My Passive Income Stream (September Edition)
Welcome to the second edition of My Passive Income Stream. I released my first income stream in the August Edition one month ago and unfortunately August was not a great month as my passive income went down. In fact, every single passive income stream I have declined during the month. That is ok as this is a long game for me so I'm not concerned about month-over-month results.
Being truly passive (lazy as some might call it), I'm excluding "earned" income from sites like Publish0x, read.cash, Presearch, Torum, Brave, etc. that others include in their monthly figures since they are focused on all earnings. I am not including minor income from exchanges like KuCoin and Crypto.com that offer minimal yield returns nor any income from crypto mining which while primarily passive does require minimal attention which is quite an annoyance. I'm also not including what I consider active income including some new streams I'm working on including NFTs, ebooks and a YouTube channel (more on these in later articles). There is just so much to do in crypto...
So what do I include in my passive income stream? I am including sites where I may have to push a couple of buttons a day, week or month, but that is the extent of all the hard work I'm willing to do and still consider it passive. YieldNodes gets credited with interest once a month, so it requires reinvesting profits on the first of each month. EMP Money has two areas, the Detonator and the Reactor, I compound daily while the others I interact with a couple of times a week.
The numbers presented are based on the daily income from each stream as of the first day of the month. I am breaking the income into two categories, "DeFi and other Income Streams" along with "Yield Farming" before coming up with the overall total. Here you can see a breakdown of exactly how much I am generating from each source.
I did not get into any new platforms last month and one actually shut down. That said, within the yield farming platforms I did add some new income streams from platform features I entered during the month. I am itching to add another project to the mix, hopefully one will really catch my eye in September and I'm vetting out a few options at the moment but honestly not too excited about any of them.
DeFi and Other Income Streams
YieldNodes = $9.60 (master nodes, down $0.06)
SAFUU = $6.07 12.65 (rebase token, down $6.58)
Midas Investments = $0.74 (CeFi exchange, down $0.46)
Hydro Whales Mining Club = $0.00 (NFT BTC mining project)
Liquid Capital = $0.00 (rebase token, down $1.33)
TOTAL = $16.41 per day (down $8.34)
Liquid Capital was a new rebase project I got involved with at the end of July, however, the team ended the project refunding 75% of our deposit. Thankfully, I just put in about $50 to test the waters so it turned out to be no big deal for me but I'm sure for others it was much more painful. Safuu had a big price drop in August which really brought down the income there.
YieldNodes returned a healthy 6.1% in August which was fine considering how the rest of everything went. I base my monthly return here by multiplying the total amount I have invested by the average monthly return I've had since investing back in March which works out to 7.3% after adding in August. Even though my total value went up, the decline in average monthly return brought down how I calculate the monthly income.
Midas Investments is a CeFi exchange that I hold some Bitcoin and Ethereum on, in addition to their native token MIDAS. I have to wait about another five months before the Hydro Whales Mining Club starts producing income. That said, the floor of the NFTs has risen to .94 ETH from my purchase price of .29 ETH each for my two NFTs in July which is a nice gain.
Yield Farming
EMP Money = $46.16, down $1.68 (Detonator = $35.53, Farms = $7.91, Reactor = $2.02, Nodes = $0.60, Autovault = $0.11)
The Animal Farm = $15.64, down $5.08, (Piggy Bank = $15.64, Farms = $0.00)
DEX Finance = $4.58, down $1.56 (Farms = $3.47, Regulation = $1.11)
PancakeSwap = $0.07, down $0.02
TOTAL = $66.45 per day, down $8.34
EMP Money is my biggest yield farm and I made a few moves within the platform in August. First, I took some profits and put them into a node to add that income stream to the list. I did this mainly because the Boardroom wasn't producing for much of the month with the main token under peg. Second, the team their launched a Detonator clone called the Reactor which I also took some profits from other areas of the platform and invested here. I also cashed out about $45 to convert to BNB and pay for gas fees on the Binance Smart Chain which should last awhile. Although I'm down one income stream (Boardroom) in the platform for now, I've added two others and now have five different features producing income in EMP Money.
DEX Finance had a poor month but was starting to rebound as we wrapped up August. I did take some profits in the month and also moved some profits into a third farm on the platform. My entire investment here came from EMP Money rewards, so I'm not too concerned with the decline at this point as I'm in DEX more for diversification than anything else.
The Animal Farm is still largely paused with a restart of the farms set for October.
Total Passive Income
DeFi and Other Income Streams = $16.41
Yield Farming = $66.45
TOTAL = $82.86 per day (down $16.67)
The total passive daily income from these sources is $3.45 per hour or $82.86 per day since I make income 24 hours per day unlike a day job which usually only pays for eight hours. This also equates to $30,325 per year, no weekend or holidays off here, which isn't too bad for hitting a few buttons.
While it was a down month, I was pleased that my biggest DeFi project (YieldNodes) and biggest yield farm (EMP Money) held up pretty well. YieldNodes is a very steady project up to this point having positive monthly returns for three straight years. I'm also excited with the EMP Money ecosystem having moved into two new areas that i can grow over the long haul while really figuring out how to maximize my capital within the system.
My goal is to grow my passive income to $300 per day, or $109,500 per year, by July 1 of 2023 without adding in any new capital. This would be really easy if the market returned to its highs and would basically triple my passive income as a result. But I'm not counting on this to happen. The real beauty in this passive income stream is that unlike a "real job" income stream, which is dependent on raises to increase, this passive income stream increases over time naturally by simply compounding my rewards.
Like all investments, these figures will fluctuate and will still go down in a bad month as it did in August. Overall, these investments have significantly outperformed by non-income producing assets like stocks or crypto coin/token holdings during the current bear market.
For September I would like to enter into a new project with a small amount of profits from EMP Money. I'd like to enter another NFT project that produces income or jump into a new DeFi project. Any suggestions and how was August for you?
