I’ve had a strong interest in Bitcoin and other cryptocurrencies for a while. Indeed, I remain convinced that this is the future and while this investment can be quite volatile, risky. Naturally, I was interested in all the methods that could allow me to acquire as much Bitcoin as possible.
As I researched, I realized that there are multiple ways to earn Bitcoin for free or close to. I didn’t stop there, I kept looking for other alternatives even though it might require some investment. I believe in this future so much that this kind of investment does not worry me.
In this article, we will see together, the different ways to earn Bitcoin that I managed to discover in my research.
We are going to give here a brief reminder on how Bitcoin works but especially on how Bitcoin is generated. For a more in-depth analysis of Bitcoin, I invite you to consult our previous article on this subject.
Bitcoins are generated by what is called “mining”. But unlike the gold rush, everything here is done with computers. Miners use computers to solve mathematical problems which at the same time maintain the system as a whole. By solving these mathematical problems, miners help keep the system secure by encrypting and validating transactions (which anchors them in the system).
The general idea is really that anyone can use their computer to allow the Bitcoin network to function and therefore “mine” Bitcoin. On the other hand, inevitably, for these computers to work, they need electricity and even more electricity than the standard because the computers are running at full capacity. Thus, a way had to be found to reward the miners for their work. This is why, by solving problems and therefore as a reward for their work, miners can earn Bitcoin.
L’idée générale est vraiment que tout individu peut utiliser son ordinateur pour permettre au réseau du Bitcoin de fonctionner et donc de “miner” du Bitcoin. Par contre, forcément, pour que ces ordinateurs fonctionnent, il faut de l’électricité et même plus d’électricité que la norme car les ordinateurs tournent à plein régime. Ainsi, il fallait trouver une manière de récompenser les mineurs pour leur travail. C’est pourquoi, en résolvant des problèmes et donc en récompense de leur travail, les mineurs peuvent gagner des Bitcoin.
2. Free mining
You can imagine that for effective mining, you need adequate equipment. Not everyone has a computer powerful enough to make mining interesting enough. For my part, I did not want to start investing in it either. So I looked for an alternative to be able to mine and get more Bitcoin for free.
The Cryptotab browser
I have come across sites that allow mining directly through a web browser. One of the best examples is Cryptotab. We have written an article on this subject where we go into more detail if this subject may interest you.
Cryptotab is a web browser that will allow you to make money by doing nothing. Yes Yes, it’s possible. Thanks to Cryptotab, you will be able to earn Bitcoin for free by browsing the internet as you would on Safari or Google Chrome.
So, I prefer to announce it to you directly, it is still a free solution and therefore you should not expect huge gains. But despite everything, it remains an additional income that does not require work.
If you have a slightly more powerful computer, another alternative may be to use the Nicehash software. This software will allow you to “sell” the computing power of your computer. So in fact, you don’t actually “mine”, but the result is similar: Your computer runs, fixes problems and you get Bitcoin in return.
In the case of Nicehash, we are closer to real mining as we hear about it because here your computer will consume more electricity and therefore here it becomes important to make profitability calculations. What Nicehash allows you to do on their site directly. By indicating your cost of electricity, Nicehash is able to tell you the potential income you can generate with your computer.
3. Crypto.com credit card
Another solution was to turn to Crypto.com and more specifically their credit card system. This is a completely free credit card that can earn you Bitcoin for free. So in fact, you earn CRO tokens (tokens from the Crypto.com platform but which you can exchange directly for Bitcoin. The Crypto.com credit card allows you to receive cashback on your purchases. It therefore allows you to earn money by spending what you would have incurred anyway.
The percentage of cashback you can expect to receive depends on the investment you will make in the platform but can range from 1 to 5%. In addition, your Netflix and Spotify subscription can also be fully refunded!
4. Bitcoin mining
Recently, I turned to what could be called “real” mining. Basically, I refused to do this exercise for a long time because I felt it was not profitable. However, I had the opportunity to set up a small mining station connected to solar panels. Thus, the variable cost of electricity is eliminated. Therefore, everything that is generated by my material is net profit. You quickly understand that it immediately becomes more interesting.
Not being a computer scientist at all, I preferred to start small to see if I could handle it easily etc. I bought myself an ASIC at 500 EUR (it is a kind of computer but intended only for mining Bitcoin and therefore optimized for that, you don’t know how to use it for anything else).
So it is clear that when you don’t know much about mining, especially when you are starting out, it is difficult to know how to estimate whether the investment would be profitable. So I used sites calculating the profitability of the ASIC in question (see screenshot below). For information, it is also possible to calculate profitability through the Nicehash site that we mentioned previously
As you can see, based on current prices, this miner generates nearly $ 4.52 per day and therefore $ 135.49 per month which comes to 112 euros per month.
The calculation is quickly done, by dividing my initial investment price by the monthly income: 500/112 = 4.46 → It will therefore take me 4 and a half months to make the investment profitable. Once that is done, any more I mine will be profit. And we are therefore talking about 1,625 dollars per year which is obtained without doing anything. The miner will work for me.
In addition, these profitability calculations take into account the current price of Bitcoin (which has also experienced a certain drop in recent days). But if we include in this equation the likely increase in the price of Bitcoin, the transaction becomes even more profitable. Indeed, if, as we have already known, the price of Bitcoin were to double once again, my 112 euros per month would ultimately become 224 euros per month.
This is of course a very simplistic calculation but it helps us realize the potential of investing in Bitcoin miners.
Besides, I do not intend to stop at this simple ASIC and develop this automatic and profitable mining as well as possible.
5. Earn interest in Bitcoin
Another way to earn Bitcoin would also be to use previously acquired Bitcoin to generate interest in Bitcoin. The advent of Bitcoin has enabled several DeFi (Decentralized Finance) projects to emerge. These projects allow you to receive interest on your Bitcoin and other crypto-currencies. In addition, the interest generated by these platforms is significantly higher than that of traditional banks.
There are a multitude of platforms available to generate this type of interest. For my part, my favorites are clearly Celsius Network and Nexo.io. I invite you to read our articles on this subject to learn more about these platforms and what they can do for your money!
In this article, we were able to see together 5 ways to generate Bitcoin for free or virtually. It should be noted that this list is of course not complete, there are so many different ways to generate Bitcoin. But I’ve shared some of the ways that I prefer and use personally.
I also specify that I am not a financial advisor. I simply share my research and discoveries, but also what I use on a daily basis.
Are you interested in this kind of analysis? Have you ever been able to experience any of the ways? Do not hesitate to share your experience with us in the comments!