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Sell Bitcoin to "test the waters" and make five figures every day while lying down

BlockBeatsBlockBeats2024/08/22 11:04
By:BlockBeats

Today it may be selling water, tomorrow it may be renting a mine, and the day after tomorrow it may be a brand new business. Doing some flexible small business in the cryptocurrency circle is a way to make a living.

Written by: Jaleel plus six, BlockBeats


There are more complaints in the bull market than in the bear market.


Those who play with local dogs are hung on the top of the mountain, the project parties lament the poor market conditions, the hair-pulling studios are reversed, and the VCs are locked in with no exit opportunities. Not being able to make money seems to be the root of all evil. And the cruel thing is that even if there are complaints one after another, there is never a shortage of people making money in the market.


For example, just selling "test water" on Bitcoin can make $10,000 a day. It is these "small businessmen" who are not in the mainstream in the eyes of many "elitistists" who can always find flexible new opportunities to make money in the currency circle.


From "selling water" to "renting mines", the philosophy of making money in small businesses


It is now the end of August. With the arrival of the "golden September and silver October", all financial fields are about to get rid of the summer dilemma of tight liquidity. The cryptocurrency circle is no exception, and some signs of recovery have been shown. Bitcoin has firmly stood on the high ground of $60,000, and the entire Bitcoin ecosystem has been revitalized.


Among them, Fractal Bitcoin (Fractal Network), the expansion solution launched by Unisat, is particularly popular. This solution based on Bitcoin Core native code and integrated with the op_cat application, although still in the testing phase, has attracted more than 6 million addresses to participate in the test at the time of writing this article. Related reading: "Experience Fractal Ecosystem Tutorial: The Next Bitcoin Ecosystem Explosion Point"


In an exclusive interview with Unisat by BlockBeast in mid-August, they also mentioned that users who provide feedback and contribute to various tests will be given corresponding feedback.



This passage caused a strong response in the community and was widely spread, which to a certain extent also stimulated everyone's motivation to participate in the test network. After the article was published, the number of addresses participating in the test network increased by one million in just one day. Related reading: "Interview with UniSat founder: Fractal is Bitcoin's most loyal assistant".


However, the number of test coins given by the official test network water collection channel is limited, only 0.02 FBTC can be collected each time, and it can only be collected once every 6 hours, which limits some users who want to do long addresses.



So a new business opportunity came into being - selling FBTC test coins, commonly known as "selling water". (Since the early platform can "flow out" test coins like a faucet, it is called a "faucet", and the test coins are therefore commonly known as "water").


This is not the first in the currency circle, and FBTC is not the first test coin to be sold.


Before Ethereum's Sepolia testnet went online last year, Goerli TestNet was the most mainstream testnet for Ethereum. Several channels that provide faucet services only allow users to receive a certain amount every day, and they also need to complete a series of tedious "social verification". In the context of some projects suggesting that testnet participation may bring "blessings", Goerli ETH test tokens were also in short supply for a time, and each GETH could be sold at a price of 3U at the time.


The doorway behind trading test coins


In contrast, the current price of FBTC is relatively affordable, at about $0.4 per coin. Coupled with some rumors about test rewards, market demand continues to exist. In order to increase the chances of obtaining potential airdrops, some studios even purchase test coins in large quantities to create hundreds or thousands of addresses.


"Most people who buy water now want semicolons. Assuming that one account is going to swipe 1 FBTC of TX, then 100 accounts will need 100 FBTC, and the amount required is quite large. There are currently 7 million test addresses, and these people are all trying to get the airdrop." Yan Sanxiu (@practice_y11) told BlockBeats.


Since the code of the Fractal Network was first launched on the test network, Yan Sanxiu's team has been working closely with Unisat, from understanding and running mining to now operating very stably, so their next stage of focus is to attract more free miners and build a mining pool MoonX.


Yan Sanxiu also explained to us the mining mechanism of the Fenxing network: the network adopts the same proof-of-work (POW) mechanism as the Bitcoin main network, and introduces the innovative Cadence Mining mining method, which aims to balance large mining pools and free mining. Ignoring the increase in block difficulty, the Fenxing network can produce about 72,000 FBTC per day, of which 33% comes from joint mining and 66% comes from free mining.



Currently, the top miner in free mining accounts for 66.91% of the computing power, and theoretically can mine about 30,000 FBTC per day.


According to the current market conservative price of $0.3 per unit, assuming that all these "goods" can be dumped, the daily income will reach about $10,000.


Coin circle "gold diggers" change the situation to survive


However, too many fish are worthless.


"FBTC for sale, large quantity, cheap price", some OTC dealers selling FBTC also shouted. As more and more miners joined, FBTC sales were somewhat sluggish. The price of FBTC fell from the initial $1.5 to the current $0.4, and the daily trading volume also decreased.


There are even some rumors in the market that channel dealers artificially raised the test network GAS fee to promote the sales of FBTC.


However, Yan Sanxiu believes that this is possible, but it is difficult to implement: "The Fractal Network has one block in 30 seconds, which is too fast. Even if the previous block fee is rolled up to 30, all transactions will be packaged after two blocks, and the Gas will drop. Unless someone can really control the computing power of the Fractal Network to keep mining empty blocks, even if empty blocks are continuously mined, the blocks of joint mining will still be packaged after 90 seconds, so this rumor is somewhat unrealistic."


The supply of test coins exceeds the demand, and the Fractal Network plans to activate the main network on September 1, which means that the demand for test coins may further decrease. The small business of selling test coins FBTC may not make money for too long. After all, when a business can be "written", it is no longer so profitable.


But for these mining players, crises often breed new opportunities. With the launch of the mainnet, new business models are being developed, such as leasing computing power.


BlockBeats learned from the market that the current price of renting computing power on the Fenxing Network is 12u/t per month, with a minimum of 200T, which means that a user can earn $2,400 per month. And as of now, there is still a great demand for renting computing power on the Fenxing Network.


"Indeed, many community friends have asked me if they can rent computing power. It depends on the market situation. Our mining pool may also consider adding this business in the future." Yan Sanxiu revealed to BlockBeast.


If there is demand in the market, take action the next day; if the market loses interest, adjust the direction immediately.


Today it may be "selling water", tomorrow it may be "renting a mine", and the day after tomorrow it may be a brand new business. Doing some flexible small businesses in the currency circle, making quick adjustments according to market demand, and being flexible is also a good way to make a living.


After all, there are many profitable businesses in this world, but not many businesses that make money forever, and the cryptocurrency world is changing rapidly.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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