Bitcoin Mining Side Hustle

Even during a pandemic, you can still find a side hustle. I have been working for almost 2 months at this point on a Bitcoin mining side hustle. More on what Bitcoin and bitcoin mining are and how I got a flexible side hustle.

Before I get into what it is, I figured I would start with why I was looking. I wanted to get something to help fund my investments as well as business ventures so that things like this Invest Like Dad are not draining my money while I wait for them to at least break even.

How did I get a Bitcoin Mining Side Hustle?

One of the things I do from time to time is look at jobs on craigslist. Before I get too far please don’t share personal information with anyone off of craigslist until you can verify their information. I have talked to people that look legit but don’t check out! One of the best ways to see if a business is legit is calling the business from a number you found on google and ask about the position and person that you have talked to on craigslist.

Bitcoin Mining Side Hustle - craigslist job posting

Anyways with the scam disclosure out of the way, I had responded to an ad about part time computer work that would be approximately 5-10 hours a week. It was described as maintaining an office network and handling some hardware doing computations.

If you have not read my background, I do not have a computer or networking background but what I have found in life is being confident in your ability to learn will take you a long way. During the first chat on the phone, I asked enough questions to determine what he wanted and what work will be done.

I honestly watched some YouTube videos based off of information he provided in our first chat. Once we chatted a second time I had a good understanding of what was required. This allowed me to carry a conversation and convince him that I could do the job. Once we met in person, he walked me through the job and I was quickly able to pick up what I needed to do. If I had questions, my plan was to do some further research on my own! Proactive knowledge building will make you a star!

What is Bitcoin?

Bitcoin is a decentralized digital currency which means there is no central bank or single administrator managing the currency. The huge advantage of Bitcoin is its ability to transfer coins between users without intermediaries on its peer-to-peer network.

Bitcoin Mining Side Hustle - Bitcoin

The transactions are able to be verified via blockchain which is basically a network of computers that record transactions in a public distributed ledger. The ledger and documentation is done through what is called mining. Computers do mathematical equations and are rewarded with Bitcoin for doing the computations.

Bitcoins can be used just like normal currencies as they can be exchanged for other currencies, products, and services.

While the invention of blockchain technology that started Bitcoin has been praised there has been some criticism for the currency too. Some of the critics have noted that since Bitcoin is not centrally managed it is used in illegal transactions, thefts in exchanges, and price volatility. Also, the miners use a very large amount of electricity which is critical to maintaining the ledger. Without mining profitability, the currency could collapse. Bitcoin is utilized as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

Mining Setup

So back in the day Bitcoin could be mined with normal computers but people quickly discovered that a machine built specifically for mining would be much more efficient and profitable. The individual I work for has Antminer S9 miners.

Bitcoin Mining Side Hustle - Antminer S9

 

I bet you thought it would look a lot cooler? Well, the miner comprises of a very small CPU that has the calculation and then 3 graphics cards that provide the processing power. Other than that the main focus is keeping the unit cool. The processing power requires a lot of energy (electricity) which is converted into heat! It has two fans, one on the front and one on the back to cool the unit.

My job has been to setup and fix the miners as they have issues.

Why do I share this with you?

I was looking for a very flexible job as I didn’t want to impact time with my kids or my full time job. This opportunity ended up being a good fit. While it is not perfect, it is allowing me to build my wealth by funding investments as well as allowing me to have some money to try new business ventures.

This post does not really have anything to do with Bitcoin or mining. The main point is opportunities are always available, the difference is if you will take action or not! If you want to make some extra money, well start working towards it today and stop waiting for something to be given to you.

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