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3 ways to Earn Bitcoin: Cloud mining, Lending, and Staking

Bitcoin recorded a new all-time value of around $68,000 in November 2021. As the first cryptocurrency, it continues to be the most popular token on the market today. But did you know that there are more ways to acquire Bitcoin than just buying it?

In this article, we discuss the process of earning BTC through cloud mining, lending, and staking without any operational costs.

Cloud mining contracts

Bitcoin mining is rapidly evolving and is mostly dominated by major companies that can handle the huge operational and electricity costs required to run a mining operation. However, the cloud mining industry has been around for a long time and is the best option to mine Bitcoin with little to no operational costs. It benefits people who are interested in mining Bitcoin but lack the space, equipment, and pay for “consumer priced” electricity instead of business priced. This process allows miners to extract Bitcoin by leasing mining equipment from a third-party cloud provider.

Genesis Mining and HashNest are two companies that facilitate cloud mining services. But, when the demand for their services exceeded their capability, all of their mining contracts were sold out. Another mining company, ECOS, has been operating since 2017 and is still providing more flexibility in the mining contracts for its users.

Cloud mining is a great way to earn Bitcoin without any major upfront costs. However, it is also important to note that cloud mining can be risky and does not guarantee profits. There are several reasons for this uncertainty, including fluctuating electricity prices, Bitcoin price volatility, and advances in mining technology. With a mining contract, you purchase a guaranteed hashrate. When mining equipment advances and the entire network’s hashrate increases. Your reward goes down.

Crypto lending services

Lending Bitcoin is another viable method to earn from the present holdings. Long-term Bitcoin holders can leverage crypto lending services to maximize their investment. The lending process does not involve any further investments or operational costs like mining, but still offers a high yield on Bitcoin deposits.

Nexo and Celsius are the most popular lending platforms that allow crypto lending and borrowing services to users. Investors can borrow funds against their crypto holdings or earn interest for depositing or lending crypto on their platforms. The Celsius network provides around 6.55% of yield on the first Bitcoin deposit and provides a 1.96% yield if the deposit exceeds more than 1 Bitcoin. The percentage yield generated on Nexo changes with the time period. At the time of writing, users can earn up to 17% APR on their Bitcoin deposits.

Staking on centralized exchanges

Another effortless method to earn Bitcoin without mining is staking crypto on centralized exchanges (CEXs). Most of the popular CEXs like Binance and Huobi offer returns on their Bitcoin deposits. However, this method provides a lower rate of earning when compared to the previous methods.

The leading centralized exchange in the crypto community, Binance, offers an estimated yield of 5% whereas another popular exchange Huobi provides 2.88% yield on the BTC holdings of its users. The United States-based crypto exchange Gemini allows users to earn up to 1.65% yield on their deposits.

KuCoin takes a different path in offering Bitcoin lending services. On this platform, lenders can set the parameters of loan terms and conditions along with choosing their preferred skating period. It allows users to choose from 7, 14, or 28 days for the staking period. Additionally, it also enables users to set their own interest rates in order to compete with other lenders.

Convert your crypto earnings automatically

Alongside accumulating additional Bitcoin, there are other ways to make the most of your investments. Cryptohopper converts your funds automatically to your desired currency within a few seconds. When you receive a payment, either in cryptocurrency like Bitcoin or in other crypto tokens, you can directly convert them into your preferred currency. The platform also allows you to change your payments directly and automatically into another currency at regular intervals.

Cryptohopper is an automated crypto trading bot. It helps users to set up their customized trading strategy and executes the transactions automatically. It provides a wide range of trading tools like stop-loss and take profit. Investors can automate their trading transactions, follow professional traders, and receive signals. Some users even go fully mobile in order to make the most out of their crypto investments.

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