This may be a dumb question but is there any reasons why I shouldn’t be mining directly into my exchange accounts? I know that wallets are more secure, but other than that I don’t see any benefits. To me it seems like I would save whatever it costs to send the coins to the exchange, and I could stake them/ lend them/ swap them without having to pay any extra fees or costs. Even if it’s coins that I want to HODL, I could still earn interest on them through the exchange which (to my knowledge) I can’t do in a wallet.
It depends on numerous factors.
What are you mining?
-if you are mining 1 Coin forever, then a personal wallet is convenient and secure. If you will be mining what ever makes the best profit at the moment, than an exchange has it’s advantages with numerous wallets.
Are you getting paid out in the mined Coin or another Coin?
-if you get paid out in BTC or ETH instead of the coin you mine then any wallet works. If you are a hardcore believer in the coin you mine, then you run a CLI wallet and support the blockchain.
How easy is the Core wallet to set up?
-phone app’s or simple desktop wallet’s are easy to set up
How frequent are they mining reward payments?
-Exchanges don’t want transactions of " .ooo364524" of some lowbie coin every 30 seconds.
It all kind of depends on the situation. You should have all options open, ready and available.
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I think if you’re lending them out, then they can’t be in your wallet. Some coins that are pos though can be staked and stay in your wallet though (cardano is the only one I’m familiar with). Maybe be able to stake with eth 2.0 while still in wallet but I’m not sure…someone on here will know though.
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I mine into my Crypto.com account and have their debit card so I can pay for my miners and power with it. I earn 1% in Crypto.com tokens when I pay for miners and power bills. Seems to work for me and I like it.
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I’m mining BTC, Helium, LTC & DOGE. I currently use crypto.com and use their defi wallet as my wallet for everything but the Helium. I’ve been keeping the BTC and Helium, but sell off the LTC & DOGE whenever the price is decent. I’ve been usually trading the scrypt coins for other projects I want to get into like Cardano and Kadena, but whatever I have usually ends up back in an exchange so I can earn interest on it (because why not). I guess I’m kind of just looking for a way around paying the gas fees on ERC20 coins, but was kind of just looking for others opinions on everything.
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Mining wallet, best Bitcoin wallets for storing and securing your cryptocurrency.
@Brianf329 or @Deastin
Did either of you lose money in that $31M Crypto dot com hack a few days ago? I know Crypto dot com said no money was lost from it’s users but honestly I think they are just paying out of pocket to cover the loss.
This is why I keep most of my coin in a wallet and not an exchange. If you don’ hold the keys then you aren’t controlling your coins. IF you are using any exchange make sure you have very secure passwords, use multi factor authentication, and any other extra security they offer. What is scary about the crypto dot com breach is they were apparently somehow able to bypass the 2fa on user’s accounts.
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I didn’t lose any but I don’t keep much in it because I make miner payments with their debit card and keep the account depleted.
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i didn’t lose anything either, but I feel they did they right thing if they did pay out of their pocket because it was their fault.
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I love mexc.com so far. You can land and then exchange virtually any coin into USDT and then to any other coin as well. Virtually any! Even Sero, Chia, Flux… you name it!!! So many layers of authorization, it is just wow. No need to KYC unless you whnt bank transfer with them as well.
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Just take 10 minutes to mine one bitcoin.
You know MEXC is a 3 part exchange. I wont name names. They are 3 exchanges registered in EU, Sing. And Africa. The MX token is the currency the bridges the financial divide. The reason they do this is to combat international law. The EU is regulated to only allow EU users. The Sing one is regulated to report tax info for Japanese, Koreans and Americans. The African one is the wild west.
Remember this because if everything goes belly up (with Mexc Global) , get your assets in MX token and transfer out.
You might have to jump through hoops to cash in a MX token legally but it’s better than zero assets.
Hi Brian, I also have a crypto.com account and just received my debit card but still waiting for my CKB miner. I don’t know where you live but when you buy stuff with your card, how does it work for your tax? Do you declare your profit or it can be bypassed?
I just got the debit card the first week of this year so I haven’t had to deal with taxes. So next year I’ll figure that out but hopefully at that point I’ll have a LLC because I’m betting the government will have their hand out.
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Binance coin is one of the top cryptocurrency for crypto trading day within 2.0 billion average daily volume and over 1,400,000 transactions per second.
What will you benefit from having an llc?
I hoping for tax write offs and showing losses while I try to grow. I honestly don’t know how crypto business works but a few people I work with get thousands back from the irs on cows showing losses every so many years.
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That sounds like a great idea… I have losses…
Thx