Making money as a crypto miner is an easy right? Simply plug in your ASIC mining hardware, sit back and watch the profits stream into your wallet. We all wish it was that easy but it’s not. It’s getting increasingly hard to turn a profit as a miner in this bear market but fear not. There are more creative ways to navigate this industry if you’re willing. Let’s take a look at some strategies right now.
MAKE MONEY AS A CRYPTO MINER: COMPETITIVE MINING
This option is the very first business model proposed by the original miners. It’s legal and it’s incredibly competitive these days. With this strategy, miners buy powerful hardware to get them started and eventually scale up their operations over time in order to stay profitable. The problem with this method is that with energy costs rising, bitcoin prices falling and more competitors entering the industry every day, it’s hard to earn a lot of money as in the early days. Hence, we have our next option.
MAKE MONEY AS A CRYPTO MINER: CLOUD MINING
There is a lot of controversy surrounding cloud mining and for good reason. Cloud mining is one of the least transparent niches in the crypto industry and it’s not exactly improving. Think of it this way.
A guy tells you that he has everything he needs for a good mining operation. All he needs is for you to pay him up front. Then, he promises to give you a little bit of the block reward each time in the future. Oh, you want to see the equipment and the results? Sorry, not possible. It sounds crazy but that’s essentially how cloud mining works. Not a recommended option but an option nonetheless.
MAKE MONEY AS A CRYPTO MINER: CROWDFUNDED MINING
Crowdfunded mining is starting to garner a lot of attention as it allows the user to mine crypto without managing the hardware themselves. Mining rigs are stored and maintained in a facility owned by the mining company. There is no fixed fee like with cloud mining. instead, the customer registers and purchases mining contracts to get a fixed part of the company’s profit, very much like an IPO. Yet again, one must be wary of which company they invest in as many tend to lie about certain qualities of their location, profitability etc. Due diligence always applies.
MAKE MONEY AS A CRYPTO MINER: CRYPTO BACKED LOAN PLATFORMS
Crypto backed loan platforms are the most straightforward way to profit as a crypto miner. Using the crypto you already mined at home as collateral, miners then receive a cash loan of their choice to spend on business expenses, investments, etc. Once the loan is paid, they get their crypto assets back. YouHodler is particularly attractive to miners as they offer BTC, BCH, BSV, ETH, XRP, LTC and more as collateral options. Furthermore, another benefit for miners is our referral program. Each miner can earn 5% interest off each loan their referral takes out. Combine this with the actual earnings made from mining and a potential bull run in the near future, and miners can set themselves up with a very nice passive income using the YouHodler platform.
If you’re a miner who needs cash now without selling your hard earned crypto, go ahead and visit YouHodler.com today. Thanks for your support!