The crypto world has made lots of people millionaires and even billionaires, so why should you be left out? If you’re looking for ways to earn money with Ethereum, you’ve come to the right place.
Keep reading to find out 5 ways to make money with Ethereum.
What's in this guide?
What is Ethereum?
Ethereum is a decentralized, blockchain-based, public software platform that facilitates peer-to-peer contracts, known as Smart Contracts, as well as Decentralized Applications, known as DApps. It was conceived by programmer Vitalik Buterin in 2013.
Ethereum powers the cryptocurrency Ether (ETH)
Ethereum is the most well-known Altcoin and is the second largest cryptocurrency, after Bitcoin.
Also Read: How to invest in cryptocurrency
Ways to Earn Money With Ethereum
1. Mining ETH
Mining Ethereum is the process of creating a block of transactions to be added to the Ethereum blockchain. It takes around 7.5 days to mine Ethereum as of September 13, 2021, at the hash rate or hashing power of 500 mh/s with an NVIDIA GTX 3090 that hashes at around 500MH/s.
Mining ETH is not easy and not everyone can do it, but if you’re on the tech-savvy side, you should have the upper hand.
Also Read: Understanding the Blockchain: A beginner’s perspective
2. Investing in ETH
When you saw the title of this article, this was probably the first point that crossed your mind. When thinking of how to make money with any crypto coin, investing is the first point that comes up.
At the time of this article, the current ETH price is $3,186, and it’s expected to hit $10,810 by 2025 before more than doubling to $26,338 by 2030 according to some crypto experts.
3. Selling ETH
This is also a pretty obvious point because it probably also crossed your mind. Selling is one of the ways to make money with ETH and you can do this with crypto trading apps.
With these apps, you can easily sell your Ethereum for Naira and other currencies.
4. Writing/Blogging About Ethereum
When you’re looking for news and information about certain topics, you usually go to search engines and type words in and relevant articles from different sites pop up in seconds, most of them are blogs.
With the increase in popularity of Ethereum and other Cryptocurrencies, we’ve also witnessed the increase of crypto blogs.
People go to these blogs to get more knowledge and information about cryptocurrency. Starting your own blog on the subject of ETH and other crypto coins, and monetising is also another way to make money with Ethereum.
Read also: How To Start A Blog And Make Money In School
5. Making Ethereum DApps
Ethereum DApps are decentralized applications that are powered and developed using the Ethereum platform.
Ethereum dApps use smart contracts for their logic. They are deployed on the Ethereum network and use the platform’s blockchain for data storage.
DApps can serve different purposes: anything from P2P (peer-to-peer) lending services to fantasy games to social networks.
As of June 2021, over 3,000 Ethereum DApps were recorded.
You can make money by building these Ethereum DApps and can earn you a nice passive income.
Conclusion
There are various ways to make money with Ethereum and you should not be left out.
From being a tech savvy person and choosing to mine ETH or not having any deep knowledge on cryptocurrency and choosing to invest and sell ETH, there’s something for everyone.
