Exchanging Bitcoin on NiceHash for GBP

[Joealex24]

Hi, I've just started mining with nicehash, realised there can be quite large fees for exchanging or transferring the bitcoin. Please could someone fill me in on the best way of transferring/exchanging/saving bitcoin earned on nicehash. Bit confused by all the different types of wallets and stuff.

[Heliian]

7 minutes ago, Joealex24 said:

Hi, I've just started mining with nicehash, realised there can be quite large fees for exchanging or transferring the bitcoin. Please could someone fill me in on the best way of transferring/exchanging/saving bitcoin earned on nicehash. Bit confused by all the different types of wallets and stuff

Just keep it in your wallet until you have enough to profitably exchange/withdraw it.  That's the other side of crypto that no one talks about, how much does it really cost to convert to a tangible asset?  

The nicehash fee schedule is designed so they get their cut, you are working for nicehash now, they exist to collect fees. 

[LogicalDrm]

-> Moved to Folding@home, Boinc, and Coin Mining

[airborne spoon]

We need to make a sticky about nicehash and how much they suck ass for their insane high fees.

For my BTC wallet I use bitcoin core it's IMO the best wallet however it downloads the entire chain so right now that's about 350GB.

For my eth wallet I use metamask it feels secure for me and I haven't had any issues.

Once you can make a withdrawal from nicehash I recommend you look at other pools like ethermime.org

[tikker]

2 hours ago, airborne spoon said:

We need to make a sticky about nicehash and how much they suck ass for their insane high fees.

For my BTC wallet I use bitcoin core it's IMO the best wallet however it downloads the entire chain so right now that's about 350GB.

For my eth wallet I use metamask it feels secure for me and I haven't had any issues.

Once you can make a withdrawal from nicehash I recommend you look at other pools like ethermime.org

How about instead people stop burning it to the ground with the age old "my manual not-user friendly solution does better" nonsense, and understand and accept what they are. The only thing that potential sticky should do is explain NiceHash charges higher fees. People who don't want this or want out (like OP) will move away from it.

18 hours ago, Joealex24 said:

Hi, I've just started mining with nicehash, realised there can be quite large fees for exchanging or transferring the bitcoin. Please could someone fill me in on the best way of transferring/exchanging/saving bitcoin earned on nicehash. Bit confused by all the different types of wallets and stuff.

If you have made an amount that you don't want to abandon, I second that the best is probably to keep going until you have enough to withdraw to an external or different wallet. Otherwise just leave it and start fresh somewhere. Remember fees are pretty much unavoidable, but NiceHash's are just high so it's understandable to move. Personally I trade on Binance and mine on their pool. Get paid out every day and can immediately trade it.

[Mick Naughty]

Paying a $3 usd fee once a week isn’t an issue for me. That the only actual fee I pay aside from a dev fee which all require aside from the excavator miner supposedly.