Then from wallet send it to your exchange account.ģ. Solution: Use a personal Monero wallet for receiving mining payouts. So if you are sending your Monero (XMR) mining payouts directly to exchange from mining pool then your coins will be lost. The option to enter payment ID is only available on Monero wallets. That is you need to use both the address as well as the payment ID to make a successful XMR deposit. Few exchanges require Monero payment ID for deposits. Exchange deposit requires additional information:įor example this applies to Monero (XMR). Or use services like NiceHash which acts like a wallet and that allows you to directly withdraw to an exchange.Ģ.
Solution: Use a mining pool that allows you to set a minimum payout threshold. If your mining payout falls below the minimum requirements then the coins will not be credited to your account. Before you use the exchange address for mining payout take note on the minimum deposit amount. Some exchanges require minimum deposits for certain coins.
Bittrex and few others exchanges specifically mentioned not to mine directly to them for the following reasons. Here are 5 reasons why you should not mine directly to your exchange deposit address. Why? Why you should not mine to exchange address? But this method of sending mined coins directly to some exchange is highly not recommended. This will send your mining profits directly from the mining pool to your exchange account.įrom there you can either convert those coins or hold it. You can use that exchange deposit address on your miner and it works the same way as your wallet address.
The exchange will provide you with a deposit address. Login to your exchange account, go to wallet / deposit section, find the coin you are willing to mine and then click deposit. Whichever exchange it is Binance, Kraken, Coinbase, Bitfinex, FTX or OKEx. Take note on the following points before you start mining to exchange. But as we said there are few downsides to it. Mining directly to an exchange is a good option. For this reason instead of creating a separate wallet for each coin type users are mining altcoins directly to an exchange.
#Coinbase wallet address download
It can get quite annoying to download and setup a separate wallet for each and every alt coin. Miners tend to switch between coins based on its profitability at that time. Difficulty downloading separate wallets – Everyday mining difficulty and profit factor changes for every altcoin. By getting your mined coins directly to your trading account you can convert them to other coins or withdraw it as cash immediately.ģ. Taking profits periodically – If you are a person who takes profit from time to time then you can send your mining payouts directly to exchange account.
This way they can avoid paying gas fees.Ģ. Instead of moving coins between wallet and exchanges users are now transferring it directly from pool to their exchange account. To avoid fees – With rising gas prices Ethereum miners started sending their ETH mining profits directly from mining pool to their exchange account. There are several reasons for one to send their mining payouts directly to exchange address instead of sending them to their wallet address that they own.ġ. The following post will explain when to use wallet, when to send mining payouts to exchange and the points to note before mining directly to an exchange account / wallet address. But there are certain things you should be aware of. Sure, you can directly mine to your exchange account address. If you are planning to trade / exchange your mined coins then from time to time you can transfer the desired amount from your wallet to the exchange.īut the question is can you mine directly to exchange account instead of setting up a separate wallet for each coins? If you are looking to hold for a long period of time then it is recommended that you setup a QT / core or electrum wallet for that particular coin for receiving mining payouts. Its up to you whether you wish to keep the coins in your wallet or transfer them to exchange. Sending cryptocurrency mining payouts to exchange deposit address.Īnother common question from beginners who are new to mining is “Can I mine directly to an exchange account?” Can I mine Bitcoin, Ethereum and other altcoins directly to my Binance address, Kraken account or Coinbase wallet? Or should I mine to my own wallet and then transfer those coins to exchange?
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