It is the beginning of a new month and that also means that it is my favorite time of the month. It is the time that I collect on my passive income in crypto. This has been an ongoing self-journey of mine, where each month I like to record how I have performed, thus giving me even more motivation to continue on and do even better in the future. And maybe just maybe it will help to convince some of you out there to begin investing more in your future by earning passive income.
One of my favorite quotes is an incredibly famous one by the famous inventor, Albert Einstein.
This has been my main philosophy recently. Yes I have a significant amount of Bitcoin, Ethereum, and other coins stored away in my Ledger, but recently I have been using more and more to earn that passive compound interest.
This month many of my earnings have come from the usual sources; blogging and lending. But this month I have added staking interest into the fold as well. (ADA and DOT)
In the grand scheme of things, my passive earnings monthly are insignificant, but that is okay because they are passive. But the magic is when you start adding the monthly totals together and that is when the insignificant numbers begin to become something more.
So without further delay, let's start talking about my passive crypto earnings for the month of August.
During the month of August I made a total of $21.72 and I am ecstatic about this. The reason for this is because during this month, my monthly output of articles was actually much lower. In past months I would be writing about 3 articles per week. But during the month of August I was writing about only 1 article per week. The reason for the increase of earnings probably mostly has to do with the fact that in August Publish0x increased the earning rewards by 30%. And also to the fact that perhaps I was focusing more on each article, the articles were of higher quality. Either way I'm very pleased an am excited to continue using the platform. I have reached over 490 followers, and am gradually inching closer to my goal of 1,000.
Publish0x Total = $21.72
I continue to spread my articles over different site including Uptrennd. To date, I haven't made any earnings from Uptrennd yet, as I have been focusing on leveling up my profiles there to earn more in the future, boosting my articles to gain my followers, and also I have been trying to keep as many of my 1UP tokens as possible, because I foresee the price increasing in the future. So while I'm not making any money here, I'm trying to build something that could become something much more in the future.
Uptrennd Total = $0
My strategy with Read.cash is almost identical to Uptrennd. I'm trying to build a following over there, rather than making any profit. Usually I am spending most of my profits boosting my articles.
Read.cash Total = $0
I continue posting on Hive as well, but have made almost no footprint over there. But from everything I hear, it just takes a little longer to build a following there and will continue to strive to do so.
Hive Total = $0
Blogging Total = $21.72
For the past few months in my crypto passive income articles I have mentioned that I would soon be earning staking rewards for Cardano. After earning ADA for 1 Epoch, I decided to sell all of my ADA into Polkadot. And with the late month release of DOT, I only received about 1 week's worth of Staking for my DOT. So next month my ADA staking will go to zero, but at the same time the Polkadot staking rewards will increase significantly next month.
25 ADA = $3.00
2.1 DOT = $12.39
Staking Total = $15.39
3) Crypto Lending
To date, Blockfi continues to be my biggest money maker in terms of passive income, and I have been very satisfied with it. As I have mentioned before, my main goal with BlockFi is to be gaining interest on my BTC and ETH. I keep a small amount of USDC there that I always convert into one of those two coins when there is a price dip that I want to take advantage of.
Bitcoin -0.00541072 BTC≈ $63.08
Ethereum - 0.04029450 ETH≈ $17.00
USDC - 1.88375834 USDC≈ $1.88
BlockFi Total = $81.96
And my last lending service is a little controversial in my own opinion. Within the last few days I have been wanting to earn some interest off of some of my Chainlink that was just sitting in my Ledger. I was very hesitant to do this because there are rumors that Nexo was possibly connected to a huge Chainlink FUD campaign that was trying to short the coin. With all of that in mind in the last 3 days I have moved a very small amount of my Chainlink to the service and will be taking a wait and see approach with the service before deciding if I want to invest more there. So the interest I received is only about 3 days worth, and if I continue using the service, next month's earnings should increase.
Chainlink - 0.02 = $0.34
Lending Total = $82.30
Monthly Total = $119.41
I am very satisfied that each month my numbers are increasing, even if it is ever so slightly. As I mentioned before, I am currently having the most success with lending services. But as always there is a drawback to that, not your keys, not your bitcoin. So there is a risk that I am taking on, but that is why I am only lending out a certain percentage of my portfolio.
I think the area where I will see my largest growth in the future will be with my staking. I will continue to stake more and more Polkadot, very soon Ethereum, and also other coins.
So what are you doing to make a passive income and where are you having the most success!?
As always, thank you for reading!