Each day people get more interested in cryptocurrency. The boom of the moment is to get the reward for mining, but everyday mining gets more complicated if you do not have the money to invest in hardware like ASIC miners or GPUs rigs.
Coins like Bitcoin and Ethereum become more difficult to mine as the complexity to solve the algorithm or hashrate grows as the demand grows in the market demanding more advanced rigs that show better performance.
There are many strategies to start in this fascinating world of cryptocurrencies that involve mining another variety of coins that do not require advanced hardware for mining, such as the so-called ASIC Resistant which are mined exclusively from PC or even Mac.
Why mine other currencies for passive income?
In the cryptoworld every coin can give surprises day by day, it is a volatile market, goes up and down in a matter of hours, but many people use US dollar as the reference for comparison, however, I think that is an error because the dollar has been falling as compared to euro. If you want to see your real profits, your reference has to be the currency that leads, and at this time it is Bitcoin. Your real income is the Bitcoin equivalent of the coin you are mining.
Bitcoin mining in 2013 was very easy and you could do it from any computer, today the miners who managed to earn Bitcoin back in 2013 have become millionaires. In the same way, today you can be mining a currency with a lot of potential for the future. My advice is to mine any cryptocurrency and hold in the long-time term.
Here are 5 strategies to mine and earn passive income
1) Mining with your daily work computer
I work on Mac, and I’ve been mining Cryptonote for a year now. Cryptonote is a type of currency with many qualities such as advanced privacy in transactions, and it is mineable only on PC/Mac.
To mine cryptonote, you must install MinerGate Mining software from MinerGate.com. You can use it on Mac, PC or Linux. With my experience working hard on Mac, MinerGate does not demand much CPU memory to mine and does not heat up your computer.
2) Old laptops or screen broken computers Rig
Personally, this is my favorite, since we reuse the equipment that we do not need to make them miners. Remember that to receive profit you have to leave the computers up and working 24/7. The income will be slow but constant.
If you have a laptop that you no longer use, all you need is to install a remote desktop viewer to be able to control it without using the screen. The screen is one of the elements that consume more energy, so try to keep it off. You’ll need to configure it so it will not turn off when you close it and continue working while it is closed.
This can be achieved by opening the power configuration – advanced settings – custom settings.
Try to keep them together in a cool, ventilated place. Use power regulators to control power surges and prevent your rig from burning. We do not want you to burn down your house.
Install MinerGate app on each laptop with under the same account and that´s it, you have miners working for you.
3) CPU cloud computing
This is different from cloud mining because you have full control of the confirmation of the computer you need to use to mine.
There are professional cloud computer services online like Amazon AWS or Google cloud computer, but it is forbidden to mine on those platforms. Also, the set up is very complicated and expensive.
There is an easy alternative called Paperspace. In two steps you can set up a computer online and you can do everything you want with it. Mining is allowed so you can use GPU or CPU with MinerGate or mine by command prompt.
You need an internet speed of at least 3mbps to use it as a normal computer, but in the cloud computer, you have high transfer speed.
My tests performed for GPU mining show this option as complicated because the GPU memory they use is Cloud Virtual NVidia. It has enough memory for games and renders, but mining programs do not recognize it, so you can only use CPU with Minergate.
You can configure between 2 to 8 cores per computer which gives you enough power to mine CryptoNote-based coins (Bytecoin, Monero, DashCoin, DigitalNote, AEON etc.) without paying for energy or worrying about technicalities.
4) USB ASIC 2.4 Gh Bitcoin Miners
Mining with USB is not very profitable, but it can be a good home experiment to know firsthand how Bitcoin is born. USB miners are miners using specialized chips that are known for warming up a bit. You can find them on Amazon or eBay from $19.99 to $50 depending on the model. Most are for Bitcoin mining only.
Usually, after buying a USB, you get so excited to see how it starts generating hashrate that you end up buying several. You can build a USB rig and with proper ventilation, you can generate a necessary hashrate to get some earnings.
5) Android smartphone Mining
This is the least profitable option, but you can use it as support to increase your hashrate with others computers. It will be exciting to know that you are mining cryptocurrencies from your phone. Depending on the number of cores, processor, and memory of your smartphone, you can achieve good results in the hashrate, just install the MinerGate Mobile app.
Your smartphone will be solving equations and added to your other computers, improving your total hashrate. Remember every coin you are mining has the potential to become gold, so mine as much as you can and hold it.
“Keep mining for long-time invest to ensure a prosperous future”.