The term "passive income" has become a buzzword in recent years. Everyone is searching for it, but few people know how to actually generate it.
The truth is, there are countless ways to enjoy passive income. And smart investors will diversify their passive income sources for safety and security in the long run.
The cryptocurrency market is ripe with passive income opportunities. One of the best options at the moment is running STRONG block nodes.
Running a node is the process of participating in blockchain network security. Each cryptocurrency relies on individuals worldwide running nodes, which upholds the integrity of the blockchain and record of transactions.
It prevents fraud. And those that run a STRONG node, for example, are paid for their service.
Wondering how to run a STRONG block node, so you can make money online? Keep reading below to find out how.
What are STRONG Block Nodes?
StrongBlock nodes support the Ethereum blockchain and network. STRONG is an ERC-20 token, meaning that it's built on top of the Ethereum infrastructure.
Normally, to run blockchain nodes would require coding skills and a technical understanding of the blockchain ecosystem. But STRONG exists as a node-as-a-service, making it simple for investors to get in on the action without knowing how to code.
This solves a few problems. For example, many DIY-node runners have limited resources. So they end up running out-of-date software and don't have the full record of blockchain transactions. This can negatively impact the network as a whole.
So StrongBlock allows any user to create a node in just a few seconds. You get to participate in the network security of various blockchains, and everything is kept up to date and online for you.
It runs nodes for existing cryptocurrencies. For example, StrongBlock is currently supporting over 1,700 nodes on the Ethereum 1.0 network, which represents 15% of all nodes on the network. Coming soon is compatibility with Ethereum 2.0, bitcoin, and other networks.
There are many other types of nodes you can run as well in order to participate in network security and earn rewards, such as the Gala gaming node.
How Do StrongBlock Nodes Work?
To set up a node, you'll need to buy tokens. You'll need 10 STRONG tokens in order to launch one StrongBlock node.
You purchase a node using your 10 tokens, and it runs on your behalf. You pay a nominal monthly maintenance fee in ETH in order to keep your node running.
The Strong node crypto price fluctuates. The price per token has been between $120 and $700 during Q1 2022, meaning you can get a node up and running for somewhere between $1,200 and $7,000, depending on when you buy.
Rewards for running a StrongBlock node are paid out in STRONG. You'll earn 0.1 STRONG for every 7,000 ETH blocks. However, the rewards rate can, and likely will, change in the future.
At the time of writing, there are 6,330 ETH blocks per day. That means you'll earn about 0.09 STRONG per day or about 2.7 STRONG per month.
If you purchase one StrongBlock node, it will take about 90 days to earn back your initial investment, after which you'll be earning a profit.
How to Buy a Strong Node
Wondering how you can get started for yourself and start building a passive crypto income stream? It's very easy to do if you have a few things in order, such as a crypto exchange account and a browser wallet.
Getting STRONG Tokens
You'll first want to acquire some ETH. You can do this with any reputable crypto exchange, such as Coinbase or Binance.
At the time of writing, STRONG tokens aren't available for purchase on the major crypto exchanges. So you'll need to use a decentralized exchange such as UniSwap to swap your ETH for STRONG.
To do this, you'll need to ensure you have a browser extension wallet in place. MetaMask is the most popular option. It's free to install on your favorite web browser, such as Google Chrome.
You'll set up a new wallet, which only takes a few moments. Then, you'll transfer your ETH from your crypto exchange of choice to your MetaMask wallet.
Then, visit UniSwap, select STRONG, and trade your ETH tokens for your desired amount of STRONG tokens.
Please note that there are gas fees (transaction fees) associated with transferring Ethereum-based assets and tokens.
Setting Up Your Strong Node Crypto
Now that you have STRONG tokens in your wallet, you can launch your node. Make sure you also have some spare ETH in your wallet to cover your first monthly maintenance fee of $15. You'll need additional ETH for gas fees to launch the node, which varies depending on the level of network activity.
Visit the StrongBlock website. Click "Create Your Node Now" to connect your MetaMask wallet and authorize transactions.
You'll "spend" your 10 STRONG tokens and your node will start working right away.
Claiming Node Rewards
STRONG is paid out daily to node users. But you have to claim your rewards in order for them to hit your wallet. There are gas fees required to claim your rewards, so you shouldn't do this daily or even weekly. To be safe, plan to claim once a month, so gas fees don't destroy your returns.
Once you claim, STRONG is added to your wallet. You can either sell that STRONG by trading it for ETH on UniSwap, or you can save up for another STRONG node so you can earn more, faster.
Are StrongBlock Nodes Risky?
StrongBlock is relatively new, having launched in December 2020. In a sense, everything in the world of cryptocurrency is new, and as a result, deemed high risk. You should only invest money you can afford to lose, as investing in StrongBlock nodes is akin to investing in a startup.
However, the team behind StrongBlock is very experienced in the blockchain industry, and an exciting roadmap lies ahead, with new networks to be added and new functionality coming soon.
So in a sense, StrongBlock is a lower-risk investment than many other crypto-based opportunities with anonymous founders.
Earning Income Through Crypto
If you're interested in investing directly in STRONG Block nodes, you can do so by following the instructions above. In just a few minutes, you can have your first node up and running, earning you STRONG tokens daily.
Likewise, if you are interested in the projects we are building here at Gasbox, you can join our investor waitlist and invest in STRONG indirectly via our token Gasbox (MCF).