How to mine directly into a wallet

Exchange wallet

To connect your account to a pool or a mining program, you need to get a cryptocurrency address. This will require:

1. Register on the exchange and pass verification.
2. Go to the “Assets” tab and press the “Enter” button.
3. Select a coin and network.

The address of the exchange wallet will be displayed on the screen. This way of generating profit has advantages – coins can be immediately used for trading or withdrawn into fiat.

Exchanges also offer to place cryptocurrency in deposits and receive additional income. However, you should not accumulate large sums in trading accounts. If the platform is hacked, the user will lose assets.

Wallet in the payment system

Clients of popular electronic payment systems (AdvCash, PAYEER, Perfect Money and others) can create accounts in top cryptocurrencies (bitcoin, lightcoin). These wallets are also used to withdraw profits from mining.

The method is convenient: you can immediately exchange coins to fiat and send to a card or pay for online purchases. Some EPS (AdvCash) also issue debit cards linked to accounts. This makes it easier to pay for purchases online and in real stores.

Desktop storage

To get the requisites, you need to:

1. Download the program on your PC and create a profile.
2. Go to the Wallet page.
3. Select a coin and click Review.
4. Copy the address of the vault.

Some wallets generate new credentials for each incoming transaction for security reasons. This does not mean that transfers will not reach the old account. The address can be entered in the settings of the miner. But you need to take into account that with each new transfer, the privacy of the client’s data will be reduced.

Online service

Some miners transfer coins to browser wallets. This is convenient: you can send assets to a trading platform or other storage at any time. Non-custodial online wallets (Atomic Wallet, Guarda Wallet) are more secure compared to exchange wallets. Developers transfer private keys to customers. If necessary, access can be restored in another interface. You can get account details as follows:

1. Create a profile on the project website.
2. Go to the Wallet page and select a coin.
3. Click the Review button.
4. Copy the address.

Most services provide a static account number that is not tied to a specific transaction. It should be pasted into a .bat file or written in the pool settings.

Hardware cryptocurrency wallet

Users can set up payouts to Ledger, Trezor and other physical wallets. However, hardware storage manufacturers do not recommend doing so. The reason is that each transaction has a special code that takes up space. This is not a problem for normal transfers. But if a cryptocurrency wallet receives many small transactions, it significantly reduces its performance. Transactions will take a very long time to be confirmed.

Developers recommend that you first withdraw coins to the online service, and then send them to the hardware storage. You can also set a high minimum payout threshold in the pool.

Mining solo or through a pool

A network participant with any hashrate can create a new block. However, users with one or two asics for mining top cryptocurrencies (bitcoin, lightcoin) are not able to compete with powerful data centers. It can take months to find a solution. During this time, the user will have to pay for hosting and electricity. Therefore, miners unite in pools. So you can get a small but stable income. Many services pay rewards every day.

Solo mode is beneficial for users with a high hashrate of tens of terrahes per second or more. This method will bring profit if the miner will find an average of 2-3 blocks per day. If in bad periods he will not confirm a single block, in other periods he will get 6-9 correct hashes. In this case, a solo miner will earn 20-40% more than in the pool.

To mine cryptocurrencies alone, you need broadband internet and reliable protection of the farm from DoS attacks. If a miner cannot or does not want to deploy a node by himself, it is worth using the services of pools. When mining together, participants do not incur overhead costs associated with blockchain loading (large amount of memory and bandwidth for optimal performance). For the services of the pool will have to pay a commission – 0.5-2% of the profit.

Instructions for withdrawing cryptocurrency to the wallet

In pools, coins come to the internal balance of users daily. The service automatically transfers digital assets after the accumulation of the minimum amount to the cryptocurrency wallet prescribed in the settings. You can specify the address for payments in two ways:

• Create a personal account on the pool’s website and enter the storage details in the profile settings.
• Edit the .bat file. To do this, you need to open it as a text document and add the details in the appropriate field.

Also, miners can order a payout in manual mode. The order is as follows:

1. Log in to the account.
2. Go to the Payments section.
3. Specify the cryptocurrency wallet address.
4. Enter the transfer amount (it must exceed the minimum amount).
5. Confirm the transaction.

Commission for transactions

In 2023, pools withdraw participants’ money to wallets under the following conditions:

• The commission is paid by users, the service deducts it from the remuneration (F2Pool).
• Network fees are paid by the pool, transfers are free for miners (Litecoin pool, Binance Pool).
• The platform pays commissions only for automatic transactions. If a participant orders a payment in manual mode, he pays the network fee (EMCD).

Features of mining in Russia

In 2023, cryptocurrencies are mined in most states. Mining in Russia has its own peculiarities:

• Cold climate. In the regions of Siberia there are harsh winters and short summers. This allows you to save a lot of money on the cooling of installations. Individual users use farms to heat houses.
• Cheap electricity. In Russia, a kWh costs an average of $0.02. Power plants with reserve capacity were built back in Soviet times. Now these assets are used for mining cryptocurrencies.
• There is no ban on mining. In 2023, a bill on crypto mining is in development. The current law on digital assets does not prohibit this way of earning cryptocurrencies.
• Taxes. In Russia, mining is equal to any other business. Participants must independently calculate income and file a tax return.

Frequently Asked Questions