I often love to go over passive income methods with crypto. Mainly because there's so many of them now and many are extremely lucrative. There are now more ways with the possibility of more income to be passively generated with blockchain then ever before and today I want to cover one such method which is node operation which is becoming more and more common place and honestly is needed.
Node Staking
Out of all of them I think Node staking is one of my favorites now. I used to run nodes myself but they can be expensive in terms of the amount of tokens you need in order to start running the node. Node staking changes this...
Places like Rocketpool offer the ability to take whatever ETH you have and stake it getting liquid staking tokens to be used on other places. It also allows you to earn a APR on your Ethereum just like you were running the node yourself.
Another popular option which I have gone over a few times now is EigenLayer
Blockchains In Testing
This one can be hit or miss but the general idea is to find blockchains that have not launched yet in order to run a test net for them and get rewarded for doing so. Now this option will take some learning and know how of you in order to really get involved with them.
One of the more recent ones was called Celestia which ended up dropping over $120,000 worth of tokens to test net users. So it's not really a passive income method at first as there's a great deal of active work to find the network, learn how to run a node but after that point if it's a DeFi or proof of stake token you should be able to then generate passive income from it.
Now of course not all of these will be winners. You'll most likely hit a lot more losers than winners. But if you have some time or simply run into one and already have the know how to run a node it could become a very lucrative method of building wealth with crypto.
One place to try and find these such networks is called nodes.guru and then click on Testnets.
Running A Node
Running a node yourself is also a option and one that can pay out very well. It's something I did myself for years but it's evolved a bit. You can either build everything yourself and run it out of your home with your own hardware or you could get a cloud based system in order to run it.
As with anything there are pros and cons of each. Running your own means no overhead costs as the power usage of a staking node is extremely low. In fact I build my system to run 4 watts idle and then when staking it peaks at about 40 watts. However you need to make sure you have pretty much 100% uptime to the internet in order to do this otherwise your node could get pigged negative as not being reliable.
For a cloud based system you pretty much have a 100% uptime but the negatives are you have a monthly cost to you for running the node and in a way it centralizes the blockchain because you're now using a business to run the node and if everyone else ran their nodes from the same company you'd really just have one company that could be shut down or whatever and cause the blockchain to come down or be harmed.
There's lots of options to building passive revenue with cryptocurrency and this is just one of the many in my series of building passive income with cryptocurrency and blockchain.
*This article is for entertainment purposes only and is not financial advice. Do your own research before investing.
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I remember back in they there used to be a site that had all kinds of master nodes that you could buy into and then earn some kind of reward for being in them. It looks like some of the sites are still up. I just remember I didn't understand what it was all about back then.
Good info.
I am just getting started in staking some coins to generate passive income for our PEPT project. So far I am staking ETH and ATOM Did a post on it yesterday.
https://peakd.com/hive-102963/@pept/pept-holding-via-bitbuy-may-20-2024
I was looking at TIA they other day. Do you like it.
Decent return for staking.
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I have already looked into being a COTI node operator and need another 18K COTI still to be eligible as you need 150K COTI staked. I will need to understand what is involved first and will get some knowledge and training being a test node first. There is lucrative returns to be made because you get paid and earn the 0.1% rewards on every transaction.