We’re in the year 2022, if you have no clue what cryptocurrency is by now, we can only assume you’ve been living under a rock. If you’ve got an idea of what it is, this article might help you do more with that information. Mining is one way of earning crypto without sharing the rewards of having solved a block. But over the years, it has gotten expensive to keep up with the solving power and the competition. So can you still earn cryptocurrency at home? What does it take?
How does one earn crypto?
There are multiple types of ways you can earn crypto, such as:
- Staking
- Staking pools
- Exchanges that offer staking pools
- Mining
- Mining pools
- Airdrops
- Faucets
Staking
Some coins and tokens are generated by staking. Staking involves depositing cryptocurrency you already own so that you have the ability to add new transactions to the network. Once deposited, your deposited cryptocurrency will be frozen, just like collateral. If you are chosen, at random, to complete a transaction, you can earn a cryptocurrency reward for the work done by your software. If you get caught making happy trades, you may lose your bet.
If you already have the capital to be a solo bettor but don’t want to get into technical issues, you can use a staking service provider like AllNodes to do the job for you with additional fees.
Staking Pools
Don’t have tens of thousands of dollars worth of crypto to bet on? Instead, gather what you can, like how cryptocurrency mining pools combine computing power. People bet smaller amounts until the pool reaches the required amount and the confirmation process begins. The rewards are distributed proportionally, according to your bets
Exchanges that offer staking pools
You can join the staking pool on the same app where you made your crypto trade if they offer it. However, just as a car rental company offers to refuel you when you return the car, there will be a premium attached to that level of convenience. Don’t be surprised if a quarter of your reward stays on the exchange.
Mining
Mining software is free and all you need is a computer that runs it. A PC used to suffice. But the problems we have to solve are getting harder and harder, so realistically we have to spend thousands of dollars on dedicated hardware. Then there’s the electricity bill. Bitcoin alone is estimated to make him use as much electricity in a year as Pakistan, the fifth most populous country in the world.
Mining pools
The setup is the same as solo mining except for running software that works with other miners. But don’t expect to be able to plug your old college laptop into someone else’s supercomputer. The more computing power you provide, the more rewards you get.
Airdrops
An airdropped coin is like a small scoop of ice cream on a flat wooden spoon. It’s free and used to stay interested, get more, generate buzz, and build followers. Especially popular for tokens and projects.
Faucets
Exchange your time for virtual currency. Complete simple tasks – take online quizzes, watch videos, answer surveys – for a small amount of crypto. To send your earned crypto, you need a wallet. Googling Crypto Faucets should give you a good idea of where to start, but consider reading a few reviews before committing completely.
Cloud mining
Now, most of these offer short-term or little to nothing in terms of profit. That is where cloud mining comes in.
Cloud mining is the mining of virtual currency using equipment borrowed from other companies. Equipment can be located anywhere in the world. The miner can be accessed online through the control panel. The cloud mining service company takes care of any concerns about mining rig placement and maintenance.
Cloud mining is the easiest way to start mining without investing in hardware. Technically, cloud mining is no different than traditional cryptocurrency mining methods. As a reminder, Bitcoin and many other coins are based on a proof-of-work consensus mechanism. To confirm transactions on the network, miners consume computing power and receive cryptocurrencies as rewards.
Conclusion
There are many opportunities and methods to earn crypto from the comfort of your own home. Cloud mining is probably the most hassle-free and easiest way to earn. There are a number of cloud mining services out there but Daily Mines is a lot more than just a cloud mining service.
We offer our users a chance to earn crypto, daily ROI, and while also making passive income. Join Daily Mines today, we mine for you!