New to mining - General questions about auto-exchange and payout on MPH

[Nightwing749]

Hi everybody!

After watching a handful of youtube videos and reading online guides, I'm started mining with my gaming rig. However, I'm still a little confused with the auto-exchange and payout. Also, I'm also open to any tips from the veterans!!

Setup
1x GTX 1080ti Founders Edition (+200 core, +500 mem, 80% power, 65% fan @ 70c.)
I'm mining ETH using AwesomeMiner(PhoenixMiner w/ -straps 2) and averaging 43-45 MH/s.

Currently, I'm mining directly to my "Normal Wallet - Confirmed" with auto-exchange turned off. I think the next step is to create a Coinbase account and then a "cold wallet".

Questions
1. I believe the order of coin transfer is MiningPoolHub -> Coinbase -> Cold Wallet?
2. Are the fees high to transfer my mined ETH coins to Coinbase? I read some people exchange for Litecoins because of lower fees.
3. How much $$$, do you feel safe leaving on MPH and coinbase before you start transferring?
4. Am I missing any benefits from not using auto-exchange?

 

[lilfiend]

Last time I used MPH was quite a while ago. I auto exchanged to litecoin to send with low fee's and convert to btc for longer holdings. I did auto exchange to vertcoin I think? for a while to reduce fee's even further but that is probably a really small market these days. ETH fee's can be a little high imo.

I was using an auto algo / coin switching miner though, not just straight ETH so I'd end up with a lot of shitcoins if I didn't auto exchange. I think you should look into the fee's for auto exchange + transaction fee's of litecoin + exchange fee's to get back into your desired coin for long term holding vs just ETH fee's + exchange fee's

 

[auntjemima]

Why not use something like 2miners and mine directly to your own wallet to avoid transaction fees, or large ones, at least.

I used to have it deposit into myethereumwallet and now I do it directly to an exchange.

 

[Zeoclang]

1. You can transfer directly to your wallet. Coinbase isn't needed and would only add additional fees.
2. On the MPH wallet page it says "Please note: a 0.002 ETH transaction fee will apply when processing" It doesn't matter where you are sending to.
3. At the rate you are mining each ETH transfer fee would consume approximately one day of mining. So I wouldn't withdraw ETH too often.
4. From the autoexchange page "Additional 0.3% Fee is applied"

If you want to hold ETH it would be better to just transfer from MPH to your wallet every few months. If not you would be going ETH -> auto exchange to LTC (fee) -> LTC to coinbase (fee) -> trade LTC to ETH (fee) -> ETH to wallet (fee)

 

[Nightwing749]

Last time I used MPH was quite a while ago. I auto exchanged to litecoin to send with low fee's and convert to btc for longer holdings. I did auto exchange to vertcoin I think? for a while to reduce fee's even further but that is probably a really small market these days. ETH fee's can be a little high imo.

I was using an auto algo / coin switching miner though, not just straight ETH so I'd end up with a lot of shitcoins if I didn't auto exchange. I think you should look into the fee's for auto exchange + transaction fee's of litecoin + exchange fee's to get back into your desired coin for long term holding vs just ETH fee's + exchange fee's

Thank you! I'll look into (litecoin fees + exchange fees + transfer fees) vs (ETH fees + transfer fees).

Why not use something like 2miners and mine directly to your own wallet to avoid transaction fees, or large ones, at least.

I used to have it deposit into myethereumwallet and now I do it directly to an exchange.

Thank you, I'll look into 2miners and see if that'll benefit me. Can I use AwesomeMiner(PhoenixMiner) to mine directly to my wallet, avoiding MPH and coinbase all together?

1. You can transfer directly to your wallet. Coinbase isn't needed and would only add additional fees.
2. On the MPH wallet page it says "Please note: a 0.002 ETH transaction fee will apply when processing" It doesn't matter where you are sending to.
3. At the rate you are mining each ETH transfer fee would consume approximately one day of mining. So I wouldn't withdraw ETH too often.
4. From the autoexchange page "Additional 0.3% Fee is applied"

If you want to hold ETH it would be better to just transfer from MPH to your wallet every few months. If not you would be going ETH -> auto exchange to LTC (fee) -> LTC to coinbase (fee) -> trade LTC to ETH (fee) -> ETH to wallet (fee)

You nailed all my questions right on the head, Thank you! I didn't know I can transfer from MPH to my wallet. Since I'm roughly mining about 0.0028 ETH/day, so it breaks down to about 2.4% fee if I withdrawal monthly, or 1.2% fee bi-monthly. I just need to decide my risk/savings.

 

[noko]

Just note, auto exchange goes through exchanges which have their own fees etc. which is not transparent on those costs. I batch up ETH on MPH and then send it to Coinbase but if you want to accumulate ETH, I recommend your own wallet with your own keys. Paper or Hardware Wallet.

 

[auntjemima]

I mine with T-Rex to 2miner into my eth wallet. I know Trex takes 1% dev fee, but I am unsure if it is also costing me to move from 2miners to my own wallet as well on the minimum payout.

 

[lilfiend]

Thank you! I'll look into (litecoin fees + exchange fees + transfer fees) vs (ETH fees + transfer fees).



Thank you, I'll look into 2miners and see if that'll benefit me. Can I use AwesomeMiner(PhoenixMiner) to mine directly to my wallet, avoiding MPH and coinbase all together?



You nailed all my questions right on the head, Thank you! I didn't know I can transfer from MPH to my wallet. Since I'm roughly mining about 0.0028 ETH/day, so it breaks down to about 2.4% fee if I withdrawal monthly, or 1.2% fee bi-monthly. I just need to decide my risk/savings.

worth throwing this out there. I haven't logged into my MPH account for years and I just did because of this thread. Had about $300 of crypto still on it. I wouldn't sweat them holding onto your coins for a couple months.