Are you looking for ways to earn passive income? With the growth in popularity of cryptocurrency in recent years, countless new opportunities for passive income have been born.
One of the top contenders in the crypto space right now is THOR. The team behind THOR was inspired by StongBlock to make it easy for casual investors to create nodes and earn passive income for their service.
While StrongBlock is the leader in the node-as-a-service space, THOR is up and coming, and offers a much more approachable onramp that almost any new investor can afford.
So what is a THOR node, and how does it work to provide passive income? Keep reading below to see if this is the best new way to make money online in the crypto space.
What Is THOR?
StrongBlock, the most well-known ode operator in this space, focuses primarily on node-as-a-service.
For THOR financial, the goal is to implement node-as-a-service as one of their offerings. But at the time being, they are more of a Defi-as-a-service provider.
To invest with THOR, you'll purchase THOR tokens that are native to the Avalanche network. You can invest a certain amount of tokes with THOR to acquire one of their nodes.
You earn rewards on a daily basis. But how those rewards are earned differs from standard node-as-a-service providers.
Rather, THOR uses these funds to invest in various Defi platforms. They invest in some validating nodes, but also invest in staking pools and yield farming strategies.
In this regard, THOR operates more like a dividend-paying asset than a pure node provider, like Gala gaming nodes.
Which THOR Node Is Right for You?
THOR offers four different node options, depending on how many THOR tokens you'd like to invest. The more expensive nodes provide higher daily returns.
Heimdall is the most affordable at just 1.25 THOR. With this node, you'll earn 0.008 THOR daily. There is a $5 maintenance fee and a 1% claim tax. Your initial investment is set to be paid back in 156 days.
Freya is the next node, costing 6.25 THOR and earning 0.05 THOR daily. There is a $10 maintenance fee and a 5% claim tax.
Next is the namesake Thor Node. It costs 12.5 THOR and earns 0.144 THOR daily. There is a $20 maintenance fee and an 8% claim tax.
Lastly, there is Odin, costing 78.125 THOR. It yields 1.02 THOR daily.
You'll pay an $80 maintenance fee and a 10% claim tax.
In Q1 2022, the price per THOR token has fluctuated between $20 a piece to $230 apiece. The Thor node price can be as little as $30 or so, depending on when you buy.
With more affordable node options, new investors can more easily invest with THOR as opposed to StrongBlock, which requires 10 STRONG tokens per node.
How to Buy a THOR Node
Are you interested in trying this passive income strategy for yourself? Getting your THOR nodes up and running is quite a simple process. Here's what to do.
THOR is based on the Avalanche network. To get started, you're going to need to purchase Avalanche (AVAX).
You can buy AVAX on any reputable crypto exchange, such as Coinbase, Binance, Gemini, or others. Make sure to buy more than you need to purchase your node of choice, as you'll need extra AVAX to pay for transaction fees.
Luckily, transaction fees on the Avalanche network are much lower than the Ethereum network.
Swap THOR for AVAX
Once you have some AVAX, you'll need to trade them for THOR tokens. You can only get THOR on a decentralized exchange that supports Avalanche. The most popular is Trader Joe.
To use a decentralized exchange, you'll need a browser wallet installed. MetaMask is the most popular, and it's free to use. If you don't already have a browser wallet then install MetaMask on your favorite web browsers like Chrome or Safari.
Set up a new wallet address, and sed your AVAX to that wallet. Visit the Trader Joe website, select THOR, and swap your AVAX for THOR.
Buy THOR Nodes
With THOR tokens in your MetaMask wallet, you can purchase your nodes on the THOR Financial website.
Select the node you'd like to purchase, authorize your wallet to connect to the site, ad make your purchase. Your node will show up on the platform, and you'll start earning rewards right away.
You can have up to 100 THOR nodes running at the same time.
Risks of Investing in a THOR Node
THOR is a new investing platform. It's currently offering investors exciting yields. While it can be an enticing place to park your capital, it doesn't come without risks.
Unlike StrongBlock, the team at THOR financial is anonymous. The team claims that they would reveal the identity of the lead developer should anything go wrong, or if malicious activity is suspected.
With the opportunity to make large returns, and payback investments in a short matter of time, the question of sustainability comes up. Are these rewards going to be around forever? Will they last a full year?
The truth is, no one knows. These types of platforms are new and untested over the long term.
One way that THOR is ensuring its long-term success is with regular reward slashing. Rewards will decrease over time, making it ideal to invest early on.
One of the biggest concerns for investors is volatility. How much passive income you earn is tied directly to the cost of THOR tokens.
You can be earning 10 THOR per day, but if THOR falls to $1, then it's not very exciting.
The price of THOR has fluctuated between $20 and $500 in the few months that the platform has been live. Since investors need to sell their THOR rewards in order to actually enjoy their passive income, this can drive the price down.
THOR Node Crypto Investing
Nonetheless, THOR financial is an exciting new investing platform for crypto enthusiasts. If you have the money you are willing to risk on a new platform, then purchasing a THOR node or two can be a great way to make passive income.
If you're willing to shoulder that burden alone, you can buy your own THOR node directly. Or, if you'd like exposure to THOR nodes, along with other yield-generating crypto assets, you can invest with Gasbox. Purchasing our token gives you indirect exposure to THOR and many other exciting assets.