There was a time when the price of bitcoin was pretty low and just with a normal computer, you could do bitcoin mining. Idea behind getting involved in mining was to earn some bitcoins, which potentially could be cashed for fiat currency in the future. As people got involved in mining and supply of bitcoin started to diminish, you no longer could mine bitcoins with a standard computer. You needed computers powered with GPUs and a lot of processing power. As a result, it started to become costlier and costlier to own a bitcoin with mining. On an average, cost of equipments and electricity to mine a bitcoin has about a year of ROI.
But in 2017, price of bitcoin zoomed up in such a speed that it became much more rewarding to make money trading bitcoins than to earn them with mining. You could risk a few dollars to purchase a coin and it would easily multiply manifold in a few days/weeks. However, with advent of 2018, due to several reasons, price of cryptocurrencies has taken a beating and that is also not a lucrative business (at least as of now).
So, with mining cost touching the roof and price of cryptocurrencies down in dumps, how do you make money with cryptocurrencies?
During the height of the cryptocurrency craze, there is a cool experiment I did for a few months and thought of sharing the details with you. This experiment involves using your wordpress website to mine some money for you. The more visitors you have, the more the time they stay in your website – more the money you make!
How to Mine a Cryptocurrency Using Your WordPress Site
The currency you can mine with such a setup is Monero, which is considered to be one of the top cryptocurrencies. Lets walk through those steps:
- You need a wordpress site, which gets decent traffic. More the traffic you have, better it would be.
- Signup for CoinHive.
- Install and activate WordPress plugin – Simple Monero Miner.
- Login to your CoinHive account and navigate to Settings -> Sites & API Keys
- Use the option Create a New Site to add your website and receive a public and private key for your website.
- Login to your website and go to Settings -> Simple Monero Miner. Add your public and private keys here. You can leave the rest of the settings as is (default).
- Let the miner run and make you money. Visit the statistics and try to make finer adjustments to the mining settings
At the time of writing this article, CoinHive current payout was 0.00003206 XMR per 1M hashes. You get 70% of the payout. The websites I chose to run it on — they had a traffic of less than a 1000 unique visits per day and as you can see, it did not even make decent enough money for me. I’m making more from Adsense than mining using this option. However, if you have a website, that has a lot of traffic, I would like to believe that it would be a much more lucrative business in that case.