Can I mine to Coinbase Pro?

IPDHCP · February 14, 2021, 7:55pm

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

InvestYG · February 14, 2021, 10:19pm

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.

IPDHCP · February 14, 2021, 10:41pm

Thanks @InvestYG for the quick reply.

It’s just in the beginning only on small rig

SavageTusk · February 15, 2021, 8:24pm

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

IPDHCP · February 15, 2021, 8:38pm

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

SavageTusk · February 15, 2021, 9:01pm

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

IPDHCP · February 15, 2021, 9:47pm

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…

SavageTusk · February 15, 2021, 10:03pm

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.

IPDHCP · February 15, 2021, 10:16pm

Hi @SavageTusk

Thanks a lot for the explanation.

I will get one of those to start.

Lineman · February 17, 2021, 12:53pm

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.

IPDHCP · February 17, 2021, 2:59pm

Hi @Lineman,

Thanks for the feedback.

cadjoe · February 21, 2021, 4:38pm

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?

Lineman · March 7, 2021, 10:17pm

Sorry about the delay in getting back to you on this. The short answer is no. You don’t lose any ETH because the wallet address changes. The previous addresses are still valid so if you mine to just one of the wallet addresses you are given by Coinbase, all your currency goes into your account.

MrCryptoKing · March 8, 2021, 1:23am

I wondered this as well and lastly if I pulled some of my profits of my Eth and BTC from Coinbase around Jan 2021 how would I know when to pay the taxes that is owed? in my case I"m assuming I’ll file for 2021 taxes!