Crypto plan sanity check

Psittac · April 30, 2021

I just wanted to put the thoughts I have on crypto out there and see if anyone can validate them or debunk them

I plan on saving all of my crypto in hopes that it increases in value years down the road, if not then I've lost nothing.

So my plan to avoid transaction fee's as much as possible is to use a ledger X as my wallet and just hold it there. I want to mine different coins and right now I'm mining btc through nicehash and eth through a pool. I figure that the eth pool can mine straight to the ledger and nicehash will only withdraw when there is a good chunk and that will go to the ledger too.

The reason I'm thinking this is that I don't want fee's and as few of transfers as possible. I have learned that if your btc wallet has a lot of transactions on it to pull from it increases the mempool size and therefore requires a larger fee to get it done, so fewer withdrawls from nicehash to my ledger. I've also found that the only reason funds should go into a bitpay wallet are if you want to cash out, moving out of that wallet seams expensive AF. And I'm using nicehash because I'm assuming the transfer fee for a withdrawl is better than the costs involved with mining straight eth and trading it for btc, I definitely want btc in some capacity

While I've got a thread going, what are some other coins I should look at mining from time to time? I have 3 machines 7600k/1070fe 5800/2080s and 3900x/3080, currently the two slower ones are on etherium and the 3080 is on nicehash so it pays in btc. I was thinking of ravencoin but ledger doesn't support a wallet for it yet so I'm uncertain how that wallet sets up, was just greek to me.

tikker · April 30, 2021

You can't avoid fees really. For an exchange they are typically fixed and otherwise you set a (realistic) number your comfortable with and wait until it goes through. Ledger seems to have RVN support: https://support.ledger.com/hc/en-us/articles/360011981839-Ravencoin-RVN- If that coin interests you, go for it. I think the setup is good. I would put the cards in order of favourite ocin. Personally I'd put the 3080 on ETH, 2080 on NiceHash for BTC and the 1070 on either ETH/BTC or another alt, but that's just because I'm more in on ETH than BTC.