Is A Crypto Side Hustle Worth It?

Starting a side hustle while having a full time job allows a person to make some extra money to use. Some of the ideas people have had over time have been lucrative, while others are small incomes to support more “Fun Money” purchases. When getting involved you have to understand what your budget is to startup and what you are looking to get out of it. A common choice is photography, while my method is crypto mining.

Crypto Mining

Crypto mining is one of the fastest growing ways to make some extra money, and also get involved with a form of investment. With so many options to invest and mine in, you have a rather lucrative outlook on the potential income you could receive from the cryptocurrency. The one I have chosen to do is Ethereum (ETHER).

How to Mine

To mine, you have to invest in graphic cards and ATX motherboards to be able to run the program for mining. Essentially you use a computer to process the algorithms for the mining. From there, you are able to receive a portion of the amount mined back in the form of crypto in your account. In my case, I am getting Ethereum back in my account. I can then sell it in the market (currently +$2000/Ether) to obtain cash or hold it and hope the price goes up. Depending on the setup you have for mining, will determine how much Ethereum you are going to receive. For the sake of understanding, I am currently making about 0.05 Ethereum every week, or ~$100.

If you are able to attain a larger setup for mining, the sky is really the limit. I have heard stories of people making $20k/month through this, while others are making even more. Your return is going to be based on your investment. I have currently invested approximately $3200, and expect to make my money back in about 7.5 months.

As with all side hustles with investments, make sure you know what you are getting yourself into and when you can expect to make your money back.