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Minecraft, hosting servers, was making a steady $100-$200 per day running a server with a friend of mine that averaged around 80 people online concurrently, can make a lot through donations or "cash shop" style options for plugins like mcMMO
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I have wanted to do this. I have an old PC with a pentium 4 processor and 2GB of RAM I have been wanting to make into a Minecraft Server. I don't know how to set up a Linux server yet though.