Updated: 14th of April, 2021 - We've had over 50,000 readers! 🤯

Honeyminer makes mining and earning money simple for anyone with a computer. Start earning now. Available now NEW. We make it easy for you to mine like a pro. Honeyminer gives anyone easy access to sophisticated mining software. Imagine earning meaningful passive income just by having your computer turned on, all while taking. In this part, I discuss the most popular crypto mining business models – that is, ways to make money mining. Crypto like Bitcoin are intentionally set up with an automatic, decentralized mechanism. The following are the best and top-rated Bitcoin cloud mining websites in the market. Launched in 2018, the United Kingdom-based mining field Shamining with its farms in London, San joe, and Capetown is one of the best-suited mining platforms for miners with minimal knowledge of the crypto mining process. Bottom line - Cloud mining companies are usually always like a casino - the house always wins. If you do start making profits with them it is after a very long and risky period in which Bitcoin’s price probably went up and you could have made more money by just HODLing. Be careful with your bitcoins! Written by Ofir Beigel on October 17, 2016.

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So you want to jump into the fun world of cryptocurrency?

And if you're like most people reading this article, you're probably wondering if it's too late.

You may even be regretting not jumping in when you first heard your friend mention it a few years ago.

Do not fear! Although we've experienced some incredible growth recently, it's not too late.

In fact, in my opinion, we're really still in the early stages.

It's been 4 years since I began my journey and in this guide, I list out all the ways to earn from bitcoin and cryptocurrency and the returns you can expect from each.

I invested $20,000 in testing each of these tactics out and this guide will cover the results I achieved and my earnings from each one.

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Where To Buy Bitcoin & Crypto

TL;DR: Unless you have a lot of resources, buying bitcoin or crypto directly is still the best way to get the most value from your purchase.

I'll shortly add sections on DeFi and NFTs but personally I simply buy a 50% Bitcoin and 50% Ethereum split.

‍I personally use Coinbase to buy most of my crypto since it's just so easy to sign-up and get started and you get $10 free I believe when you buy your first $100.

To get the most out of this article:

Start by skimming through the article but please don’t end on that. Give it a full read since there are definitely tips and tricks that can save you thousands.
If you get any value out of this, please share it, link it, and bookmark it. I’ll be updating this regularly so check back constantly for more juice. 🔥
Finally, none of this is financial advice. These are my own learnings, calculations, and thoughts based on what I’ve done and things I’ve read. As always, do your own due diligence and never believe people on the internet at face value.

Alright, let’s jump in!

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How to earn money with cryptocurrency and Bitcoin:

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EDIT: There has been a huge amount of interest in this blog, thank you so much! Had so much fun reading all of your amazing messages and stories. Here are some quick links and tips I recommend:

Buy the cryptocurrency directly, that will lead to best value. I personally use Coinbase.
You can actually start mining for free today just using your computer. You won't get much but it's fun: HoneyMiner
Cloud mining, for most cases, is a huge waste of money
Monkeys can do technical trading better than humans can, so don't do it lol 🐒

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1. Two main ways to make money:

There are two ways to make money with crypto.

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Quantity

The first is by maximising how much of the currency you end up with.

For example, you spend $8,000 on a miner and in 12 months it mines $20,000 worth of your chosen cryptocurrency. Minus the $8,000 in costs, you net $12,000 or 1.5x your initial investment. You spent 1 bitcoin ($8,000) and in 12 months time you now have 1.5 ($12,000).

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Value

The other way to make money with cryptocurrency is based off the value.

Bitcoin a year and a half ago was $18,000. Today it’s around $63,000. There are thousands of cryptocurrencies with their own stores of value and we all are hoping to invest as it goes up.

For a lot of these strategies below, we’ll assume that the value of crypto doesn’t change. This just makes all the calculations easier without taking anything away from the guide.

This is because how much money you earn is based off how much crypto you have in the first place.

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2. Buying cryptocurrency directly 💸

Buying cryptocurrency directly is still one of the easiest and safest ways to secure the most cryptocurrency for your dollar.

What you’ll unfortunately find is a lot of the other ways to generate more money actually loses you money.

So we’ll start with the ‘safest’ play.

Now you might be wondering why I air quoted the word safest.

Let’s get this out of the way, it’s because this is not a safe investment.

Cryptocurrency, even if you’re a believer that this is the definite future, is still a super risky way to try generate a return.

We saw it happen at the end of 2017. Logic does not hold in the mind of the masses. We saw everyone buying crypto more and more as it increased in value, even though this is the worst time to buy. And then the few bigger companies sold, and the masses lost their wealth.

We saw this in 2008 during the global financial crisis.

And in the dotcom bubble.

And in the great depression.

We as human beings aren’t good at predicting things.

So if you have money to spare and want to play around, then this could be a super fun way to do so, but one thing we must admit to ourselves to be a good investor, is we don’t have all the information.

There are a lot of people out there trading with way more information than us.

Sometimes we can win, but let’s not kid ourselves and pretend we’re the next crypto billionaire.

By buying it directly, we ensure we get the full amount.

Note, that some cryptocurrencies you can’t buy directly with fiat currency (like USD). You’ll need to buy a major cryptocurrency like Bitcoin, then exchange it.

Places to buy it directly and exchange:

Coinbase - Where I personally store the money I trade with. In New Zealand you still can’t buy on Coinbase but I believe you can in almost every other country. You can also exchange Bitcoin or a major cryptocurrency into many other varieties.

Binance - The platform I use to exchange major cryptocurrencies into the smaller ones not listed on Coinbase.

3. Bitcoin and cryptocurrency mining ⛏

Buying and hosting your own miner.

For some reason, I’ve always loved commodities.

I’ve always wanted to own a deep sea fishing boat, even though I’m vegan, and the ports in major cities fascinate me.

So since early 2017 I’ve tried to figure out ways to mine my own cryptocurrency.

And every single time I did the math, it never made sense.

And that led me to wonder, WHY ARE SO MANY PEOPLE MINING CRYPTO.

Let’s do some quick math.

Let’s say I wanted to buy this brand new, sexy, Pandaminer B3 Pro. A super efficient, top of the market miner for Ethereum.

Even the website says it’s hot! 🔥

Okay. So if we scrolled down a bit to the calculator screenshot we can see two key stats that I entered in based on the miner’s specs.

Hash Rate - 220MH/s (ETH)
Power Consumption - 1250W +10% (ETH)

So the hash rate is how fast the miner can mine.

The power consumption is how much power the miner uses.

Finally, you can check to see how much you pay her KWh. New Zealand is roughly $0.20 NZD or $0.138 USD. Let’s go with the USD price since that’s the same currency as the Pandaminer.

Plugging these numbers into a calculator below you get something like this:

Awesome! So, for every year, we generate $504 in profit!

Oops, but wait.

Can I Make Real Money Mining