How to Make More Money With Bitcoin Mining from Genesis Mining?
Other than investing your money in Bitcoin mining with professional miners such as Genesis Mining, probably the other alternative way to earn Bitcoin is to buy and sell. However, it is slow to make money from just buy and sell. There is another way to increase your earning with Bitcoin. Read on to find out how you can make more money with Bitcoin mining from Genesis Mining.
How Lucrative is Bitcoin?
As at the time of this writing, the current price of BitCoin (Thursday 4th April 2017) was 1,126.77USD and exactly a year back, it was 419.40USD. Comparing BTC returns with that of the DJI and gold, this is what I obtained:-
Current Price of BTC: 1,126.77USD
Price of BTC 1Y back: 419.40USD
Based on the record of the last year alone, you would see that BTC has outperformed both the performance of gold and DJI by a landslide.
BTC is less established in terms of an investment vehicle than both gold and the DJI. A simple example would be the EU ruling BTC a currency, while U.S classify it as a commodity. So what exactly should BTC be classified as? With that level of uncertainty and variability in BTC, it has a chance of obtaining supernormal returns like it had in the past years, but there is a chance things could also take a turn for the worse.
While I can say for certain on the historical returns of these modes of investments and compare the performance between them, no one can speak with confidence how lucrative BTC will be in 2017 or the coming years.
A golden rule of the thumb when it comes to investing would be that the amount of risk correlates with a number of returns.
How to Make More Money With Bitcoin Mining?
Bitcoin was designed to bootstrap itself slowly over time. Miners are paid with a combination of the block reward for each block found, as well as receiving the fees from all transactions in the block. Initially, the block reward was set at 50 BTC/block, as the currency had a low value relative to other currencies, and the fees were inconsequential. Every four years, the block reward drops by half, and after eight years it is down to 12.5 BTC/block. But the fees to send bitcoin are rising exactly as expected, and the value of bitcoin is higher relative to other currencies. The Bitcoin ecosystem thus stays in perfect market balance.
Every four years, the block reward drops by half, and after eight years it is down to 12.5 BTC/block. But the fees to send bitcoin are rising exactly as expected, and the value of Bitcoin in is higher relative to other currencies. The Bitcoin ecosystem thus stays in perfect market balance.
1. Mine the right coin
To keep the system running optimally despite changing market conditions and bitcoin mining technology changes, Bitcoin also has a parameter called “difficulty,” which adjusts how hard it is to find a block to match how much mining is happening.
Every two weeks (technically, every 2016 blocks), mining difficulty adjusts either up or down so that a new block is produced, on average, every 10 minutes. You can see the history of Bitcoin difficulty adjustments on sites like. Hence, there is no point investing in your own gadget and mine yourself at the basement.
It is possible to make a profit if you mine the right coin and sell at the right time. The best way to make a good profit is to mine a new altcoin when it first launches. Hold it for a few months until it is listed on an exchange that has a lot of buyers.
There are cryptocurrencies designed specifically for CPU mining which gives laptops a chance at hitting blocks while solo mining, and there are also POS (proof-of-stake) coins that let you earn interest just for hosting coins in and open wallet on your laptop.
However, there are maintenance fees you have to pay if you decide to mine it our own. Furthermore, this fee is taking from your daily earning. The maintenance fee covers all costs related to mining includes the followings:
- electricity cost;
- maintenance work; and
- hosting services.
Even if you are given free electricity today to mine your own coin, equipment, too, can cost you a lot. Working on your own can be difficult.
2. Invest with cloud mining provider
First of all, 80% of cloud mining services are scams on the internet and most of the remaining 20% will give you slow return on your investment. if you are just throwing in money in cloud mining provider, it is going to be an extremely slow to even earn back your capital.
I’ve been looking for ways to make more money from Bitcoin. Just like everyone else I tried different methods to make a consistent and steady income from the currency. I tried trading bitcoins, mining Bitcoin, and Bitcoin faucet websites.
Since I truly believe that Bitcoin is going to change money as we know it I decided to start educating people about Bitcoin. Whenever someone searched for ways to buy Bitcoins for example, I would point them to the most relevant exchange and get a commission. Well, the commission was still very little and I needed more.
I invested with cloud mining provider, Genesis Mining a while back and I am currently making some good money.
If you are not technically minded, don’t want to run your own software and hardware, cloud mining is definitely a better option to make money with Bitcoin.
For those who are not familiar with this terminology, Bitcoin cloud mining refers to the process of Bitcoin mining using the shared processing power of a pool of Bitcoin miners at a remote data center (Leased hashing power). Instead of running your own physical bitcoin mining hardware on your premises, you pay for Bitcoin mining power provided by a Bitcoin bitcoin cloud mining company.
Normally, miner investors purchase contracts (or hashing power) from the cloud mining provider in the form of Megahash/ second or Gigahash/ second. The data center will host the miner on your behalf and do the mining based on your hash power you sign up for.
If we look at the cloud mining contracts from companies such as Genesis Mining, it appears Bitcoin mining has a decent ROI at the time of writing. That is partially due to the higher Bitcoin bitcoin price, which offers miners increased rewards from their effort. Cloud mining contracts, on the other hand, remain at virtually the same price.
3. BEST Earning: Become an Affiliate of Genesis Mining
You would be surprised that most of my Bitcoin earning come from blogging. Yes, you read that right.
I am an affiliate marketer of Genesis Mining, when a reader purchase hash power through my link, I am rewarded a small percentage of hash power on my existing investment with Genesis Mining. My journey as an affiliate of Genesis Mining has been great. So far, I have generated more than $140,000 sales and the number is still counting.
It is not difficult to earn money online as affiliate marketers if you know how it really works. If you already have your own blog, all you need to do is to promote other cloud mining providers through their affiliate programs.
Bitcoin affiliate programs allow affiliates to gain revenue by driving traffic to specific Bitcoin-related programs. The revenue is paid in a CPA (cost per action) or Revenue Share model depending on the program. Although most Bitcoin affiliate programs pay their affiliates with Bitcoins, several programs pay their affiliates with fiat.
Taking Genesis Mining as an example again, they offer Bitcoin, Ether & Zcash cloud mining affiliate program where referrals get a 3% discount and I get a bonus of 2.5% of the hash power they buy. Note that with the current sales I have generated, I am getting a bonus of more than 5% from Genesis Mining.
Affiliate marketing is not only applicable to only Bitcoin but any other niches. The entire world of 3 billion internet users is your potential audience instead of the limited area that a brick and mortar business can cover. MORE people are wandering online every year, and MORE people are getting internet access every day.
With the rewarded hash power, I constantly make USD90-US100 per day From Genesis Mining, it is not too bad, isn’t it? Furthermore, I am also an affiliate of a few other products. With this website, I could easily make 5-figure income per month.
Below is a screen shot of my best earning month from promoting Wealthy Affiliate, a training platform that teaches people how to start a website from scratch.
There is no question about whether or not you can make money with a website. The question is how much you want to make, and how exactly you’re going to earn it.
There are more than three billion internet users (the audience) and these people are looking (searching) for things all the time. They are looking for information and to buy products. That is where you are going to come in with your website and help these “audiences” by offering them information about what they are looking. You will bein the process.
Phew Complicated or what? There is good information here but if you are visual like me, this image gives you an idea of what the deal is with affiliate marketing:
Looking at the image you can see that in simple terms you create a website that gets viewed by possible clients which click on a button to buy something. You either make money by providing the product that is being bought, or you have a website that is the pipeline between the buyers and sellers. In old terms you could say you are a commission agent. So the more traffic you get on your website, obviously the greater the sales, more money Great!.
In short, affiliate marketing allows you to make money online in autopilot mode, even when you are sleeping.
The basic idea of what you’re doing is writing informational articles on your website, then linking to relevant products and services within the content. There’s a number of ways to do this effectively:
- product reviews
- how-to’s & tutorials
- answering questions & solving problems
Product reviews are pretty self-explanatory, and I’ve written an epic article with How to Make Money Online Selling Top Trending Products Step by Step you can use as a way to get started.
Do I Need A Website To Do Affiliate Marketing?
Probably yes. You could go 100% video or 100% social media, but without a website, you’d also be missing out on a lot more money by not having a website.
I’m not that familiar with the social or video route, so I don’t dig into much detail there. I’m more familiar with writing, and I think more people can benefit from having a website where they can publish articles anonymously (or not).
Many people are too shy to appear on the video. Plus, social media is not truly “passive” in the sense that you need to be publishing every day to be relevant and to get traffic to your links.
Paid advertising also requires a lot of day-to-day work, testing ads, creating new ones, and removing ones that are no longer profitable. Plus, you need startup money to pay for the ads.
With a blog-style website you can start for very cheap, and once you are ranked in Google, it’s common to stay there for many years. This is truly passive income.
I wrote an article two years ago that now makes me $500-$1000 per month. The article was published one time and updated one time. But the money keeps coming in every month. That is truly passive income!
This is one of the most powerful ways to create passive income because your website is online 24/7 and can reach billions of people worldwide. A single article that ranks well could generate thousands of dollars of income after publishing. It’s how I’m able to make over $10,000 per month from just a few websites, and the main method I teach people here on this website.
I Have No Idea Where to Start, How Can I Earn Money Online Through Affiliate Marketing?
I was a total newbie when I first started too.
Even total newbies can make money online.
Of course, it won’t be overnight, and you’ll need to put in some hard work. Don’t forget the hard work part!
But if you are willing to watch the videos, read the lessons, and ask questions when you get stuck, you can earn money online just like the thousands of other people that are doing it within the community right now.
I found a website that guided me through a series of modules. They did not promise me riches and did not guarantee me success. This website said I needed to work, and I had to focus on creating a strong foundation to my business.
It was this training center that finally explained to me HOW I would be making money before I paid them anything.
It was called Wealthy Affiliate and without them, I would not be where I am today. The training and personal help at Wealthy Affiliate were what I needed to create my first profitable website. If you are interested to know more about this program, you can read my full review here.
One More Thing….
WA is now offering free trial, for a total cost of $0. Instead of your typical “Pay to Play” mentality of internet marketing products out there. You can see exactly how WA works and learn exactly how to make money BEFORE you buy! If you are happy with what you see, then you can go premium and continue with the advanced training and personal help. If it’s not your style, that’s OK too! You won’t be charged anything at all.