How much can you earn with a gala node?
It’s important to remember that running a node for Gala Games isn’t so much about earning tons of money, as it is supporting an awesome platform that could change the face of the gaming industry as a whole.
Sure, you will earn money, but I’d encourage you to see this a little like a long term investment.
There are risks with any investment, so put some thought into whether this is right for you.
That said, the financial rewards could be fantastic.
There a a total of 50,000 Gala node licenses available… sounds crazy, right?
And yet in a few short months over half of them have been bought! That’s an amazing amount of interest in Gala Games.
As of NOV. 2023, each Gala Node generates around 700 $GALA per day – if you’re thinking of purchasing a node, make sure to run you numbers!
Please note, that the amount of Gala node rewards you earn depends on a few technical factors that fluctuate regularly – once your node is live you may earn less or more Gala gold.
Pricing System For Gala Node License
The thing you have to be aware of is that every 100 Founder nodes that are sold, the gala node price goes up. So if you’re thinking of getting involved, don’t take too long to make your decision.
I checked the price 2 days after I bought my node and the price had increased by $2000!
That can make a big difference in how long it takes you to pay off the initial cost of the node, and then start making pure profit.
When your node is running, it earns GALA for you and deposits that GALA coin into your account (accessible via the website).
The amounts are fairly consistent, but as the customer base for the actual games increases in size you should start seeing the coin earnings increase.
The one thing to remember though, is that every July 22nd, the total GALA pool is halved for node operators.
So you’ll earn daily Gala node rewards for your nodes work… but you’ll also be put in a draw each day to win an NFT drop.
These NFT drops should be seen as a little extra icing on the cake, rather than a big earner.
Firstly, the’ve super rare, and secondly their sale value may not be very high (though some of them will be, it’s just luck if you get tone though!).
A little extra bonus, but nice to know it’s possible!
GALA Tokenomics
When it comes to any cryptocurrency, it’s important to understand the future potential.
I other words, we need to understand Gala Tokenomics – how many coins are there, will any new coins be released in the future, amongst many other questions.
Here’s the current state of $Gala Coin:
- Total circulating supply: 6,977,205,436 GALA
- Market Cap: Excess of $175M
- Current Price: Coin Market Cap
It’s important to note that GALA is a utility token – ie it’s not meant to store value (though by virtue of it’s utility it will store value)
As of writing, it seems that coin new coin minting is possible, but that likely will only happen when the Gala Games network is much bigger.
Currently minted coins are released to gamers, node operators and the Gala foundation on a daily basis.
Again, because GALA is a utility token, there isn’t currently any burn rate to combat inflation – however, there is an annual halving on July 21st each year which reduces the amount of tokens that go to node operators and the foundation.
To fully understand the ecosystem, check out this post from Gala Games.
To realise the the profit from your node, you’ll have to send your earned GALA to a crypto wallet.
You can use any wallet of your choice. Then, simply send the GALA to an exchange like Binance and sell it on the open market.
So the question then becomes, how much is GALA worth in your home currency, and will it increase in price in the future?
It’s easy to check the current price, simply search ‘GALA price’, but the more interesting question is will the price per GALA go up in the future, and so make my node even more profitable if I hold onto the coin for a little while longer.
For me, my experience is that over the course of a few years almost all cryptocurrencies have increased dramatically in value, so I’m going to wait to sell mine… potentially for years, but I’ll keep track of the price just to be safe. Like any cryptocurrency, Gala Tokenomics need to be considered, as changes might affect you directly.
The other reason you might find it worthwhile holding your GALA earnings, is that at the time of writing Ethereum Gas Fees are sky high.
This is a cost you have to pay when moving an Ethereum based coin (ERC20 token) from your Gala account to a wallet or exchange.
There are plans in place to use a different chain to move your GALA, which will make it much cheaper, so I’ll update you when that happens.
What are the total costs of operating a node?
Ethereuam Gas Fees can range from $2 to $500 (wild!) a the moment, which is crazy, but if you wait and keep checking, you can probably exchange for around $15 (my tip is move the GALA early hours of the morning US time, first thing in the morning EU time).
Let’s assume $15 then.
Next is VPS cost – make sure to check out our tutorial on how to set up a VPS, its the best and most cost effective way to run your node – but you should be able to land that for between $2-10 per month
Lastly is the cost of the node itself – you’ll have to check what the current price is on the Buy A Node page since it goes up every 100 nodes sold.
So the main cost is your node, then the monthly running costs are very small in comparison to what you can earn on the network each month (make sure to run the node 7 days per week!).
There are some more ways to make your node even more lucrative, so make sure to check out my recommendations here.
Overall, this is a great little business earner
Using A VPS (Recommened)
Don’t panic though, if you know anything about crypto ’tokenomics’ this is normal for the operation of a decentralised network like this.
But it does mean the coin price (the price you’d see for GALA on an exchange like Coinbase or Binance) won’t fluctuate wildly.
What I mean by that is, your earning potential isn’t likely to dramatically drop, nor are you likely to be a millionaire all of a sudden in 5 years time.
Once my node is paid off, I expect it to earn me the cost of a vacation for me and the wife each year… though it may be more, or may be less. We’ll see.
