Cryptocurrency is here to stay. You need to have some form of passive income from cryptocurrencies in your portfolio. In order to get started, I will highlight 5 ways to earn passive income with cryptocurrencies. Again, passive income is not truly work free or stress free. There are no free tickets in life. You will need to manage your income streams (in some capacity) going forward. Here are 5 ways to earn passive income with cryptocurrencies.
5 Ways to Earn Passive Income with Cryptocurrencies
Earning passive income is very important. It is said that the average millionaire has at least 7 different forms of income. Nowadays, it is easier to make money online than ever before. Ways to earn residual income are ever changing and to have a first move advantage you need to be up to date on the best passive income ideas. If you’d like to build an investment portfolio with cryptocurrencies, Robinhood just released cryptocurrency trading under the name ‘Robinhood Crypto’. If you join now, you get a free share of stock.
The early days of crypto mining reminds me of a number of dividend growth companies. We are big fans of dividend growth investing and a logical pairing to that would be passive income with cryptocurrencies.
With cryptocurrencies, you can earn income from mining and own the coin outright. This gives you the stability of the income and upside potential (downside risks as well).
How to Make Passive Income with Cryptocurrencies
What is passive income? Passive income is receiving an income stream that requires little to no work. I always seek out residual income streams to increase my overall income even if it is only a few hundred dollars each month.
I like to think of that monthly income like a dividend. I put all residual income into my dividend growth portfolio, which enables continue to grow my asset base AND receive more income through dividends.
In order to make passive income with cryptocurrencies, you need to do some research on the various options. If you take the time to do the upfront research on cryptocurrency and passive income, you are able to reap the long-term benefits.
Here is the difference between passive income and nonpassive income.
What is mining crypto?
Mining is the act of the validation of transactions for certain cryptocurrencies. Not all cryptocurrencies are mined. As part of the reward for mining crypto, you receive the actual coin in exchange for the act of transaction validation. Some minors pool together their resources to minimize the required output for mining transactions.
Mining cryptocurrencies requires a lot of computing power and takes up significant electricity. So much that it was reported that a number of Chinese miners moved to Canada due to their low power prices to scale up their cryptocurrency mining operations.
Mining cryptocurrency is an easy way to earn money on the internet without doing much work. The following forms of passive income with cryptocurrencies are not high scale mining operations and require a bit less in electricity output.
Our favorite ways to earn passive income with cryptocurrencies
Here is a list of 5 different ways you can use cryptocurrencies as a form of passive income. All of these options are simple and straightforward. These passive income streams will enable you to start earning additional cash flow now and increase your income without working more.
- WinMiner (GPU Mining): WinMiner is extremely easy to use. All you need to do is download it and set up your account and you are good to go. In addition, you can get paid out in a variety of ways such as Bitcoin, PayPal, ETH, LTC, Amazon or iTunes. Your balance is always displayed in USD.
- Kryptex (GPU Mining): I love Kryptex’s UI. It has a very customizable dashboard for your settings. You can request a payout in Bitcoin any time after you have 0.0006 BT. Kryptex does have a referral system that allows you to earn 10% of your referrer’s earnings.
- LoadTeam (CPU Mining): LoadTeam was formerly a site that would pay you to test loading websites in the background. It was never a lot of money, but they recently changed their software over to crypto mining. I recently downloaded the program and am now running this in the background while I work. I didn’t even notice the difference in CPU usage or even that it was on. LoadTeam offers instant PayPal transfers with no fee for all balances over $1.
- Burstcoin Mining (PoC Mining): Proof of Capacity (PoC) mining uses free storage to mine. The appeal is that it seems like everyone has free storage. Unlike CPU and GPU mining, it is much more difficult to to get involved in due to the number of steps and the knowledge needed to plot your storage. Here is a YouTube video explaining burstcoin a bit more:
- FreeBitco.in (Savings / Investing): FreeBitco.in allows you to use their site as a savings account. They can pay 4.08% annual compounded interest per year on all your balances held. The interest is paid DAILY. Their site works as a wallet as well and you can set up weekly cash out option. DISCLAIMER: INVEST AT YOUR OWN RISK.
A few extra bucks has me extremely excited. What do you think are the best crypto for passive income? Want to earn money online? Here are 23+ provide online jobs without investment that can help you increase your income.
Conclusion on 5 Ways to Earn Passive Income with Cryptocurrencies
These 5 ways to earn passive income with cryptocurrencies are very minor in the grand scheme of things. However, this will give you beginner type access to the world of mining that will hopefully lead you to further idea generation into passive income opportunities in cryptocurrency.
I am very excited about the Brass release for Golem and think this could open the gates to a new world of the “AirBnB” of computing. We believe that Golem has the ability to be the best crypto for passive income.
What are your favorite ways to earn passive income with cryptocurrencies? Have you been involved in earning residual income online? As always, let me know if you have any questions using the comment form below or contact me.
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