Another month has come and gone and that means my favorite time has come again. If your new, this is the time that I calculate my monthly earnings in crypto. This is an on-going series of mine where I track my performance each month. I do this not as a way to boast, but to motivate myself and hopefully to motivate others to begin their own journey towards financial freedom as well. At the beginning of the year I set a personal goal to reach a monthly income of $2,000 or more from crypto. While I have not yet reached that goal; during the first half of the year I was on very good pace to meet that goal. But then the "crypto crash" of the last 2 months took place and that had a large affect on my earnings. Because I had earned so much from lending and staking, both of which were propped up by the increase in their price value, of course it had a large effect on me when the prices did eventually fall. Not only that, but I began to notice that my performance at many of the blogging places where I blog also fell. There were a variety of reasons for this, some of the places cut their rewards, some of the tokens being rewarded also dropped in value, or perhaps the traffic to those places dropped significantly during price dip times. But now the prices of coins seem to be recovering, and I had a few lucky breaks that also helped to boost my numbers a little this month as well. As usual, this month my largest focuses were lending bitcoin and ethereum, staking ethereum, and also blogging.
So without further delay, let's see how well or poorly I did this month.
Publish0x remains one of my favorite places to post and generally the community is very kind and open. They did decide to cut back on the rewards being given out, and that's fine; I'm more concerned about the platform being around for the long-term and am happy to take a bit less to make that more viable. Aside from the dollar value of my rewards, I did notice that many of my posts didn't perform to the level they normally do. Perhaps there was less traffic to the website during this time. Or perhaps my posts were too bullish in what most considered a bearish term. Food for thought.
My follower count at Publish0x at the time of writing is now at 3,888 and inching closer and closer to my next goal of 4,000. I hope to go well over that mark by next month's report. I truly believe that if I can grow to have a decent amount of followers here, then anyone can. All it takes is patience to continue writing even if you see little to no results, consistently posting, and to find your niche. For me personally; I tend to talk 90% about bitcoin, 8 about passive income or portfolio growth, and 2% about ethereum.
Next up is Read.cash. Recently this has been my most consistent earner. Unlike the other places that I post where my posts can be really hit or misses, here at read.cash my posts consistently say in the same earning range, which is nice. You can withdraw at any point is a plus it has over other services like Hive or Publish0x. I have mentioned this before, but I am worried about the longevity of the service, as it is run by donations from the founder. My articles here get much less traffic compared to any other service that I use. So I will enjoy the performance that I have been receiving while it lasts.
LeoFinance / Hive. ($129.86) ($41.74)
All of my posts on Substack are free for everyone to read and therefore I am not expecting to make a profit here yet. My main focus is to build a community of my own and be less dependent on other services that could close at any point. Look above to my concerns about read.cash's long-term viability and Publish0x cutting rewards to strive towards profitability. I have begun to advertise my substack more on my posts and have been happy to see that my subscriber numbers have begun to rise faster. While I will most likely keep all the posts that I cross-post free on this service, in the future I may write paid-subscriber only premium content. Content that is of much higher quality and higher researched than I am currently writing.
Blogging Totals = $344.93
Cryptocurrency Lending & Staking
0.0052387 BTC = $209.54
I have been forced to switch up the places where I lend my bitcoin in order to earn the maximum amount of BTC rewards. That is because both BlockFi, Celsius and others have put limits on their tiers to earn their maximum lending rate. Also places like BlockFi have drastically reduced their interest rewards causing me to move most of my funds off the service. I only am keeping the BTC rewards from my BlockFi credit card on BlockFi currently. This has all led me to using Ledn. There are three drawbacks that I have noticed while using Ledn. The first is that they don't offer any free withdrawals, instead you have to just pay for the transaction fee. Personally I'm fine with that, as their is actually no penalty, and is the same as sending any other bitcoin transaction. The next drawback is that their withdrawals are quite slow. They can take 2-3 business days to finally go through. This is only an issue if you are wanting to withdraw quickly, but a non-issue if you're just HODLING. The last drawback is that their mobile app almost can't even be considered to be an app. It only allows you to see your account deposit QR code, not being able to check account balances. Hopefully that will be improved upon in the future. With that said there are some great positives as well. I have had many interactions with their customer service and they have been awesome. Kind, and excellent response time. Also they do offer high rewards rates; something that is becoming rarer to find at the moment. You can earn 6.10% for up to 2 bitcoin.
0.00718 BTC = $287.20
Celsius is currently my favorite place to lend bitcoin. They offer 6.20% for up to 1 bitcoin. Previously it was for up to 2 bitcoin for Americans, but was recently changed. This resulted in me sending more of my bitcoin to Ledn to lend out. I love that they have weekly payouts, and the reward rates are generally higher than other places. Also, they have unlimited free withdrawals that are quickly processed and can be done 24/7/365. I highly recommend using Celsius.
0.0005300 BTC = $21.20
I lend out BTC on Nexo on the base tier meaning that I'm only earning a 4% interest on it. I keep this BTC here to protect my loan that I took out with Nexo when BTC hit it's bottom price. While I'm gradually paying back my loan here, the extra BTC that I keep here makes a liquidation nearly impossible. Nexo does offer one free withdrawal a month and can be withdrawn at any moment just like Celsius.
Ethereum Lending (Celsius) = 0.001755 ETH = $4.50
I have recently begun to lend my new ethereum instead of staking it. This decision was made based on me wanting to keep my ETH liquid, and also with the staking rewards dropping on a weekly basic. While the rewards that I'm earning currently are small, I hope to continue to grow them in the future.
Kraken - 0.0137 ETH = $33.80
I'm staking my ethereum at Kraken haven't added more ETH to the pile here for quite some time. It is basically running on automatic but still helping me to accumulate a little bit of ethereum each month. After the ETH 1.0 and 2.0 chains merge, I will begun to stake more of my ETH. But until then, most of my new ethereum will be lent out.
Lending and Staking Totals = $556.24
FOX Token 350 - $350
Airdrop Totals = $350
I was very lucky to have received the FOX token airdrop for having used Shapeshift and Uniswap in the past. All of which I converted to BTC and little towards ETH. This really helped to boost my numbers for the month of July.
July Earnings Total = $1,251.17
The month of July turned out being a pretty good month, but I am quickly learning that my performance is heavily dependent of what the market is doing. Even if my performance does look worse off in some months, those numbers will look much better when revisited a few months later. That is because this report is looking at my performance in-terms of dollars. If bitcoin's price were to double, than all of the bitcoin rewards this month will have doubled as well. I remain highly motivated to continue to work towards my goal and feel very positive that I will be able to achieve it before the end of the year.
How about you? How was your crypto earning performance this month? What methods where your most successful?
As always, thank you for reading!