allows users to maintain the confidentiality of their transactions and maintain a balance without fear that third parties will know about it. The first and most obvious use of cryptocurrency is payments, and the list of companies accepting Bitcoin to pay for goods and services is growing, and ATMs with a withdrawal function are located throughout the world.

The race began to create a standard form of payment using cryptocurrency debit cards, such as Bitpay, which will allow their owners to pay for purchases through ordinary terminals in stores. Although all this is great, the blockchain technology is not limited to the financial sector. It can be used to solve many problems existing in the modern digital world.

So now we can see hundreds of new projects with really incredible ideas. Following the ethereum, dozens of smart contract platforms were created, offering innovative solutions to problems related to agriculture, medicine, IT, logistics and almost any other sector.

For example, Sia allows you to rent unused hard disk space. In exchange for connecting this empty space to the blockchain, you will receive a certain amount of Siacoin, the project’s own cryptocurrency. Here it should be noted the difference between coins and tokens. Coins exist solely as a form of digital money on their own blockchains. Bitcoin and Litecoin are vivid examples of coins.

Tokens occupy a different niche and serve alternative purposes – for example, they represent a digital asset, a share, a fee for using the system, etc. Dragonchain, Waltonchain and Civic are ERC20 tokens. This means that they exist in the ethereum blockchain, and they all serve the corresponding utilities provided by the project.

It is important to note that the usefulness of cryptocurrency is its main characteristic: if the token has practical application and solves an existing problem, it will most likely increase in price. However, many useless coins ended up with more than they should have. For example, Dogecoin was originally a comic cryptocurrency without any value or real market use.

With a market capitalization of about $ 600 million (at the time of writing), this is probably the most profitable joke in the world. Despite some low quality projects (or comic projects), it is fair to say that cryptocurrencies do not exist in a vacuum, but depend on the value of the decentralized application, platform, or blockchain they are based on. Having understood what you read, you will most likely begin to realize that a cryptocurrency is just a great idea. So why is it ten years, and we still do not buy hamburgers for Bitcoins?

Problems of mass recognition of cryptocurrency

Despite all its revolutionary properties, the cryptocurrency industry faces a number of problems that make mass recognition a slow and even somewhat painful process. Let’s look at the biggest obstacles that cryptocurrency must overcome in order to get massive approval. In all methods of payment stability is important.

At times, the volatility of most cryptocurrencies is frightening: they can drop significantly or increase in price in minutes. This is a good chance for investors, but the average seller or consumer will not resort to cryptocurrency because of such risks. Speed ​​and transaction costs are another drawback.

Few coins can compete with payment systems like Visa. For example, a bitcoin transaction now takes about an hour on average, and the commission exceeds $ 15. This makes Bitcoin useless for everyday operations. It is hopelessly slow and too expensive for small purchases. Not to mention the problem of scalability, which does not allow networks to process a large number of transactions over a certain period of time. Then there is the question of security.

Crimes in the millions of dollars have already occurred in cryptospace, such as breaking into the Mt. Gox. Plus, users do not always correctly use cryptocurrency. While the cryptocurrencies themselves are incredibly reliable, the “safety technique” is still evolving. Think about e-mail: it took users decades to learn how to recognize spam, infected and phishing emails. The way in which new cryptocurrency projects attract funds has led to increased control and led to discussions about regulation.

China and South Korea have banned their citizens from participating in the ICO — the initial offers of coins — and a number of other countries may well follow suit. What for? Unfortunately, several scammers managed to rob enough people by offering “new coins”. Legitimacy is the key to recognizing cryptocurrency, and cowboy-style antics create a bad reputation for them and cause skepticism about the long-term viability of the technology. Even after the ICO issue is settled, the legitimacy of using cryptocurrency will continue to be questioned. The authorities will not approve the use of cryptocurrency by citizens for tax evasion or the financing of criminal activities.

Future cryptocurrency

The list of problems listed is impressive, but each one of them has more than one solution on the horizon. The smartest people in the world entered the business, full of enthusiasm. Technological problems seem the easiest to overcome. Recent additions, such as IOTA, can provide unlimited scalability and almost instantaneous transactions at no cost.

The so-called stable coins solve the problem of volatility, using various inventive methods, so that the cost of cryptocurrency does not fluctuate. Security measures are intensifying, and exchanges, such as NEX, are becoming real fort Nocks of the cryptosphere. Despite all this rapid progress, the fate of cryptocurrency depends too much on the authorities. Fortunately, it is clear to many governments that cryptocurrencies have great value, which is difficult to realize until the end.

To the extent that trillions of dollars will flow into a crypto economy, many countries are likely to try to become leaders of the cryptocurrency space. Where there is money, there will be taxes. As the economy develops, investors, corporations, and users will begin to obey the new rules that will dictate the government. We will inevitably get away from the insane anarchy of unregulated ICOs. A number of countries are already laying the groundwork for this to happen.

While China and South Korea have preferred bans, Switzerland has released guidelines that build the legal framework for the ICO, striving to become the most cryptocurrency-friendly nation. Everything becomes more interesting. As soon as the bureaucrats give the green light to cryptocurrencies, companies of all shapes and sizes will not fail to take advantage of this. Naturally, the infrastructure will not lag behind: banks, commercial enterprises and service providers will catch up, and soon your grandmother will start buying Christmas crackers for bitcoins. The lights are muffled, and you better take a seat in the front row. Perhaps mass recognition will take months and even years, but the cryptocurrency is the star actor in the show, which definitely deserves attention.…