Cryptocurrency mining is a costly venture that requires substantial investments in ASICs and graphics cards if you are planning to establish your own mining farm. Alternatively, you can explore the option of mining cryptocurrency using rented hardware such as a VPS or dedicated server. However, this approach comes with its own limitation: a limited selection of hosting providers that allow cryptocurrency mining on their servers. If you do not have the desire or resources to acquire and maintain a mining farm or spend time researching numerous hosting providers, utilizing a VPS for supporting a node can be a viable option.
Choosing a VPS Server for Mining
It is worth noting that you can rent not only a VPS but also a VDS (Virtual Dedicated Server). There is no significant distinction between VDS (Virtual Dedicated Server) and VPS (Virtual Private Server). In both cases, users acquire virtual resources, which represent a portion of the physical hardware's capabilities that can be utilized for various tasks.
If you have made the decision to mine cryptocurrency on a VPS or dedicated server, it is crucial to familiarize yourself with the provider's usage policy in advance. The majority of providers are opposed to cryptocurrency mining and will block access to the equipment and terminate your subscription if any mining activity is detected. It is advisable to steer clear of such companies. One exception is the hosting provider PQ.Hosting, which allows and permits the utilization of their servers for cryptocurrency mining and node support.
In the absence of information regarding mining on the provider's website, it is recommended to seek clarification to avoid the need for finding a new provider in the future.
Renting a VPS Server
To rent and set up a VPS for a node, you simply need to pay for the subscription, establish remote access, and install the necessary software. It is also advisable to adhere to the practice followed by experienced node operators: "one server, one node." This enables you to work with multiple crypto projects concurrently or focus exclusively on a single project that you have the utmost confidence in.
Creating an Account
To create a personal account, follow these steps:
- Visit the provider's website and click on "Sign Up."
- Choose the preferred registration method and fill out the form.
- Connect a bank card or an e-wallet to facilitate resource purchases (PQ.Hosting offers over 30 different payment methods).
Connecting to a VPS
Once the personal account is created, users can rent the equipment. Ready-made setups become available within 10-20 minutes, while custom configurations may take 1-3 days. Subsequently, remote access needs to be established, and the required software should be installed.
How to Connect to the Server?
Firstly, you need to have a static IP address and a Linux system installed since most crypto projects operate on Linux. To interact with your server, you will need to install specialized software that enables access to it, thereby allowing you to commence the installation and configuration of your node. Several programs are available, such as "MobaXterm" or "PuTTY"; you can choose any other program that suits your preference.
Which Nodes Are Currently Worth Setting Up?
This topic could be the subject of a separate article, encompassing numerous crypto projects. However, we will mention a few examples of projects that can be installed at the present moment (as of the time of writing this article). Some noteworthy crypto projects include Minima, Massa, and StarkNet. Nonetheless, it is important not to neglect the principle of DYOR (Do Your Own Research) – experiment, explore, and inquire!
How Much Can You Earn from Nodes?
This is the section of the article that everyone has been eagerly waiting for. There have been recent examples of individuals earning approximately $2,100 per node, with expenses of €96, in the crypto project "Aptos." In "Moonbeam," participants received 50 MOVR tokens, which amounted to over $24,000. Participants in the "Avalanche" testnet who set up a node in 2020 were able to earn 2,000 AVAX tokens, which reached a peak valuation of $268,000. There are numerous examples of earning through maintaining nodes, spanning dozens, hundreds, or even thousands of cases. Your earnings will depend on your resourcefulness, ability to comprehend crypto projects, and a bit of luck. Additionally, you can save money by utilizing the services of the hosting provider PQ.Hosting, which frequently offers promotions and discounts on Dedicated Servers, VPS, VPN, and ispmanager.
Conclusion
Regardless of what some may say, if running a node were not a profitable endeavor, few would engage in it. Yes, it requires effort, and you may have to spend hours working on the server's side to implement necessary network updates released by crypto project developers. However, in the long run, your efforts are guaranteed to be rewarded. The project from which you derive profit may not be of utmost significance; what truly matters is that you maintain multiple nodes across different projects and one of them will undoubtedly yield the desired financial result, covering all server rental expenses and enabling you to earn substantially.