A few weeks ago I posted about how I had been building a cryptocurrency mining strategy to provide a passive income for my family. Not only would this allow a better life for us, but also if something should happen to me it would still earn money for them in my absence.
I started off like most people, mining with the graphics card in my desktop computer.
Then, with the money I saved up from that I bought a couple used Gridseed 5 chip ASIC miners on eBay and then saved enough to purchased two more.
As of now I'm mining Bytecoin with that same GPU and Litecoin with the ASIC miners, both of which are through Minergate. They even have a mobile app to mine with your smartphone
That seems to be the easiest website I have found for beginners to get started mining with their own hardware. They even offer cloud mining for Bitcoin, although it is not very profitable right now.
From there I transfer the Bytecoin and Litecoin to EOBOT, which is exclusively a cloud mining platform, but the best part there is you can get started without spending a dime.
You get to see results in real time and you can exchange any coin they have listed for more cloud mining. This comes in handy with the next step of my strategy.
I also visit a few coin faucets throughout the day. One of my favorites is Claim Free Coins where you can get 1 Dogecoing every fifteen minutes. The withdraw minimum is only 10 so I can send quite a few to my EOBOT account every day.
I use each currency for something different on EOBOT.
They offer 5 year SHA256, 24 hour SHA256 and 24 hour Scrypt contracts that you can purchase by exchanging your cryptocurrencies.
I earn about 180-200 Bytecoin per day with my graphics card, so I exchange those for the 5 year SHA256 contracts. Bytecoin isn't very profitable, but it gives ma a daily upgrade at least.
Once a day I exchange my Dogecoins for a 24 hour SHA256 contract, which provides a little boost. This one is pure profit since it came from a faucet.
Normally I only get around .02 Litecoin per week (might have to try something else as the difficult has increased), but I use those one day a week to exchange for a 24 hour Scrypt contract and that provides a significant boost.
This is all combined to cloud mine Bitcoin, but where I take it from there is the most significant part since it provides the most profit....
I talked about trying out Control Finance in a post a few days ago and I have been very impressed with it so far. I started with an initial $10 investment, which is the minimum. They have a scale for the interest paid, so the more you invest the higher percentage, but for now under $300 pays 1% daily. You can set it to automatically reinvest the profits as well.
After I got to see it pay out a few days in a row I decided to invest the Bitcoin I had earned so far, which isn't a lot I admit, but it's gaining compounded interest every day. The way I look at it is; Might as well have the earnings I've mined working for me, earning a decent profit.
It's the first time in my life that I didn't have to break my back to earn a buck if you know what I mean!
If you're interested in trying any of these strategies, the site names are all highlighted and provide a link
Full disclosure: Those are referral links and it would mean the world to me if you'd be kind enough to use them and help me get even closer to reaching my goal of financial freedom.
Hey great post. I miss the old glory mining days and sold my kit a long while back. Been looking to get back into the game but unsure weather a hobbyist can keep their head above water and produce a decent hashing rate
It's definitely tough, that's why I took this approach. I started back in 2013 when you could still get a decent amount of coins with an HD4850. Those days are LONG gone lol
DId you already get money out of minergate?
Yep, I withdraw 180-200 Bytecoin from there every day.
Nice I will give a try then
have you tried mining using a smartphone?
Yes I have. I used my old Samsung Galaxy S4 and even on Bytecoin it only gets 10 H/s on average. It has to be on the charger the entire time, so I doubt it is worth it. I used my S7 Edge just out of curiosity and it averages 18 H's but I don't want to chance burning up the phone I use daily.
Wow a lot of inspiration from your post! And a lot of questions!!!!
1-Why use Minergate if they will charge quite a bit when you try to withdraw? Even windows 10 has a bitcoin miner totally free.
2-How much did you spend to set up the first mining system? Is it working for you??
I totally agree with you about reinvesting the earnings!we have little to earn or loose, better to dream big and look into a brighter future!
Steem on, new follower in your list! ;-)
Thanks!
I actually use the Claymore miner for Bytecoin and BFGminer for Litecoin and just direct it to the Minergate pool. I tried other pools, but they seemed about the same as far as shares. As for how much they charge I honestly hadn't looked that close at their fees. I will definitely look into that and may have to make a change.
The graphics card I already had since I like to do some light gaming, but its about a $80 GPU if I remember right. The Gridseed 5 chip miners can be bought anywhere from $40-$50 on eBay.