Mining payout in forms of CAD/USD?

[sinspiren]

Hi guys, I am planning on become a part time miner, mining at night or during the pc idle time. I am wondering if there is any platform that directly pay you local currency CAD/USD in return? Sort of like sell my hash power.

 

If not, what is the most efficient way to convert the currency you got to "real" money?, like which wallet, which cashing out platform you guys using?

[tikker]

Not as far as I know. You either mine a coin directly, yielding you that coin, get it automatically converted into bitcoin, or sell your hashpower on something like NiceHash and get paid in bitcoin, for example.

3 hours ago, sinspiren said:

If not, what is the most efficient way to convert the currency you got to "real" money?, like which wallet, which cashing out platform you guys using?

If you just want to get some change, the easiest way I feel (and know of) is NiceHash. To get money you'll have to trade it on an exchange and I believe NiceHash allow free transfer from their internal wallet to a Coinbase wallet for trading. I have used NiceHash a bit so far, but haven't withdrawn anything yet so can't say too much about it. Do keep in mind you'll need to get verified for pretty much any exchange before you can withdraw real money and there may be minimum amounts to withdraw etc.

[mariushm]

Depending on what video card you have, it may take you more than a month to mine the equivalent of maybe 20-30$ in crypto like ethereum for example.

Depending where you live, it could cost you more in electricity than the amount in crypto you generate.

You may also need to produce some minimum amount like let's say 0.1 ETH (which is now 117$, as the ETH is traded at 1175$) or the equivalent in what coin you chose to go with, so it could take 3+ months to mine the minimum, which means you'd pay for extra electricity for several months before even getting paid back.

.

[sinspiren]

On 1/15/2021 at 2:47 PM, tikker said:

Not as far as I know. You either mine a coin directly, yielding you that coin, get it automatically converted into bitcoin, or sell your hashpower on something like NiceHash and get paid in bitcoin, for example.

If you just want to get some change, the easiest way I feel (and know of) is NiceHash. To get money you'll have to trade it on an exchange and I believe NiceHash allow free transfer from their internal wallet to a Coinbase wallet for trading. I have used NiceHash a bit so far, but haven't withdrawn anything yet so can't say too much about it. Do keep in mind you'll need to get verified for pretty much any exchange before you can withdraw real money and there may be minimum amounts to withdraw etc.

Yeah, I am using nicehash too, but don't know much about exchange site though, please share your experience when you get down the line. 

[sinspiren]

17 hours ago, mariushm said:

Depending on what video card you have, it may take you more than a month to mine the equivalent of maybe 20-30$ in crypto like ethereum for example.

Depending where you live, it could cost you more in electricity than the amount in crypto you generate.

You may also need to produce some minimum amount like let's say 0.1 ETH (which is now 117$, as the ETH is traded at 1175$) or the equivalent in what coin you chose to go with, so it could take 3+ months to mine the minimum, which means you'd pay for extra electricity for several months before even getting paid back.

.

I am on a 3080, with Nicehash I am getting around 6,7CAD a day, the electricity is fine, ardoun $0.1 per 3hr. Again not trying to make a fortune but just doing overnight and get some change, Didnt know how the next step goes though, once I have some bitcoin in hand.

[airborne spoon]

UGGG all you people using nicehash is just sad, they are good if you are buying hash power for like a solo lottery run, but they suck for use as a mining platform with all their fees its just absolute crap.

 

Anyway once you have some BTC or ETH or whatever coin in your wallet you can sell it on an exchange for either a different coin or for a fiat currency (USD, EURO, exc) then transfer said currency to your personal bank account. I use kraken.com as my exchange, the fees are next to nothing and the UI is very easy to navigate and i have not had a single issue with them for the entirety of my mining time over like 5 or so years now. Now no matter what exchange you use there will be a verification process some ask for a pic of your ID some ask for a pay stub, they will not send you any tax paperwork and its up to you if you want to report your earnings to big brother. Most banks wont alert the gov if deposits are under $10k a month but if you have like $6k coming in every month they can say something but thats on the bank to decide if they wanna flag it or not. Its a moot point because it is PERFECTLY LEGAL to buy and sell crypto however every country is different with if you need to pay taxes on it and how much you do.

I would never recommend trying to skirt the tax man but if you had like $2k deposit every other month at different times its not very suspicious......

[Arcmanov]

Does Kraken allow payments to PayPal accounts?

I don't live in the US so that's why I'm asking.

[tikker]

11 hours ago, Arcmanov said:

Does Kraken allow payments to PayPal accounts?

I don't live in the US so that's why I'm asking.

No.

[WkdPaul]

On 1/16/2021 at 5:06 PM, sinspiren said:

I am on a 3080, with Nicehash I am getting around 6,7CAD a day, the electricity is fine, ardoun $0.1 per 3hr. Again not trying to make a fortune but just doing overnight and get some change, Didnt know how the next step goes though, once I have some bitcoin in hand.

I personally use bitrefill and coincards to convert my BTC and ETH.

 

Since I buy most of my stuff on Amazon, I just buy Amazon gift cards with the coins I have.