Here's How Hive Blog Earns You More Than Mining Bitcoin
It's the year 2009 and Bitcoin is promising a new financial freedom outside of the current financial system, a dream is started and a select few begin mining the first crypto currency. It doesn't cost much in relation to power consumption and many are doing it in their bedrooms at home with their laptops and desktop PC's.
Eventually some will find out that their graphics cards can be turned into mining rigs to increase the hash rate and mine them faster. Bitcoin's are worth less than USD 1 and it isn't long until a few end up with many.
All of a sudden the hype picks up and more and more people get on board with Bitcoin and the token's value begins to increase and so to does it's difficulty brought on by what is known as Bitcoin Halving. This means people need more graphics cards and more specialised equipment to mine them.
although Bitcoin's value continues to increase profit margins begin to fall as the token's price VS it's cost to extract begin to narrow in making the profitability scarce. As reported in my previous article the most efficient Bitcoin miner can return USD 2 Dollars profit a day. For many the cost of electricity but's the business model negative.
Bitcoin Halving Will Put Bitcoin Profits Negative
In April 2024 the final Bitcoin Halving will occur which will increase the computing power and energy required to mine new Bitcoins. This will than create a blackhole of new Bitcoin's being mined, while this might be a good scenario for investors it also means that there will potentially be a lot of Bitcoin miners seeking new revenue streams within the Crypto Sphere.
Given that Bitcoin is already returning USD 2 worth of profitability per new ANTMINER which will be release soon, it is no longer a viable opportunity for people to enter the decentralised world. Hive Blog can already provide people a greater return on investment for a lot less energy. although it will require a lot more mental and physical work in relation to developing quality content and establishing networks and friendships within the Decentralised Content Creation.
While Bitcoin has undergone transformation in the requirement to have specialised equipment, Hive Blog has also undertaken significant transformation relating to what is on offer. Commencing as a typical blog site where users could get paid for producing quality long form content, a plethora of new initiatives have arisen providing further opportunities to earn an income that has a higher return than Bitcoin mining.
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LikeTu
On Hive users can create, share and curate content on a broad range of media front ends such as @liketu @threespeak @ecency @nftshowroom ranging from short form photo sharing, Video content and shorts a recent launch as well as developing their own non fungible tokens (NFTs).
Unlike Bitcoin which is a Proof Of Work Blockchain which requires participants to approve transactions and mine Bitcoins. Hive is a Delegated Proof of Stake Network where participants can delegate tokens to a validator which are called witnesses and earn an average of 3.07% APR.
Furthermore, Hive comes equipped with it's own stable coin Hive Backed Dollar (HBD) that is pegged to the USD that when placed in the Hive Savings account will provide a return of 20% APR. The new mining rigs are at a cost of between USD 4000 to USD 6000, if you chose to put that much money into HBD and moved it to savings. You could potentially earn more ROI in HBD than you would mining Bitcoins.
Hive Out Does Bitcoin
Curating content can also net you juicy returns if you're not into writing your own blogs and don't want to commit. A small investment in a lot of tokens at the start purely for curation see's you nab 50% of your vote value back as earnings. These days on Hives you can autonomise the entire process and set your account to follow other accounts as the move around upvoting quality content.
Overall, Hive is a cheaper way to delve into the digital assets sector for little to no upfront costs although doing so will see your earning potential significantly increase.
As the Bitcoin halving is coming up, it's time for people to start looking at alternative ways to get exposure to the decentralised financial system and Hive should be on the top of everyone's folder.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
