The idea to create cryptocurrency is a topic that often leads to heated discussion in many groups. While many ponder on its benefits and threats, there is one community that seems to have highly benefited from the concept.
In March 2019, the tech giant Cisco published a report that showed that college students make up for for a whopping 22 percent of virtual currency miners. The report is not well received everywhere as many questions arise on the aspects of the resources used by students.
Nevertheless, if you are curious about how students are succeeding in mining cryptocurrencies, and why, read on to know more.
What Is Cryptocurrency Mining?
To understand why it sounds so easy for students to mine a currency online, it is essential to understand how it works. Cryptocurrency is a type of digital currency that runs on a blockchain. Every transaction made using these are recorded in a blockchain, linked to other blocks making it impossible to tamper with the transaction records.
What miners do is to use computers to record and tally these transactions. They have to update each time transaction occurs after ensuring its authenticity. It involves two functions, to add transactions after verifying them to the blockchain and get rewarded with crypto money itself thus releasing new currency.
To perform mining, one needs a computer, the software and a strong internet connection. It is not that easy as it might sound. To get access, miners have to solve complex mathematical problems that require a special skill set, software and considerable time. Whoever is first to mine the block is eligible to get rewarded with cryptocurrency.
But today there are even services like a crypto mining marketplace that runs the mining program automatically even when the computer is not being used, This means students can leave the system running and mining will continue while they go to lectures and take part in other activities.
How Do Students Do It?
The extent of the profits from mining depends on a variety of factors namely the type of currency mined, the value of the currency, the computing costs, availability of equipment and the cost of electricity. In the case of college students, the survey points out that most of these mining happen in campus dorms itself.
This implies that they do not have to worry about the one major expense, the electric bills, as their housing contracts cover them. The only expense is that of the hardware, that now seems possible to procure or set up from a reasonably powerful laptop.
This opens up an opportunity for passive income that could be as much or above what students usually get paid with part-time jobs. Keeping aside the factors of exploiting the university resources, students are surely making this an opportunistic moment to get their hands on cryptocurrencies.
Get Paid In Cryptocurrencies
It is not essential that you have to learn mining to get yourself some digital money. There are many jobs that offer such currencies as payment. For example, students who are willing to do online jobs or work for this or that essay writer company can look for places that offer payment in terms of such currencies than traditional money. In fact, writing services like EssayPro are already used by students to get their assignment done to devote more time for mining. Depending on the type of online service, the amount you get paid will vary.
Blockchain management itself is another area worth looking into, as a rising career option. If you can teach yourself the required skills, from the many resources available online, then there are plenty of ways to make money from digital currency.
E-Commerce With Cryptocurrencies
E-Commerce has practically eradicated the need for physical money, As most of the transactions are done online, it is also a perfect place to explore the options of prominent digital currencies. Today there are even apps available that allows one to pay using these currencies. It is also beneficial because using cryptocurrencies helps to save hugely in terms of transaction and service fees.
While it might not be the most favorite way for students to make money from cryptocurrencies, it is definitely a way to make profits< it is the simple process of acquiring the currency through mining or buying, and then holding it for a time till the market value goes higher to trade it.
This does not need any specific skills apart from that required for mining if that is the method you choose to acquire the currency in the first place. It is best to make such investments only after studying the implications of the market and a thorough understanding of the same.
Like mentioned here, there are many ways for students to get their hands on cryptocurrencies and make money instead of choosing for a part-time job. However, keep in mind that many universities are now implementing security guidelines against students using campus resources for personal gain. So familiarize yourself with these processes could help you in many ways as technology only seems to be on the rise.
About The Author
Michelle Brooks loves to read, write, listen to music and use words to persuade people. She has worked her way towards being the team leader of content managers. She uses words as weapons, so keep an eye out for her powerful articles. Follow Her On Twitter: @michellebrook23