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Passive income sounds like an amazing idea right? Especially when you hear people telling you that with no effort upfront, you can invest your money, put your feet up, relax and watch those sweet dollar bills come rolling in every minute of every day. This has to be the dream right?
Well, let me answer that honestly. Yes, that sounds like the dream but let me tell you that isn’t the reality. Passive income isn’t a get rich quick scheme where you can make money out of thin air with no effort. It’s about creating revenue generating assets that will continue to generate you revenue after you have put the work or capital in to first set it up. The bit that usually turns people off is that it sounds more complicated than it actually is. So, I’m going to share part 1 of my strategy and I’ll break down how I’m going make passive income in the near future and my future plans to make more passive income.
TLDR Summary: plenty of opportunities to make passive income, don’t expect to get rich overnight. Set realistic expectations, be prepared to put the work in, keep working towards your goals and you will get there. My passive income strategy is Medium Articles, create a YouTube channel, mine SCP, PLANETS, MXC, HNT, WXM, DPR, BLOCKS, continue to run some bots in 3Commas and investing in a couple risky DeFi plays. This is my strategy, not financial advice, please read the disclaimer at the bottom!
- Write about what you are passionate about!
Writing about something you have a passion for and experience in is a great way to create a revenue generating asset. Each article that you write can appeal to different audiences and if you monetise them on platforms like Medium or you use affiliate links within the articles then you can make passive income years after the article is published.
- YouTube
I’m considering creating a YouTube channel to document my journey and provide the community with regular updates, earnings and news in the crypto space. My primary focus will be to keep the content realistic. For me, there are far too many YouTubers out there creating clickbait content which creates unrealistic expectations and ultimately causes the community to lose money!
- Miners! More specifically, IoT Miners
Over the last 5 years, I’ve had various experience with cryptocurrency miners. I ran 13 GPU’s across 2 mining rigs for a couple of years from 2018. To put this in to perspective at the time, at the start I was just over break even after paying the electricity. If I’d have left them mining, paid the electric not touched them until now, they would have ROI’d within 18 months and I would have a decent chuck of crypto sat on the side however, in 2020 these had to make way for a nursery for our first child! (she still has not slept in that room 2 years on! Grrrr!!).
Flip to 2022 and what’s my strategy for making passive income with miners? Well, I don’t want the hassle and noise of GPUs or ASICs but there are other options. In the last month, I’ve built a list of miners that I aim to purchase when they become available. I’ve already started this journey with SCPrime, MXC M2 Pro & the Awair Element (PLANETS token) and below, I’ve broken down their current earnings.
A bit of an overview, SCPrime are focussed on becoming an alternative cloud storage provider for businesses. This project is really interesting and the team have a lot of experience in the field. Project information can be found here: https://scpri.me/
For SCPrime, I wanted to get hold of the 64TB XA-Miner but they are currently out of stock. I’m waiting for these to become available again but whilst waiting I created a DIY miner which was relatively straightforward. These can be found here: https://xaminer.net/
– Not a clue (yet!) but looking through the provider list, the top provider that stores around 4TB per month was rewarded with 548 SCP which today works out to $631 in the month. Taking a more conservative number, another provider with approx. 400GB stored is rewarded with 37 SCP per month which today works out to $42.67. This doesn’t sound like much money but given the long term expectations of this project and the minimal amount of effort once you have set it up, it feels like a steady stream of income that you can rely on for years to come.
– ?730/$990 - To minimise on time and space, I bought a Synology DS620+ NAS and a 16TB EXOS Seagate SATA drive. The setup process required some knowledge of Linux and networking (port forwarding) but all of this is well explained in their documentation and the community are extremely helpful (you can find me in their discord too!).
- this is a long term, completely passive play. ?730/$990 to get started and the ability to expand by adding 3 additional drives to the NAS gives plenty of flexibility. As the project grows, the data that you will store will grow, your payments will grow and given what I hear from the team, I have high expectations that their token price will grow too. ROI isn’t clear but sometimes, you need to take an educated decision on the potential risk.
Future Plans - I also plan to purchase their XA-Miner when I get a notification that it’s back in stock. They are planning to prioritise these on their network and they also come with substantial rebates on the miner cost over the first 12 month (around 42.5% of the miner cost in SCP tokens).
You can track my mining rewards here.
https://grafana.scpri.me/d/Cg7V28sMk/provider-detail?var-provider=f7125d7c7f17ae2f1de6ab61faf6f9aa5f11ec9db10a684ed19360b8274d319a&orgId=1&from=now-7d&to=now
PlanetWatch
If you haven’t heard of PlanetWatch then you need to do better research or you need to have better news sources (follow me on Twitter as I’ll be covering all of these plays moving forward ??!!!). PlanetWatch are incentivising users for providing air quality data. This data can be provided by purchasing one of their sensors and a license from their website EU https://www.planetwatch.io/ and US https://www.planetwatch.us/. They aim to use the data that has been provided by the community to
You are limited to 5 licenses unless you have a business. If you have a business, you can contact them to extend the number of licenses.
Earnings - I already have an Awair Element – this is the type 4 sensor which currently makes around 23 PLANETS/?3.59/$4.87 per day.
I bought my Awair Element on eBay at a bit of an inflated price. I paid ?440/$600. This should ROI in less than 12 months.
Future plans - I’m already in the waitlist for 2x Type 1 sensors, a Type 2 sensor and a Type 3 sensor.
Type 1 sensors make up to 133 PLANETS/?20.70/$28 a day. You get significantly less if you aren’t the lead sensor in your area. You can check this by going to https://map.planetwatch.io/map/ hitting the TIER1 toggle and finding your location. More information can be found in their whitepaper here https://www.planetwatch.io/white-paper/. Including licenses, 2 of these cost approximately ?3,200/$4,340.
Type 2 sensors are currently not available as the previous sensor is end of life however, PlanetWatch are working on an alternative which will be announced in due course they currently earn 19.2 PLANETS/?3/$4 per day as a lead sensor.
The Type 3 sensors is the Kaiterra Sensedge Mini. These are out of stock everywhere but stock has started to flow in to eBay. Over the last couple of weeks these have been listed for as high as ?2,500/$3,400 in the UK. I’ve got my position in the PlanetWatch queue but if these become available on eBay at a good price point, I’ll be purchasing one. These earn 46.31 PLANETS/?7.20/?9.77 per day.
I’m estimating the total cost to purchase the 2x Type 1 sensors, the type 2 and the type 3 sensors to be ?4,900/$6,650. With a total return per day (at current prices) of ?51.60 the ROI time is around 100 days. Now being realistic, I don’t expect the PLANETS token price to hold unless they strike up some major partnerships to sell their Air Quality data but even if the price of PLANETS was a third in 12 months, you are still looking at an ROI within a year!
You can track my mining rewards here: https://planetreward.watch/3HBLN3HPHRLK6DQTRY25VLO7HMWSNPO7KCHCRS53KIOHM7JZUSDEAFXWSU
MXC – MX2 Pro Miner
MXC are aiming to create a Low-Power-Wide-Area-Network which will enable a free decentralised IoT network for everyone. This is very similar in model to Helium where users who purchase a miner get paid for providing coverage.
- $10 – $15 per day – this is paid in their MXC token but the every day you get $10 - $15 no matter the price of the token. This can work in 2 ways. You can mine for a year and the price could 10x and you would have been earning $100 - $150 per day or the price could dump and your $10 - $15 per day could be worth far less. Again, no matter what the price fluctuations, you will always get paid $10 – $15 per day in MXC tokens.
– This is a costly miner. ?2,000/$2,850 gets you one of these. If you play your strategy right, this is another device that you can ROI in less than a year and everything else is purely passive.
– this is a great set and forget device but it does have some downsides. You don’t get paid out to a wallet everyday, it builds in the MXC wallet. When you withdraw, you lose miner health which temporarily reduces your mining income until it builds back up over time. Not to mention that it also runs on Ethereum so those fees to withdraw when the time is right are EXPENSIVE!!
Future Plans – None, leaving this one to ride!
So that covers my current miners but I’ve also got a couple on order and I’m also on the waitlist for a few others. This includes WeatherXM, Blockcreate, Helium (thanks for the delay Nebra! Grrrr!!!) and DeeperNetwork. When these come in, I’ll put some articles together to talk through them in more detail.
The other thing to mention here is that all of that hardware still has value. If I decide I don’t want to be in one of the projects, I can recoup a substantial amount of my investment by selling the hardware. If you consider that and the daily rewards of these types of projects, it’s safe to say that making your money back shouldn’t be a problem.
I mentioned in the intro that passive income is about creating revenue generating assets that continue to generate revenue after you have to the work and initial capital in. In this article, I’ve given you different types of revenue generating assets (content creation and mining) and more specifically, details on 6 specific miners that can earn you daily passive income with a small amount of work upfront.
In the next article, I’ll be covering some of my (10% off with this link) bots and a couple of TradingView ($30 off with this link) indicators that I use to support my decision making on which bots to use. All of my bots are setup on (free Mystery Boxes), (some new reward structure) or ($20 and some seasonal rewards)
If like me, you need something to help you keep track of all of your trades, mining income and yield rewards for tax purposes, please check out my Crypto Tax article
If you found this article helpful, please follow me on for new content and let me know if you have any comments!
DISCLAIMER
This is not financial advice, I’m not a financial advisor or accountant or tax professional. This is my experience of software tools that have helped me get my tax calculations in order with (relatively) minimal effort.
I do use referral links in this guide. Using these supports future articles so if you found this article useful and you want to check out the tools I’ve covered, please use them. I’ll also call out where you get a discount – win-win right?
