Best practice for Mining to Saving Selling or Trading *(general questions)

[Psittac]

What is the most efficient path to go from mining crypto to saving in a wallet, trading or selling for USD?

 

Currently I'm mining on nicehash but every time I pull money out it cost's something like 9%, I have only transferred to bitpay so far but from what I remember there is another fee for selling to USD.

 

What are my best options for saving trading and selling?  I can use different wallets services or miners but these fee's are adding up.

 

I have a ledger X in the mail and want to focus on getting a stash of BTC but want to dabble in other crypto so trading and maybe cash out a bit so selling is an option.

[Moonzy]

3 minutes ago, Psittac said:

every time I pull money out it cost's something like 9%

gather more before u transfer, it's a "fixed" cost, as in it's not a %, so if it's $10 and u transfer $100, it's 10%

if you transfer $1000, it's 1%

[tishous]

If you're planning on holding long-term, I would move everything over to that Ledger X. Also mine straight Ethereum using T-Rex miner or something and use Ethermine, Flexpool or any other pool you like. 

 

For USD now, mining Ethereum to an exchange may save you some fees, but I would highly discourage holding anything there long-term. Mine, sell and withdraw as quickly as possible.

[Psittac]

Just now, tishous said:

If you're planning on holding long-term, I would move everything over to that Ledger X. Also mine straight Ethereum using T-Rex miner or something and use Ethermine, Flexpool or any other pool you like. 

 

For USD now, mining Ethereum to an exchange may save you some fees, but I would highly discourage holding anything there long-term. Mine, sell and withdraw as quickly as possible.

Are there any guides to setting up an ethminer? I tried a bit and it wasn't intuitive

[tishous]

1 minute ago, Psittac said:

Are there any guides to setting up an ethminer? I tried a bit and it wasn't intuitive

Son of a Tech usually does pretty good videos on that type of stuff.

[Psittac]

34 minutes ago, tishous said:

Son of a Tech usually does pretty good videos on that type of stuff.

ok I got a miner online, it really wasn't as difficult as I thought.  Are you aware of how much internet bandwidth is used a month?

[tishous]

27 minutes ago, Psittac said:

ok I got a miner online, it really wasn't as difficult as I thought.  Are you aware of how much internet bandwidth is used a month?

I couldn't tell you. Not a lot, it's just to find shares and send valid shares back, so I doubt it would use much. If you run it and look in task manager you may be able to see.

[Psittac]

1 hour ago, tishous said:

I couldn't tell you. Not a lot, it's just to find shares and send valid shares back, so I doubt it would use much. If you run it and look in task manager you may be able to see.

yeah I did that after I commented and it doesn't look like much.  A friend of mine is thinking about starting to mine but almost cap's out every month with his family hitting their ISP so it was a concern of his

[tikker]

2 hours ago, Psittac said:

yeah I did that after I commented and it doesn't look like much.  A friend of mine is thinking about starting to mine but almost cap's out every month with his family hitting their ISP so it was a concern of his

Like 12 MB per day if this hasn't changed much.

 

As for the rest I think you've got it covered. Mine to a wallet directly if you want to save. As you also found out, moving funds incurs transaction fees, which for BTC and ETH (currently) aren't really worth it if you want to transfer small amounts.

[Psittac]

Instead of starting another thread

 

Can someone let me know how long I need to mine on an ethash pool to get an idea of what I'm really making per month?  I've been on this pool for a few hours, since starting this thread basically, and my daily weekly and monthly payout estimates are pretty low compared to nicehash.  But my hashrates are far more reliable and even higher.  I know I need to give it time for the formula's to be remotely reliable and I believe that getting it straight from the horses mouth is far better (direct pool mining vs renting hashpower).  I guess my question is...... How accurate are the estimates or is it highly dependent on actual payouts?  What is the luck factor I see listed?

 

Are there other coins I should look at mining?  I saw a random website that listed terracoin as the highest payout per day on my machine but I don't want to stick my neck out to far.

[j1philli]

3 hours ago, Psittac said:

Instead of starting another thread

I had always found that I would be making really close to the same on nicehash vs setting up specific miners. This doesn't really help if you are looking to mine for specific coins but my perspective is that if you want a specific coin you can buy some with your bitcoin earnings from nicehash.

10 hours ago, Psittac said:

What are my best options for saving trading and selling? 

To go back to your original topic, I was in your shoes at the beginning of the year so I'll go over what I found and what I'm doing now. This got way longer than expected lol in Spoiler
 

Spoiler

 

I've been mining with Nicehash as well. I was using Coinbase as my exchange and wallet as I was also buying coins. It has a lot of coins available and was pretty competitive here in Canada for fees. That was it, I would wait till I had a couple hundred dollars worth and then would transfer it over to Coinbase to do exchange or house. Obviously as my balance started to grow I got more concerned with security because of cryptos history with exchanges.

 

I also ordered a Ledger and have loved the functionality and security it brings. I moved all my assets to Ledger and wanted to use Ledger Live as my all in one place. I ran into heavy fees in the Ledgers Exchange though and the other features like staking/lending and swaps were not competitive in terms of fees or ROI either. So I have resorted to only using Ledger as a long term vault for anything I'll be holding for awhile and don't use it for anything else.

 

Through Ledger I found out that they partnered with Crypto.com for their storage of assets both customer and company owned. They also have a partnership with Visa for there Prepaid Visa Card that you can get 2-3% back in crypto on everything you buy using the card plus other perks pretty easily. This involves staking some crypto and what not so its not for everyone but the pay off is large compared to other credit cards in Canada and I can earn back the stake in a short period of time with the card. These things give me confidence in security and legitimacy for the company making them my "everyday" crypto place. They are way more competitive for the crypto swap fees(0%) and staking/lending ROI easily getting 6-10% with potential of more. This eco system has really taught me how to let the crypto I'd be letting sit make me guaranteed returns. Like I said I still keep some off exchange in my Ledger just cause. Doing it this way is not a popular opinion in the community but its really just about making an educated choice. If you want to know more about the site or are going to sign up send me a DM!

 

 

[tikker]

11 hours ago, Psittac said:

Instead of starting another thread

 

Can someone let me know how long I need to mine on an ethash pool to get an idea of what I'm really making per month?  I've been on this pool for a few hours, since starting this thread basically, and my daily weekly and monthly payout estimates are pretty low compared to nicehash.  But my hashrates are far more reliable and even higher.  I know I need to give it time for the formula's to be remotely reliable and I believe that getting it straight from the horses mouth is far better (direct pool mining vs renting hashpower).  I guess my question is...... How accurate are the estimates or is it highly dependent on actual payouts?  What is the luck factor I see listed?

 

Are there other coins I should look at mining?  I saw a random website that listed terracoin as the highest payout per day on my machine but I don't want to stick my neck out to far.

Let it go for at least 24 hours. It's been a while since  I used Ethermine, but from what I remember the "estimated earnings' is an estimate what you have mined so far. Let it go for a while and check. After 24 hours or after you get your payout you can compare with NiceHash.

[artuc]

Some coins have worse transfer fees than others, typically it is better to move large amounts where possible. Some transfers can have a fixed and % fee and some wallets/exchanges can slug different fees.

 

I know recently a RVN transfer was a lot cheaper than BTC. However RVN is not as widely supported.

 

Also watch for minimums when moving small amounts around, sometimes you can end up stuck as say you do a trade or transfer which gets you 0.09 COIN, then an exchange may have a 0.1 COIN minimum for a trade or withdrawal. 

 

It can be hard at times as some more obscure altcoins may need a bit of a process to obtain and same for getting to an exchange you can cash out. Some methods burn through more in fees than others.

 

Also some exchanges or wallets may have arrangements, like nicehash has lower minimums and fees to coinbase.

[tikker]

4 hours ago, artuc said:

Some coins have worse transfer fees than others, typically it is better to move large amounts where possible. Some transfers can have a fixed and % fee and some wallets/exchanges can slug different fees.

 

I know recently a RVN transfer was a lot cheaper than BTC. However RVN is not as widely supported.

 

Also watch for minimums when moving small amounts around, sometimes you can end up stuck as say you do a trade or transfer which gets you 0.09 COIN, then an exchange may have a 0.1 COIN minimum for a trade or withdrawal. 

 

It can be hard at times as some more obscure altcoins may need a bit of a process to obtain and same for getting to an exchange you can cash out. Some methods burn through more in fees than others.

 

Also some exchanges or wallets may have arrangements, like nicehash has lower minimums and fees to coinbase.

For moving stuff between exchanges XLM is my go to. Widely available, costs me like 1 XLM and is near instant. These tricks are not always applicable to wallets though as you then need to rely on (wallet-related) exchange services, for example Exodus' or Ledger's swap services, that'll probably charge you gas fees anyway and add their own cut on top of that as well. This potentially costs you more than just transferring the coin you wanted. Especially with the insane amount that BTC and ETH currently cost to transfer it's better to just leave them sit until you have more or gas fees drop to be honest.