How to Make Money By Mining Cryptocurrency
- Jim Newman on the Company
- How much Do People Really Earn with Mining?
- How much Does the Entree Cost and when Will it Pay off?
- Mining or Selling?
- Marketing Hacks that Can Boost Your Business
Finally, cryptocurrency has become popular – 1,200 Australian newsstands have already been selling Bitcoin and Ethereum along with snacks and soft drinks since March 2018. We hear about cryptocurrency and mining from social media, TV, radio, friends and from that odd guy in the subway. Still, do you know how to start making money mining cryptocurrency right now?
TemplateMonster keeps track of the rules and the latest trends in the mining industry because we have already talked to Jim Newman – a businessman, who sells equipment for mining and deals with mining itself. He reveals intriguing secrets of successful mining, and you can get them right now from this article.
Ready to make money? Don’t forget your helmet and let’s dive into the existing mining process 😉
Jim Newman on the Company
Jim Newman is a CEO of the eCommerce store with telecommunication equipment. The store specializes in selling cables, switches, power supply units, materials for installation, etc. Eight months ago, Jim decided to launch the second branch of his business – selling equipment for cryptocurrency mining.
Jim has been dealing with Internet equipment for a long time. Starting as a Director of Business Development at the Internet company, he climbed the career ladder successfully and decided to create his own project. In 2014, he opened a company that sells telecommunication equipment.
“It’s important to choose a developing industry. I always wanted to be “up to date,” you know… Keep up with times. The world can’t exist without Internet and people need a quality equipment to ensure its smooth work.”
Initially, the company had two major clients – Internet providers. Jim purchased equipment from the suppliers and re-sold to the clients. Answering how he managed to launch a startup, he jokes:
“Just registered a company. And invested around $20,000.”
But we still want to know the secrets!
How much Do People Really Earn with Mining?
Since spring 2017, Jim Newman has been dealing with selling equipment for mining – video cards, frameworks, blocks, etc. He answers honestly about the real revenue:
“Since 2017, the company’s turnover has grown up to 30% and makes up a little bit more than $300,000. On the sales of equipment for mining only we make around $100,000 per month. Profitability of our company – 20%. Its net profit is more than $20,000 a month.”
Jim points out that the interest to cryptocurrency will only grow. The experts predict that all traditional banks will disappear by 2022. It’s clear that cryptocurrency will remain a trend for a long time.
When people around the world started mining in 2017, Jim decided to surf up because thousands of people needed and still need quality equipment for mining. He also adds that usually simple people are the clients of his company.
“This money is enough to buy a mining farm. I will invest in cryptocurrency and won’t work at all – I hear such thoughts too often.”
Some people spend their last money to purchase equipment and start mining. Still, there are also legal persons, who ask for a formal treaty. There are also “big” clients that buy 20 units at once. “I will put them in my restaurant” – they say.
How much Does the Entree Cost and when Will it Pay off?
Jim Newman sells everything that you might need for mining of all types of cryptocurrencies – Bitcoin, Ethereum, ZCASH – video cards, power supply units, hard disk drives, frameworks, etc. The company also sells special integrated circuits - ASIC. These small installations work independently only to produce cryptocurrency. If you are serious about cryptocurrency mining, ASIC is a must have. The new one will cost you $2200-$2500.
In general, everyone can buy the entire farm for mining for $4,000 with additional technical support. Jim’s team teaches the client how to mine and then assists if something goes wrong. Still, you are interested in the recoupment of the business, right? Jim says:
“According to our estimation, the recoupment is about 10% per month. It means if a farm costs $240,000 (let’s imagine), you will get $24,000 every month. In 10 months the farm will pay off.”
Mining or Selling?
Jim mines himself. He mines inside the company. He mines with his colleagues and the process is worth the effort.
“The results are pleasing us. One farm gives us $400 per month. We have 30 farms. In average, our total profit from mining is more than $12,000.”
Speaking of what is more beneficial: mining itself or selling equipment for mining, Jim says that it all depends on the personal abilities. If you want to mine, you need substantial investments. Plus, the equipment wears out and becomes updated. For instance, you should regularly change the video cards as the industry requires modern equipment. By the way, if you want to make money, you should dedicate much time to mining.
Still, when you sell the equipment, you also depend on the demand of the miners.
“You sell a product that is in a high demand today but tomorrow no one will need it. You depend directly on the marketing conditions.”
Marketing Hacks that Can Boost Your Business
In today’s world with high competition, you should have a working and well-developed marketing strategy to stand out.
A convenient website with uninterrupted work is one of the most critical components of the marketing strategy that will draw the attention of the potential clients. By the way, you don’t need to hire high-paid developers, attend special courses, or even spend a lot of time to launch a website for mining cryptocurrency - TemplateMonster had already done that!
You can purchase a responsive, SEO friendly theme from the best vendors on our website. Here is a brief overview of the best cryptocurrency templates but our collection is being replenished regularly!
Plus, Jim emphasizes the importance of diverse marketing – AdWords advertisement, targeted ads on social media, social media activity, etc.
“It’s also important to create an image of an expert for your company. Attend the thematic summits, congresses. After a while, you will be recognized. And you will become the thought leader in your sphere.”
Jim Newman was honest. Now you have some information about the inside mining process. Though this area remains new for us, we will discover it together. So, keep up with our blog updates and don’t forget to purchase a fantastic template for your future cryptocurrency website template from TemplateMonster! 🙂
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Top Cryptocurrency Website Template
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A freelancer, who is nuts about traveling, art, and learning foreign languages. Excited about exploring new cultures. Particularly jazzed about conveying ideas with words in an outstanding way. Instagram
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