Can I mine to Coinbase Pro?

Hi everyone,

Can someone tell me if it is possible to mine ETH or BTC to directly to Coinbase Pro?

Is this a good practice in terms of fees? Or is there a better way to get my coins here at EU without payment some extra fees?

Thanks

In theory you should be able to. Unless you have a massive mining farm, I doubt you’ll be getting payments frequently enough for there to be any issues with the number of transactions.

Thanks @InvestYG for the quick reply.

It’s just in the beginning only on small rig :crazy_face:

I’d recommend mining directly to cold storage. Might think about getting off coinbase. Not your :key:, not your :cheese:. Jm2c

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Hi @SavageTusk

So the best that I should do is to mine to a hardware wallet is that the smart move?

Do you recommend one?

Thanks

Yes, I recommend trezor or ledger to start out with. Both easy to learn.

:ok_hand:t2:

One doubt that I have about this wallets, how to I backup a wallet?

because if I have one wallet any for any reason it stops working bye bye crypto bye…

No, you will have a 12-24 word seed phrase . So long as you have that seed phrase it doesn’t matter if your device is lost stolen or burnt, any scenario. You can buy another, put your seed in and there’s your crypto. A good way to think of it is that you never actually hold your coins. You hold your keys that give you access to your coins.

Hi @SavageTusk

Thanks a lot for the explanation.

I will get one of those to start.

:grin:

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Just FYI, it is possible to mine directly to Coinbase Pro if you want to. To do it, use the wallet address that it provides when you want to deposit ETH or BTC to your account. Every time you want to make a deposit it will give you a new wallet address however the old ones remain valid.

If you’re cashing out regularly it’s probably no big deal to mine directly to Coinbase Pro - it avoids having to pay gas fees when transferring from an external wallet however if you’re keeping your ETH or BTC for the medium to long term you’re probably better off getting a dedicated wallet.

Hope this helps.

Hi @Lineman,

Thanks for the feedback.

I was also wanting to mine to Coinbase pro, I read that with them switching your wallet address every transaction that you would lose Ethereum or whatever you are mining. Any info on this?