Coronavirus Pandemic Proves the Importance of Steady and Reliable Income
Sooner or later, the Coronavirus Pandemic will be over.
As important as it is to be optimistic, there are some realities that society will have to cope with. Chief among them is the economic fallout from this virus.
The numbers are grim. The IMF projects that the US economy could shrink by about six percent in 2020. This statistic translates to millions of people losing their jobs and business slowdown for some time.
The US economy was on a roll before this Pandemic, with historic stocks rallies that seemed to go on without an end in sight. Then, disaster struck, and the American economy is now, a month and a half later, most likely in recession.
History is an eternal lesson, but only for those willing to learn.
No matter how rapid the recovery will be, the average American will likely fall back to their usual habits, rely on their paycheck exclusively, and spend almost every dime on recurrent expenditure.
If such an income flow, for reasons like the Coronavirus Pandemic, becomes disrupted, their lives become difficult immediately.
Saving Is Important, but It Is Difficult To Save Your Way into Wealth
Many would rightfully argue that they cannot afford to save.
Then again, very few people can boldly say that they have too much money.
Saving is always challenging, but it is an old school method of getting by in tough times. However, the fact that a lot of people can’t afford to save consistently or simply lack the discipline means that those savings will likely not amount to much when they need a significant capital injection during a crisis.
If you manage to save consistently, finance your subscriptions, and take care of all other expenses within your paycheck, more power to you. The reality is that saving requires discipline and consistency. Besides, you need to have a considerable income or live a frugal life if you are to save your way into considerable wealth.
For small business owners, this crisis has hit harder than most. The little savings most had have gone into overhead costs and maintaining staff, if any. Additionally, these businesses don’t have the easy access to credit that corporations have.
Therefore, the Covid-19 Pandemic has resulted in financial shocks that the average American will contend with for some time. With many households already saddled with debt, this full-scale shutdown of economic activity means that Americans have to get a better grasp of their finances.
Reliable Income Stream Is a Solid Option
Even during peak employment periods, most Americans just manage to get by.
Having a regular income is the next best thing. The famous saying goes; work for your money, then let your money work for you.
Warren Buffet has a great quote that captures the essence of a safe source of income:
“If you don’t find a way to make money while you sleep, you will work until you die.”
Obviously, with government programs like social security, many people don’t have to work till their last breath. The essence of this quote, however, is that relying only on the active income is not an easy way to create wealth.
The Coronavirus is a textbook example of the need for a secure source of income. With widespread disruptions to commerce and supply chains, many people have to contend with lesser revenue than they would ordinarily make.
Steady earnings; the phrase says it all. The money you make without necessarily being actively involved. Your day to day job could be labor-intensive. Some are lucky to have investments as their full-time revenue source. However, for those who can’t stop working, reliable and steady income through investments is a great way to supplement your salary. The path to financial freedom is more accessible, with reliable investments to propel you.
Having a regular source of income is like being able to save time. Everyone has 24 hours in a day, and you spend most productive hours in a day earning money. You can decide to save money if you can. However, when you are not working, say, when you are sleeping or taking time off to tend to your family, there is no way to recover that time.
A secure and steady income means that you generate earnings without the time constraints of an active job. Even when you are asleep and can’t work, there is income flowing into your coffers. This way, it is just like saving time.
Steady Income through Bitcoin Mining
By now, you have probably heard about Bitcoin and cryptocurrencies.
If you haven’t, Bitcoin is a decentralized virtual currency that operates on a digital ledger called the blockchain. It has grown exponentially from its invention in 2008 to now being a world-famous currency and asset.
Bitcoin obviously doesn’t have an all-powerful centralized entity to supervise transactions on the network. To fulfill this purpose, the network relies on the combined computing power of network participants.
Individuals who dedicate their computing power to verifying Bitcoin transactions effectively mine Bitcoin. For every block of transactions verified and added into the blockchain, the miner gets a reward in the form of new Bitcoins.
In the early years of Bitcoin, mining on your home PC was possible. However, as the Bitcoin hash rate gradually went higher, Bitcoin mining became more difficult, eventually making basic computers unprofitable. Furthermore, profitable miners have to have low power costs to justify their power consumption.
Mining Bitcoin is the best way to earn a steady income in the cryptocurrency space. The possibility of investing in mining equipment and having it consistently generate returns for you is a no-brainer. Bitcoin mining generates income consistently. Satoshi Nakamoto, Bitcoin’s founder, set a gradually diminishing supply of Bitcoin in motion. It will be some years before all the Bitcoin available is mined. Even then, the task of confirming Bitcoin transactions will still need miners to operate.
Since mining solo is difficult, investing in mining packages is a convenient alternative.
Bitcoin Mining with Advanced Mining
A single Bitcoin mining rig consumes about 40 refrigerators worth of power everyday it runs. Needless to say, it is too enormous an expense to deal with in your bills.
And this is without mentioning the heat and noise the rigs generate.
Advanced Mining offers a solution for ordinary people to earn a living from Bitcoin mining. This company has located its data centers in areas with the cheapest electricity rates in North America but utilizing a combination of renewable energy sources.
Compare investing in mining equipment to the role of computers in banking. Banks make profits from lending, but this is just a segment of what earns them money. In the process of transactions, banks often charge transaction fees, which an individual barely notices. These transactions are automated and mostly rely on computers to verify transactions. This way, the bank makes profits by merely acting a middleman and facilitator to your financial transactions.
Accordingly, banks and credit card companies have become enormously influential, mostly because they have set up computers to monitor financial transactions.
Now, replace banking with bitcoin transactions.
Investing in Bitcoin mining equipment is the equivalent of letting computers make money for you. Mining rigs receive rewards for validating transactions on the blockchain and preventing vices like double-spend. Instead of the proceeds of transaction verification vesting in the hands of a few, Bitcoin mining allows for millions to share the proceeds.
Advanced Mining is a hardware provider that set up and maintain Bitcoin mining equipment at locations where power is cheap. Considering how the activity it energy-intensive, their choice locations increases odds of clients to make profits.
It has an experienced and competent team, low overhead costs, low power costs, and pure dedication account for this.
Advanced Mining has a data center in Colorado, the United States. In this period of Coronavirus disruptions, operations went on without hitches.
No matter the fortunes in Bitcoin prices, the combination of little overhead and low power costs increase odds of profitability regardless of the prevailing climate.
Mine Bitcoin with Advinced Mining today!