When it comes to purchasing top of the range tech, there are usually two types of people; those who have the money to splash out on it no problem, and those who have to scrimp and save. For many, having the latest tech and gadgets requires a lot of hard work and dedication to save up enough funds to buy them.
As such, many people will opt for cheaper alternatives. But what if you didn’t have to, because your tech paid for itself? Well, it is possible to earn money from your top tech and we’re going to tell you how.
Mining for cryptocurrency
Whilst the market isn’t as high as it has been this year, with many cryptocurrencies having plummeted in value, you can still make a lot of money from them. One such way is mining for cryptocurrency. This basically means you’re not buying them like you would stocks and shares, but instead, use your computer to mine data in return for crypto.
The better your GPU, the more of a reward you will see using it to mine. But you do have to keep costs into consideration. The price of the GPU, which at the moment are inflated due to low supply, and of course how much electricity it uses because crypto mining can be heavily resource-intensive.
But, if you opt for more expensive GPUs over cheaper ones, you have a better chance for a return on investment (ROI). Eventually, you could earn enough to cover the cost of your GPU, then it’s only the electricity bill you have to cover, and the rest is pure profit.
Using GPUs for crypto mining, much like overclocking them for gaming, can deteriorate them much quicker than if you were using them as standard though, so don’t expect them to last as long. But once you are done, you can always sell it on and buy newer GPUs down the line with money you have made.
The only thing left to decide really is which cryptocurrency you decide to mine. Bitcoin is the most valuable, but it does mean as prices rise, their percentage increase is smaller. Currently, it is valued at around $35,000, so if you only invested $1 in it, you’d have to wait until it hit $70,000 to double your money. Whereas smaller cryptocurrencies with lower valuations, could be worth literally $0.0000018 and so $1 invested would possibly not take as long to double your investment.
Renting out your tech
Another way of making your tech work for you is renting it out. I’m not talking about setting up your own company and hiring equipment out, there would be so much involved that it wouldn’t be worth it if you did it on a small scale. I’m talking about services such as Fat Llama.
Fat Llama is basically a marketplace that operates via an app, available on Android and iOS devices. You create a profile and post listings for your tech. People then search for what they need or want and can hire it off you. I, for example, have my Epsom projector on there, and charge £20.00 per day for hire, or discounted for longer rentals.
Now you may be worried about things getting damaged, and it’s a legitimate concern. But Fat Llama then takes a cut of the rental, and this insures your item whilst it is out. I’d always recommend taking photos before you send it out or it’s collected, and the same again when it comes back as well, so you have immediate proof should you need to put in a claim.
But I’ve never had a single issue using their service, and like most things nowadays, people leave reviews. Buyers for the sellers, and vice versa. So if you see someone who hasn’t taken great care of stuff in the past, you can decline the rental. It’s all on your own terms. And you can literally put any tech on there you have, from speakers to cameras, and even your PlayStation 5.
People will pay good money to just use things for a day or two that would normally be laying around your house. So rather than have it collecting dust, make it earn for you instead and recover the cost of your expensive tech.
Become a YouTube star
Now this may not be for everyone, so you could also just set up a blog the very same as FULLSYNC. But essentially if you have a passion for something, or you like tinkering and modifying things, create content about it. It may be that you create “How to…” videos or share your opinions on the latest tech out there. You may review the latest random items you bought off Wish.
If you’ve got a personality that attracts people to check out your content and they enjoy watching or reading, you can make it earn for you. Not long ago I spoke to someone who ran a PR company to pick their brain, and a YouTuber they dealt with used to offer video reviews in return for free equipment. It’s a pretty common practice. Now, they have over 1m subscribers on the video hosting site and charge 25,000 for a 5-minute video.
Not to mention the money from ads when you’re partnered, or Google Adsense if you go down the blog route. And they’re only a couple of ways you can earn by creating content around your tech, there are many more too. It can take a little while to build your audience, but if you put in the time and hard work to do it, it is more than possible. However, it’s important to not overdo it when creating content or you can burn yourself out. So don’t worry about taking time away if needed.
And there you have it, three ways that you can use your tech to help you make some money. No longer will you look at it in the same way, because if it can pay for itself, you don’t have to limit yourself to the budget versions of everything all the time. If you do use any of these methods currently or are intending to soon, let us know, we’d love to hear if any of them work for you.
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