By Natalie Lord
Over the past few weeks we’ve look at different ways of making money in the cryptocurrency space, ranging from investing to writing content, getting involved in affiliate programmes and sponsorships. This week we look at making money through mining, airdrops, crypto bounties and faucet farming.
In the early days of crypto, mining was an excellent way to make money. Now, making money from mining is much more difficult, as it’s the preserve of large operations in pockets of the world where electricity is cheap.
Even these large companies are facing challenges. The largest cryptocurrency mining company in the world is Bitmain. But last year in December it fired its entire Bitcoin Cash development team as well as more than 50% of its workforce.
If you want to explore building mining rigs as a personal challenge, as opposed to it being a lucrative venture then it’s worth looking into. But from a money-making perspective, the time has passed.
We’ve looked at airdrops in reasonable depth previously, and if you’re keen to learn more about them you might like to read the relevant earlier blogs. In brief, airdrops are when a cryptocurrency platform distributes tokens into the wallets of users free of charge.
Typically, airdrops are done by crypto-based start-ups to increase exposure and create liquidity. There are a number of airdrop pitfalls and scams around, but if you get it right there’s no downside to free money.
Another way to grow your cryptocurrency is through a bounty system. A bounty is a task or job that’s created by a coin developer that you do to earn free coins. A task might be to generate content or share social media posts, to comment on posts in forums or accumulate signatures. The tasks are typically easy to do and the higher your ranking on the platform gets, the more income you make.
Bounties usually happen before an Initial Coin Offering (ICO). If you want to get involved in bounties, take a look at bitcointalk.org.
The input of time versus income in the bounty space has changed with the reduction of retail ICOs. To make decent money you’ll need to invest a lot of time carrying out tasks, which you may or may not be inclined to do.
A more entertaining way of making money in the space is through faucet farming.
Faucet farming involves pressing buttons on a website and getting paid for it. If you’re good at networking and can build a strong contact base you will do well in this sphere. You’ll want to look at cryptotab.com.
Another option in this vein is to earn Bitcoin tokens though Bitcoin faucets. Bitcoin faucets are a reward system, found on a website or app, that dispense rewards in satoshis. A satoshi is a hundredth or a millionth of a Bitcoin. The satoshi is claimed in exchange for completing a specific task set by the website. Typically, tasks might be playing games, clicking on ads, watching videos or solving captchas. There are alternative faucets available that pay in other cryptocurrencies.
To close, there are numerous ways of making money in the cryptocurrency space. Choose the avenue that seems most suited to your skillset or area of interest and go for it: cryptocurrency is yours for the making.