Earning passive income through cryptocurrency is something that people are interested in now more than ever before. Let’s explore some ways to earn passive income from crypto in Australia!
The idea of mining cryptocurrency is becoming more popular, and it can be an excellent opportunity for those who want to try something new. There are many ways to earn passively from cryptocurrencies, but here’s a look at some of the best methods that you may not know about. This article will explore what they are and how they work. You’ll also see why these strategies can be so lucrative, even if you’re just starting out.
1. How to make money mining cryptocurrency
There are several ways that you can mine cryptocurrency, but if you’re just getting started, we recommend Helium mining. It’s pretty simple to set up and the uses of the Helium network you help create while mining are amazing. If you’re in Australia or New Zealand and reading this – then you have the potential to become an early adopter! Helium Mining is rapidly becoming a very popular way to passively earn income in the USA, and we’re thrilled that it is making its way down under!
Find out more about what a Helium Miner is here or check out where to buy Helium Miners in Australia here.
2. Earn by staking your crypto / Defi (decentralized finance)
Staking means that you are simply ‘locking’ your crypto instead of selling it or withdrawing it. This helps the cryptocurrency that you’re staking become more secure (we could go on more about how – but that gets a bit boring!).
When you look up the average savings rates at Australian banks, you’ll see the average rate of 1.2 or 1.3% per year. But when you look at staking your crypto, you can earn 10%, 25% or even 30%+ APY.
So if you were to purchase $1,000 worth of a token that was currently providing staking rewards at 30%, you would earn $300 for the year. With a traditional savings bank, you’d only earn around $10.
One of my personal favourite ways to earn via staking is actually called Stacking. By purchasing Stacks (STX), you can stack them (their version of staking) and earn Bitcoin in return. You can purchase and stack STX on OKCoin here or read more about the Stacking process here.
3. Sign up for ICO’s
ICO’s are Initial Coin Offerings. All you need to do is keep a keen eye out for these and do your research to see if it’s worth investing. If you’re lucky, you’ll score some crypto for extremely low prices by signing up for the ICO. Then when the token becomes available to the public, it could dramatically increase the price.
Don’t forget to do your research into any cryptocurrency you’re looking at purchasing! Educate yourself to make sure you’re confident in your investment decision.
4. Lend your Crypto
With Defi (decentralised finance), you can become a lender. You simply lend out your desired amount of cryptocurrency and earn in exchange. It’s very simple and you can earn anywhere from 5-30% or more!
Again, do your research and determine which platform is best & safest for you.
Disclosure: The links provided in this blog are affiliate links. Helium Miners Australia will be paid a commission if you use these links to make a purchase.