6 Smart Ways to Make Money Using Bitcoin Mining
It doesn’t take a tech savant or a cryptocurrency maven to make money using bitcoin mining; anyone can do it, including you.
It’s something that doesn’t require too many extra hours and could help bring in more money each month.
Now, there are different ways to make money using Bitcoins that can work.
If you’re curious to find out how even you can do it, keep reading this article as I outline six smart ways to make money using bitcoins.
Remember, that investing and buying Bitcoins is similar to playing the stock market, there aren’t any guarantees of a profit.
These tips will help you decide if you’re ready to start making money using Bitcoins and how.
#1. Bitcoin Mining to Make Money Using Bitcoin Mining
Bitcoin mining forms the core of the Bitcoin industry. Miners create new bitcoins and authorize and secure new transactions.
You can earn Bitcoins as a Bitcoin miner every time you process and approve a transaction. When a block of transactions is produced, you’re put in a competition against other miners to solve a proof. The winner of the competition wins Bitcoins as a reward.
Before jumping into this option, there are some points to consider:
• Bitcoin Inflation: Bitcoin doesn’t have inflation because there are a finite number of Bitcoins available. This means the proofs are becoming increasingly harder to solve.
• Profitability and Productivity: You can make a profit as a Bitcoin mining. You need to make sure your utilization and hash rates balance each other out. If not, you’re not making any money as a Bitcoin miner.
• Energy Costs: The utility and energy costs can be higher than your earnings as a beginner Bitcoin miner. This is especially highlighted if you’re mining in your home.
#2. Joining a Mining Pool to Earn Money Using Bitcoin
As I mentioned in the previous section, the proofs for mining Bitcoins is becoming increasingly more difficult.
It’s almost impossible for someone to mine Bitcoins alone.
Becoming a member of a mining pool can give you a small earning quickly.
A mining pool is a team of miners who share their knowledge and hash strength to solve a block of transactions. Miners share the reward corresponding to the number of parts they contributed to the transaction block.
To ensure you get your fair share, there are two methods:
• Pay-per-Share: In this method, a bitcoin miner who has a stake in a pool’s current Bitcoin bank, receives an immediate payment when the proof is solved.
• Double Geometric Method: In this method, a miner receives part of a payment in short intervals and refunds it at long intervals to level out payments.
#3. Using Faucets to Make Money Using Bitcoins
To review, Bitcoin faucet is an incentive system, which is a website or mobile app.
Here’s how faucets work:
• You sign up for a Bitcoin faucet website.
• To earn a fraction of a Bitcoin when you play games or accomplish a task.
• You can get Bitcoins every time you win a game or accomplish a task or some website require you to “save up” your rewards before adding Bitcoins to your Bitcoin wallet.
This is an ideal option if you like playing games or have no problem doing an easy assignment.
Using faucets is also a good way to help introduce you to the cryptocurrency realm. Many faucet websites provide information about Bitcoins and might even give you free Bitcoins.
Essentially it allows you to “test out” Bitcoins at a low risk.
#4. Play Game to Make Money Using Bitcoins
There are some games available on Androids, where players can earn money while participating in games.
The set-up is similar to Bitcoin faucets, where they set up an account with a gaming app and play to earn Bitcoins and rewards.
#5. Watch Videos to Make Money Using Bitcoins
Vidybit is a video viewing platform that allows you to earn Bitcoins.
To use this platform, you need to create an account for Xapo or a Bitcoin address.
After you set up your account, you will immediately receive Bitcoins for whatever video you watch. The videos on the platform are short and there are many channels to browse videos from.
Vidybit is the only platform available that will pay Bitcoins solely for watching videos.
#6. Employ Yourself as a Bitcoin Marketer to Make Money Using Bitcoins
Signing up for localbitcoins.com gives you access to trade Bitcoins for your own currency by trading.
People who sign up for this website turn into market makers when they buy and sell through the site.
Here are the steps to becoming a market maker
• Sign up for a locatbitcoins.com account.
• Design a Bitcoin advertisement to sell them.
• Put Bitcoins in your Bitcoin wallet so customers can trade with you.
• When someone trades with you, the funds are put into your Bitcoin Wallet.
Takeaway
I hope this short piece gave you a good start on ways to make money using Bitcoins. You can also refer to this guide to bitcoins for any further clarifications.
These aren’t all the ways to make money; however, they are the more safe or smart ways to do it.
Try one of them and let us know if there are others that are safe and work!