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How to earn on cryptocurrency. Five success stories

How to earn on cryptocurrency. Five success storiesКак зарабатывают на криптовалюте. Пять историй успеха

Teenager who made $400,000 from selling NFTs, white hackers getting hundreds of thousands and millions of dollars for finding vulnerabilities, brothers who successfully bought a meme token, and other success stories

Content

  1. Mining
  2. Hackers
  3. Investing in DeFi
  4. Investing in meme tokens
  5. Beginner NFT-artist

Mining

American Nick Sears got his start in the crypto industry by helping to put together a mining farm in Dallesport, Washington, when he was 17 years old. He has been professionally maintaining mining farms ever since. Nick’s main specialty is checking the operation of the equipment and repairing it.

Nick is now 19 years old and works at SCATE Ventures’ 10MW SCATE mining farm with 4,500 ASIC miners. Nick not only works, but also lives on this farm in a separate room with soundproofing.

Sears works every day from 8 a.m. to 4 p.m. His main job responsibility is to make sure that every mining device is running smoothly 24/7. In addition, he checks the equipment every day.

Nick learns how the miners work and how to repair them. The teenager’s story was told by CNBC. It is reported that Nick earns $54 thousand a year.

Hackers

Often cryptoprojects do not pay enough attention to security issues. That’s why attackers regularly discover vulnerabilities in blockchains. For example, this summer cryptocurrency was stolen from DAO Maker and Chain Swap protocols. However, in addition to cybercriminals, there are also white hackers who help cryptocurrency startups close these vulnerabilities.

In mid-August, white hacker and security expert Sam Sun discovered a vulnerability in the Miso platform that could have cost Sushi Swap, the exchange that owns it, $350 million. In Sam Sun’s case, there is no information about the reward he received. However, another blockchain startup, ArmorFi, is known to have promised a $1.5 million reward to white haters, while crosschain protocol Thorchain, which was twice hacked this summer, promised a $500,000 reward.

Investing in DeFi

The founder of Defined DeFi, nicknamed Razoreth, a transaction tracker for decentralized exchanges, made his first million dollars on an investment in DeFi. In a series of tweets earlier this year, he said that starting with 1.8 ETH in August 2020, his balance was already 500 ETH in September, and each following month the profit was measured in hundreds of thousands of dollars.

The main way of earning – buying tokens, which have just hit the exchange Uniswap. Among them, Razoreth named tokens YFV, JGN, SUSHI, FARM, and YFBETA. The investor claims to have earned more than $1 million in six months, of which he withdrew $300,000 in cash and continued to invest the rest.

Another example of an investor in DeFi is Kevin O’Leary, founder of O’Leary Ventures. In a recent interview, he said that his company was looking for an alternative to investing in commercial real estate. And it eventually found it in the form of DeFi. The company invested in DeFi’s WonderFi app for cryptocurrency exchange, lending and investments.

Investing in “meme” tokens

“Meme” tokens are a popular area of cryptocurrency investment. Two brothers, Tommy (38) and James (42), who asked CNN not to reveal their last names, invested $200 each in a Shiba Inu coin in late February 2021 on the advice of an acquaintance. Their family members – their mother, father, and sister – did so with them. When the price of the token continued to rise, they invested another $100 each and bought more. In total, the whole family invested about $8 thousand.

By mid-April, the investment had already reached $100k. The next morning, the price of all their Shiba Inu doubled, and in the following days rose to $700k. On the day the investment became worth a million dollars, Tommy and James’ mom and sister couldn’t believe it was really happening.

At the time of CNN’s publication, the coins held in the family’s wallet were valued at $9 million. Thus, the profitability of the investment reached 112,400% in two months.

A budding NFT artist.

A 12-year-old boy from London Benjamin Ahmed earned about $400 thousand during the summer vacations by creating a series of NFT tokens called Weird Whales. And the boy’s earnings keep growing, as he gets 2.5% when he resells the tokens.

Ahmed’s first collection, called Minecraft Yee Haa, consists of 40 pixel pictures. It didn’t become popular and didn’t generate much income. However, the boy was not upset, as he saw it more as a new experience rather than a way to make money. So the teenager continued to create NFT, releasing 3,350 pixel pictures of whales called Weird Whales.

According to Ahmed, it cost him $300 to launch the project. Most of that amount consists of the gas fees that are charged when NFTs are released. After the launch in July, the entire collection was sold out in nine hours, and the teenager’s profit in one day was more than 80 Ethereums (about $240,000 at current exchange rates). He then earned another 30 Ethereums, which came to him as interest from reselling the tokens.

Ahmed said that he has no plans to sell Ethereum. He also noted that he was working on a new NFT project.

Author: Ilya Ilyinsky



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