As promised this final lesson will go over how you can use different opportunities to get cryptocurrency without investing further.
These opportunities are definitely something you should look into – at least you need to know they exist and then you can choose which ones are for you.
This most known form is to mine cryptos – but you will also learn about a couple of other free methods to get cryptos.
So let's get started!
Crypto Mining For Beginners (And Other Ways to Earn Cryptos for Free)
As more and more people become interested in cryptocurrencies and the strange world surrounding blockchain technologies, at the core of crypto is mining cryptocurrencies. Throughout this article, I will describe what mining is and how one can start mining cryptocurrencies for long-term profit. And at the end, I will also show a couple of other ways to potentially get cryptocurrencies for free that are not so well-known.
To understand crypto mining, you must first realize what it is. It is essentially the process of performing certain tasks to create small amounts of cryptocurrencies over and over again. Though you may think you have to do the tasks yourself to create crypto, it is actually the mining hardware that does all the work in mining.
For example, if your computer has a GPU graphics card installed on it, you can basically start mining cryptocurrencies right away. The way it works is that your graphics card uses specific software to mine cryptocurrencies by solving mathematical equations to create minute amounts of cryptocurrency day in and day out.
By mining, you are contributing to the power used to mine the different cryptocurrencies, which allows you to take part in the spoils that come along with mining specifically fractions of cryptos sent to your particular crypto wallet.
There are many different cryptocurrencies that can be mined and multiple ways you can mine cryptocurrencies. One way, in particular, is cloud mining. By participating in a cloud mining service, you can purchase a certain amount of hash power to mine cryptocurrencies from the service. This gives you access to a mining farm full of cryptocurrency miners and gives you a piece of the crypto pie as you could say.
Another way is like said before by mining using GPU processors on computers. Though they do not have the highest amount of hash power which is the power used to mine the different cryptocurrencies, they are a popular way for new miners to get into the mining game.
Alternatively, you can purchase mining rigs from companies like Bitmain which sell cryptocurrency-specific mining hardware. By getting your hands on a crypto miner, it can be much more profitable. Because these mining rigs are built using multiple graphics cards with the power to mine cryptocurrencies much faster, you can start seeing profits a lot quicker.
Setting up a cryptocurrency miner can be as easy as finding a mining pool like Viabtc or Antpool to connect to. Once you decide on a specific pool to mine from, the next step is just configuring your mining rig to use the pool to mine on. To do so, you will have to connect the mining rig through a network cable to your internet connection and find the specific IP address assigned to the miner.
Once you have this information, you can log into the mining rig itself and put in the specific details of your mining pool so that your mining rig knows where to mine cryptocurrency from and where to send it. Recently, I helped a friend set up about 10 different miners at his home address. The process was quite simple and with a few Google searches, anyone can tackle any questions they have about getting set up and getting started.
Mining can be one of the most profitable activities in crypto because you are essentially creating cryptocurrencies from thin air. The more hash power your mining rigs have, the more cryptocurrency you can mine every second. By mining cryptocurrencies, you can easily build a store of wealth that continues to go up as the crypto industry grows and develops over time.
Also, not only Bitcoin but Ethereum, Litecoin, and several other cryptos have the ability to be mined using mining rigs. The only downside to mining is the electrical output that it creates, which can be quite expensive with several miners running at the same time. So this is just something you need to consider depending on the price of electricity in your area.
Mining is, however, not the only way to get your hands on cryptos without buying or trading.
Below, you will find more info about how to get started with mining if you want to give it a go but also a couple of other easy ways to grow your earnings for free.
Today's tasks!
Today's tasks will give you different opportunities to earn cryptos for free. Below you will find more info about 3 different methods. You can use just one of them or all of them, depending on your preferences.
Option 1 – Get started with mining
After the lesson above, you have a good understanding of what crypto mining is and why it can be profitable. If you think this sounds like something for you, then you can follow some of the suggestions above to get started. But if you want the easiest possible way to get started without having to spend much time getting everything set up, then there are a couple of very easy ways to get started I want to share with you.
One option is to just go to Binance where you might already have an account from previously in this course. Binance is not only a trading platform but also offers several ways to earn. And one of the options is to earn by mining.
Once you have logged in, you just choose “Finance” in the top menu and then “Binance Pool”. There you will find several tutorials about how you can easily get started mining and getting the benefits of being a part of a network.
Another option (and probably the easiest way to get started mining) is to go to CryptoTab where you can start mining with just a few clicks and without any special equipment or anything like that. You will not earn as much here as with the Binance mining option or if you spend time and money setting up mining equipment as described in the lesson above, but it only takes a few minutes to get started (you can see a full tutorial here).
Option 2 – Earn high interests on you crypto holdings
One option I am using quite a lot of myself that many people are not aware of is that some exchanges/trading platforms offer you quite high interests on your cryptocurrencies.
Again, here Binance and Crypto.com are some of the best options I have found. I am, for example, currently getting a 7% interest on my Bitcoin holdings on Binance.
7% is a huge interest rate – compared to my regular bank where I actually have to pay interests just to have money standing. And this is just one example – both platforms offer interests on many different cryptocurrencies and I have seen it all the way up to around 45% interest for some currencies.
This is very easy to get started with. On both platforms, you just go to the earn section, and there you can see which currencies they are currently offering interests for. You then just choose the ones you want and with a few clicks, you start earning. You can check out this video where I show an example of this inside Binance.
So if you have any cryptos you are planning to hold on to for a while while they hopefully increase in value, then make sure to use these interest-earning methods at the same time.
I would definitely encourage you to go to your chosen platforms right away and see what kind of interests they offers.
Option 3 – Do small tasks and earn crypto for free
If you would like to get more cryptocurrencies but do not have anything else to invest, then there are actually several platforms that offer cryptocurrencies as rewards in exchange for small tasks like taking surveys, watching ads, downloading apps, playing games, and more.
It will require you to put in a bit of effort to do the tasks but can then be an easy way to earn some extra cryptocurrency for free.
If this sounds like something for you, then you can find more info about platforms that offer this opportunity below:
- Learn about platforms to earn Bitcoin by doing tasks
- Learn about platforms to earn Litecoin by doing tasks
- Learn about platforms to earn Ethereum by doing tasks
All of the platforms I refer to through the links above are 100% free to use and you can easily get started with them.
What's Next!
That was the last lesson of this course – I hope you have learned a lot and have now started your crypto journey as it is a very exciting journey with a lot of opportunities.
Make sure to use all the resources I have shared here throughout this course and then keep learning and earning.
Once in a while, I will still send you emails with new opportunities or important crypto news I come across, so keep an eye out for my emails.
Thanks for following this course and wish you all the best on your crypto journey and speak soon.
Cheers,
Mikael