Ethereum (Ethereum) is a decentralized blockchain network and a platform for creating Dapps that are controlled by smart contracts. The local currency is ETH (Ether). In 2017, there was a peak in the popularity of ICOs that were held on the platform. At the same time, the project issued its own cryptocurrency, which is called ERC-20 tokens . Against this background, the cryptocurrency exchange rate grew tenfold and exceeded 1,000 US dollars for 1 ETH. Early investors made a lot of money from the pump. In 2018, the rate is moving down with minor bounces up, so those who short (sell) are already making money on Ethereum. In the article, the editors of Profinvestment.com considered the main ways to get ethereum, including without investments.
How can I earn or receive Ethereum (ETH)
Actual ways to get or earn Ethereum (ETH) :
Trading on crypto exchanges . For example, Binance , EXMO , Currency.com , Bybit , Cex.io , FTX , Huobi , Crex24 etc. You can trade derivatives on the BitMEX crypto exchange . The maximum leverage is x50. Replenishment of the account balance is possible with bitcoin (the minimum amount is 0.0001 XBT).
On Ethereum faucets . This is a way to earn money without investment. On such sites , you can get coins after a certain period of time for performing simple actions.
Mining . This is the mining of cryptocurrency using computing power. At the time of writing, Ethereum mining is not profitable at the current exchange rate ($100). It makes sense to deal with it if there is access to free electricity and insignificant equipment maintenance costs.
The long-term option (hodl) of how to make money on Ethereum: buy ETH on an exchange or in a cryptocurrency exchange , withdraw to your wallet and wait for a new increase in value in the coming years. The market is cyclical, a fall is bound to be followed by a rise.
Earn on Ethereum faucet without investment
The most popular way for owners of Ethereum cryptocurrency is to earn it on cryptocurrency faucets . The option does not require additional cash costs and investments. There is no risk of losing funds. The main thing is to find reliable faucets that pay and withdraw earned Ethereum.
Most online services pay Gwei, which is equal to 0.000000001 ETH. Withdrawal can be direct, to a specified Ethereum wallet address, or to FaucetPay micropayment faucet . The second option is the most common, so before you start working with faucets, you should register and link your ETH address to the faucethub.io website .
Consider a few examples of earning on Ethereum faucets. We will give instructions for working on them for the first one, since the actions for others are similar. There are a lot of ads on the sites, but due to its display, it becomes possible to get some free cryptocurrency.
How to earn Ethereum on mining
In 2018, it is almost impossible to make money on Ethereum mining and get a profit. Reasons for the low rate of cryptocurrency . On November 26, it is at $100. But the situation can change at any time, so you should find out how the process of mining a coin takes place. You can mine Ethereum on ordinary video cards (GPUs), so it will not be difficult to figure it out.
Every 15 seconds , a new block appears on the Ethereum network, which includes the latest user transactions. Miner’s reward for finding it is 3 ETH. When mining Ethereum, the hashing algorithm is Ethash. For mathematical calculations to find new blocks, you need a good video card with a minimum amount of memory of 1 GB. We recommend using 2–4 GB or more. The resulting hashrate will be more, as well as earnings . Studies conducted by Ethereum developers have shown that more productive video cards on an AMD processor.
The first step towards mining is downloading, installing and configuring software (Ethminer, Claymores dual, Geth, Parity, etc.). Only after completing this step will it be possible to interact with the network from the console and synchronize with the blockchain. For mining to be effective, you will need to choose a pool (NiceHash, ETHpool, etc.).
To really make money on cryptocurrency , people are creating their own farms. They consist of several modern and powerful video cards that fit easily in the home and do not cause discomfort, since they do not require much space.
There are also cloud mining sites on the Internet . The advantages of this method include the fact that you do not need to purchase expensive equipment to make money, because the percentage of income will directly depend only on the capacities purchased on existing servers.
More information about the launch of mining can be found on the official website ethereum.org .
Earnings on investing in ethereum
Investing in Ethereum to make money is worth it for a period of several years, until the next pump. Today the rate is 100 US dollars, many consider this the bottom and a place for a successful purchase. We believe that part of the fiat deposit can be transferred to Ethereum right now, the other part – in case it falls to $80, the third – up to $50. Whether the Ethereum rate will reach such levels is unknown, but you need to be ready to buy it back. You always need to assess the risks, you can both earn and lose.
To buy and invest in ethereum (hodl), you can use the following methods:
- Crypto exchanges
- P2P exchange
When buying in an exchanger or transferring coins from an exchange, you must specify your Ethereum address for receiving. Address starts with 0x, length 40-44 characters:
There are many ways to get it using various types of cryptocurrency wallets : desktop, online, hardware, paper. Popular is MyEtherWallet , whose interface allows you to work with ERC20 tokens.
Make money trading Ethereum cryptocurrency
On spot cryptocurrency platforms , you must first buy Ethereum and only then sell it. To make money, you need to sell at a price higher than you bought. This was true in a growing market in 2017, but not in a falling one.
To be able to immediately open deals in the right direction, you should use margin exchanges . You can short cryptocurrencies ( sell ) and open long trades ( buy ) on them. Leverage allows you to increase the volume of the transaction several times.
Popular leveraged exchanges: BitMEX , Binance , Bybit , FTX , Huobi , EXMO . Brokers also provide the opportunity to use margin trading .
For example, BitMEX does not require verification, unlike other sites. You can only deposit with bitcoin. Withdrawal is carried out once a day. The leverage for Ethereum is from 0 to 50.
You can earn on Ethereum in 2022 on faucets or by trading . It is possible to consider an option with a long-term investment. Mining is a profitable business. Collecting cryptocurrency on faucets is a tedious task, but this is the only way to get Ethereum without investments.