Wish LTT had warned us about NiceHash fine print

[JovanD]

You need to mine 50eur worth of btc minimum to withdraw, seems like a scam to me.
Is there any other service that actually lets you use your money? 

[Skiiwee29]

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

[Moonzy]

There's a similar limit on many pools I know

 

It doesn't make sense to withdraw little amount of money like that anyways, the current bitcoin transaction fee is high, so if you transfer, say, $50, the fees could be 10% of the transaction

 

And you can withdraw all your BTC once you reach the limit, unlike banks that keeps a few dollars in it for some reason

 

And, I don't think LTT should've been liable to inform you of such a thing anyways, you should've read it carefully

[Guest]

Why would they sit there and read the fine print of every service to you? That is absolutely your job.

 

[JovanD]

1 minute ago, Moonzy said:

There's a similar limit on many pools I know

 

It doesn't make sense to withdraw little amount of money like that anyways, the current bitcoin transaction fee is high, so if you transfer, say, $50, the fees could be 10% of the transaction

 

And you can withdraw all your BTC once you reach the limit, unlike banks that keeps a few dollars in it for some reason

Wish it was communicated more clearly, the marketing material for NiceHash and LTT's sort of pitch implied heavily that it was super beginner friendly and convenient to use, by the time i mine to withdraw BTC could crash in value.

[Moonzy]

7 minutes ago, Den-Fi said:

Why would they sit there and read the fine print of every service to you? That is absolutely your job.

What if anthony read it with asmr?

Onlyfans idea right there

 

2 minutes ago, JovanD said:

the time i mine to withdraw BTC could crash in value.

Nicehash has exchange, change it to USDT if you're that scared, USDT is relatively stable

 

There's a limit on that too and I'm not sure how much but it should be lower

 

Alternatively you can mine to an external wallet with higher fee of 5% instead of 2%(?)

That's up to you to decide

[JovanD]

10 minutes ago, Moonzy said:

What if anthony read it with asmr?

Onlyfans idea right there

 

Nicehash has exchange, change it to USDT if you're that scared, USDT is relatively stable

 

There's a limit on that too and I'm not sure how much but it should be lower

 

Alternatively you can mine to an external wallet with higher fee of 5% instead of 2%(?)

That's up to you to decide

I read on NiceHash website "Alternatively, you can use some other Bitcoin wallet address but this feature is deprecated and is not actively supported anymore." 
So does that mean you cant?
Also can you guys recommend any other mining pool that is more transparent?

[Moonzy]

3 minutes ago, JovanD said:

"Alternatively, you can use some other Bitcoin wallet address but this feature is deprecated and is not actively supported anymore." 

Ah I see, yeah I don't think I saw the option to key in external address anymore, might've still be viable but idk

 

3 minutes ago, JovanD said:

Also can you guys recommend any other mining pool that is more transparent?

Last time I heard miningpoolhub is great, but you need to do some research to use it as it's not as easy as nicehash, which I don't think it's suitable for you if you had to ask something so trivial and aren't comfortable reading fine prints

 

The same withdrawal limit applies there as well

[harryk]

Ethermine will deposit to your wallet every two weeks with no minimum amount

 

Edit: There is a 0.01 ETH minimum, see next reply

[tikker]

10 hours ago, harryk said:

Ethermine will deposit to your wallet every two weeks with no minimum amount

There's a minimum of 0.01 ETH for biweekly payouts.

 

11 hours ago, JovanD said:

I read on NiceHash website "Alternatively, you can use some other Bitcoin wallet address but this feature is deprecated and is not actively supported anymore." 
So does that mean you cant?
Also can you guys recommend any other mining pool that is more transparent?

Reading the fine print for these details is up to you. Anyway, that message only means mining to an external wallet is deprecated.

 

11 hours ago, JovanD said:

Wish it was communicated more clearly, the marketing material for NiceHash and LTT's sort of pitch implied heavily that it was super beginner friendly and convenient to use, by the time i mine to withdraw BTC could crash in value.

It is beginner friendly. Download, hit start and you're off to the races. Yes it might crash anytime, it also may not. It could also explode further and be worth double next month. If this volatility scares you, then you are overinvested or maybe crypto is not for you.

 

Do you know that withdrawing BTC does not mean withdrawing cash? It means you transfer the BTC from the NiceHash internal wallet to another BTC wallet. Every exchange has some minimum amount they allow you and an amount they charge. The reason for a minimum amount is partly because it's otherwise not worth it to transfer. You can't transfer €1 if your transaction fees are €5 and it's not really worth it to transfer €10 and lose 50% of that either.

 

If you want cash you'll have to trade the BTC for fiat (EUR, USD, whatever) on an exchange and withdraw that to a bank account or paypal or something.

[harryk]

5 hours ago, tikker said:

There's a minimum of 0.01 ETH for biweekly payouts.

You are correct. Maybe my memory is bad but this may have been changed in the last months; they have updated their payout policy multiple times.

[Basher99]

When you go to withdraw, it clearly states a minimum required for a withdrawal.  Ive been doing this about a week and am just over half way to the min(using a 5600xt and my laptop 1650ti lol)  So I guess it depends on what hardware you are able to use.

 

It was super easy to start running.  The only issues I had were on the laptop but that was user error haha.

[HanZie82]

On 4/8/2021 at 12:33 AM, JovanD said:

You need to mine 50eur worth of btc minimum to withdraw, seems like a scam to me.
Is there any other service that actually lets you use your money? 

Yes if you use their withdrawal method, if you know of another, just transfer your coin there and be done with it.
Just transfer it to Litecoin, then transfer litecoin to another wallet where the payout has less fees and voila.
Its just one of the ways.

[artuc]

Bit of a grave dig

 

Exchange for XLM, low minimums, low fees, fairly quick and most CEXs have it.

 

I've used RVN as well but not as common.

[c3metrixie]

On 4/8/2021 at 12:42 AM, JovanD said:

Wish it was communicated more clearly, the marketing material for NiceHash and LTT's sort of pitch implied heavily that it was super beginner friendly and convenient to use, by the time i mine to withdraw BTC could crash in value.

niceHASH was paying LTT to advertise niceHASH's service to you... it is an advertisement not a public information service... If you are not paying for the service, you are the service.

[Kood Garma]

On 12/24/2021 at 1:36 PM, HanZie82 said:

Yes if you use their withdrawal method, if you know of another, just transfer your coin there and be done with it.
Just transfer it to Litecoin, then transfer litecoin to another wallet where the payout has less fees and voila.
Its just one of the ways.

Thanks for describing that! I'm trying to learn and figure out the cheapest way to transfer BTC in my NHQM wallet to a Ledger Nano S.

[tikker]

15 hours ago, Kood Garma said:

Thanks for describing that! I'm trying to learn and figure out the cheapest way to transfer BTC in my NHQM wallet to a Ledger Nano S.

That may be just directly transferring BTC to the wallet your Ledger keeps. If you go the other route you need to carefully consider the fees to swap BTC to something else, transfer that something else, swap that something else back to BTC, assuming it's a supported swap on Ledger, which will incur multiple (often high) fees, because Ledger may take a fee, then it will send your something else to a swapping service, which will also have  a fee, then sends BTC. Every transfer will of course also incur transaction fees.

[Killmails]

On 1/25/2022 at 4:52 PM, Kood Garma said:

Thanks for describing that! I'm trying to learn and figure out the cheapest way to transfer BTC in my NHQM wallet to a Ledger Nano S.

If you look into going more technical route, you can replace NH with a direct miner, and use the 2Miners BTC payout mining ETH and be paid in BTC directly to your Ledger, exchange fee is covered by 2miners, and you only pay BTC transfer fee

[1518]

On 4/7/2021 at 11:36 PM, Guest said:

Why would they sit there and read the fine print of every service to you? That is absolutely your job.

 

Yes, but if he is showcasing it you would expect him to tell you the main pros and cons of the service he is reviewing which would include any hidden/not hidden fees. 

[BuckGup]

On 1/25/2022 at 3:52 PM, Kood Garma said:

Thanks for describing that! I'm trying to learn and figure out the cheapest way to transfer BTC in my NHQM wallet to a Ledger Nano S.

You can just send it and it has the normal gas price atm. I've sent thousands from my nicehash wallet and the minimum withdrawal size changes and is sometimes lifted if gas fees are low. So I don't think Linus including it would have been good as it changes a lot 

[Kood Garma]

On 1/25/2022 at 1:52 PM, Kood Garma said:

Thanks for describing that! I'm trying to learn and figure out the cheapest way to transfer BTC in my NHQM wallet to a Ledger Nano S.

Big thanks for the responses!

I did a test withdrawal to transfer BTC directly from NHQM wallet to Nano Ledger S and was charged a 0.000005 BTC network fee:

Withdrawal = 0.00057859 ($21.99)
Network Fee = 0.000005 (~$0.19)

Total Amt Received = 0.00057359 (~$21.80)

Next up, learn how to direct mine!