Step by step guide to making passive income, mining cryptocurrency.
Turn your gaming PC into a money making machine.
So you’ve heard about everybody making hand over fist cash with Cryptocurrencies like bitcoin, and you’re wondering how you can get in on the act. Read on, as the simplest route to entry is dissected, step by step.WhatsApp me for assistance setting up. For this process we’ll be using four crucial items:
- A Windows PC – The best PC’s are ones with dedicated graphics cards (GPU’s), which makes gaming PC’s some of the best mining rigs out there.
- Kryptex – the simplest miner out there. Kryptex does the optimisations for you showing you how much your PC is generating. Get Kryptex
- Kraken – A trusted Cypto exchange where you can change your passive earned Bitcoin into Fiat currency (Fiat currency is currency which is backed by a federal reserve such as gold bullion). NB: Other exchanges will do this job, such as Coinbase. Choose the exchange that you feel most comfortable with.
- A bank account that will accept either USD (US Dollars) or EUR (Euro’s). – If you’re in the UK, I’d recommend Euro’s, and most bank accounts come with this feature straight out of the box.
Ok, so let’s get started.
Step 1 – Start Mining
Cryptocurrency mining is the process of validating transactions on various blockchains in exchange for a small reward in the cryptocurrency that you are mining. The idea being that you then accumulate these in the hope the value increases or trade these in for fiat currency of your choice.
Still here? Ok, so that really simple method that was referenced…
- Download Kryptex Windows Platform and install it – Kryptex points your mining rig in the right place, and generates Bitcoin as a result.
- Run the benchmark – literally it’s a one click… wait 10 minutes and it’s done. – This allows the maximum Bitcoin to be earned for each mining rig.
- Head to the settings – Choose whether to run in ‘Lite Mode’ which will allow you to still run your PC without major slowdown or lag. Or ‘Full Mode’ for maximum profits. There is also an option to automatically switch into Full Mode once your PC has been idle for a certain length of time.
- Give it time… Depending on the power of your machine you’ll be either making a decent amount of Bitcoin, or a trickle. Either way, you do the maths. If you’re happy with the free money, then keep it running.
Step 2 – Open a Kraken (Or Coinbase ) account
Kraken and pretty much all other exchanges are places where people gambling on Cryptocurrency going up or down go to trade. They try to buy low and sell high, and the winners make a fortune while the losers..well…lose.
This guide is not for gamblers, if you want to learn how to trade a version of forex I would recommend a resource such as Babypips (opens in new tab) also, be prepared to do a lot of reading. And even then, be prepared to be a novice in the game.
For the purposes of this passive income stream we will just be using Kraken to fence our cyrptocurrency into the fiat currency of your choice.
NB: If your idea is to hold on to the crypto in the hope of it rising then I would advise using Coinbase over Kraken for it’s easier interface.
Step 3 – Initiate a bitcoin transfer to your Kraken/Coinbase account
Once your funds have built up enough, you can transfer them to your exchange. Once on that exchange, sell your bitcoins into the currency of your choice and initiate a withdrawal request into your bank account.
NB: Both Kraken and Coinbase will request a form of identification to prove that you are not a criminal or something trying to money launder etc… It’s pretty straight forward and is required to withdraw so please do not skip this step. Both platforms do a very good job of talking you through that step by step so it won’t be covered in this guide.
That’s it! Profit…passive profit. Literally, take a bow or… go play a game or something and just wait for the money to build up.
With a decent spec gaming rig you can make back the money you spent buying the rig within a year. Free gaming PC anyone?Buy a Pre-Built Mining Rig