NiceHash suspends Bitcoin withdrawals to Coinbase

Modred189

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https://www.nicehash.com/blog/post/suspending-withdrawals-to-coinbase

That sucks. This was simply the easiest way to extract BTC from NiceHash and exchange to some other currency.
Not sure who to blame though. NH hasn't always been a great industry member, and they are laying ALL the blame on CB.

Recommendations for alternatives, since NH doesn't offer their exchange in the US?
 
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mnewxcv

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they are blaming coinbase entirely. NH hates being accountable, yet this decision happening overnight without notice is unforgiveable. NH *COULD* control this by simply limiting instant coinbase cashouts to 1x per week per account. People are probably cashing out daily or multiple times per day because it's free and are too ignorant to know the stress that puts on the infrastructure.
 

auntjemima

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they are blaming coinbase entirely. NH hates being accountable, yet this decision happening overnight without notice is unforgiveable. NH *COULD* control this by simply limiting instant coinbase cashouts to 1x per week per account. People are probably cashing out daily or multiple times per day because it's free and are too ignorant to know the stress that puts on the infrastructure.
Agreed. There are avenues they could have taken, but NH is never the bad guy.
 

therealjustin

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Well, I will no longer use NiceHash after this. I just reached the threshold to withdraw and now the coin that I mined is being held hostage.

Time to go spam Linus to do something? After all, he made an entire sponsored video just for them.
 

Modred189

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Well, I will no longer use NiceHash after this. I just reached the threshold to withdraw and now the coin that I mined is being held hostage.

Time to go spam Linus to do something? After all, he made an entire sponsored video just for them.
Not going to lie, that's what got me in. I'd been thinking about mining for a while, but didn't want the hassel. NH made it real easy.
But just overnight bouncing the easiest way to move my BTC around? Dick move.
 

sgrinavi

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Yeah, made it easy. Honestly I've been leaving my BTC on NH anyhow, with the new tax rules I don't want to deposit anything into coinbase...

I have a couple of exchanges without KYC that I'll use or, maybe, do a VPN into NH and use their platform.
 

Andrew_Carr

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Use TradeOgre or your own wallet to withdraw to and then send your funds to Coinbase to cash out?

Anyway, this is yet another example of "not your keys, not your coins". Nicehash has a history of convenient "issues" so I wouldn't use them except maybe if you're brand new.
 

motqalden

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Plenty of other exchanges out there you can cash out on. I withdraw my coins to my private wallet and send to https://netcoins.app/login when i want to trade for fiat (This is a local Canadian exchange for me). I am sure there are plenty of similar exchanges in the US you can use.
Additionally if you just want to trade for some other coin prior to withdrawing to a wallet you can trade coins on nicehash as well.
 

Modred189

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Plenty of other exchanges out there you can cash out on. I withdraw my coins to my private wallet and send to https://netcoins.app/login when i want to trade for fiat (This is a local Canadian exchange for me). I am sure there are plenty of similar exchanges in the US you can use.
Additionally if you just want to trade for some other coin prior to withdrawing to a wallet you can trade coins on nicehash as well.
Not in the US. I get an error every time I try, saying it's not available in my country.
 
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I'm very new to NH and crypto as of two weeks ago. Was able to get $25 moved to Coinbase before this happened. I'm reading the angry r/NiceHash Reddit posts and not getting much ideas from it. So any suggestions for a crypto n00b like myself?
 

auntjemima

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I'm very new to NH and crypto as of two weeks ago. Was able to get $25 moved to Coinbase before this happened. I'm reading the angry r/NiceHash Reddit posts and not getting much ideas from it. So any suggestions for a crypto n00b like myself?
Plenty of other exchanges out there you can cash out on. I withdraw my coins to my private wallet and send to https://netcoins.app/login when i want to trade for fiat (This is a local Canadian exchange for me). I am sure there are plenty of similar exchanges in the US you can use.
Additionally if you just want to trade for some other coin prior to withdrawing to a wallet you can trade coins on nicehash as well.
 

Andrew_Carr

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I'm very new to NH and crypto as of two weeks ago. Was able to get $25 moved to Coinbase before this happened. I'm reading the angry r/NiceHash Reddit posts and not getting much ideas from it. So any suggestions for a crypto n00b like myself?

Use TradeOgre or your own wallet to withdraw to and then send your funds to Coinbase to cash out?

Anyway, this is yet another example of "not your keys, not your coins". Nicehash has a history of convenient "issues" so I wouldn't use them except maybe if you're brand new.
 

Archaea

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Time for you self proclaimed newbs to buy yourself a proper hardware wallet if you want to be secure in the space.

Ledger Nano S https://www.amazon.com/dp/B07FY5R77T/ref=cm_sw_r_cp_api_glt_fabc_DGXS0NMJJFCJ9VN719VQ

Trezor One
https://www.amazon.com/Trezor-One-C...or+wallet&qid=1621221876&sprefix=trezo&sr=8-3

There’s a long time saying in Crypto Currency…
not your keys, not your crypto. With these hardware wallets you control your keys and become your own bank. You can withdraw to your own personal hardware wallet.
 

bizzmeister

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Time for you self proclaimed newbs to buy yourself a proper hardware wallet if you want to be secure in the space.

Ledger Nano S https://www.amazon.com/dp/B07FY5R77T/ref=cm_sw_r_cp_api_glt_fabc_DGXS0NMJJFCJ9VN719VQ

Trezor One
https://www.amazon.com/Trezor-One-C...or+wallet&qid=1621221876&sprefix=trezo&sr=8-3

There’s a long time saying in Crypto Currency…
not your keys, not your crypto. With these hardware wallets you control your keys and become your own bank. You can withdraw to your own personal hardware wallet.

Thanks! total newb here
 

noko

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I like paper wallets, don't depend on a hardware wallet network for it to work. I have a Nano S, which has a few coins on it but not much. Banks are also a means to secure and protect your wealth and not put your family in jeopardy from criminals. Most robbers would probably prefer robbing a single person vice a real bank, a few fingers bent or more and most would be handling over their secret keys willingly. If you are going to be your own bank and have substantial amount, make sure no one knows, everyone think your dirt poor and about to become a beggar or you put your wallets in a safe deposit box out of sight/reach and still tell no one your wealth. Like who is going to tell everyone they have 100oz of Gold stashed away at home? That is like cutting your throat, that kind of info usually ends up in the wrong hands.

Nano S I see very useful if you put funds into it for going somewhere to use to buy stuff, trade etc. Small amounts for short time durations but that is just my opinion.
 

legcramp

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Can't you guys just grab your coinbase wallet and just transfer your funds from nicehash to the wallet address. I don't get the fuss over an extra minute of work unless I am missing something obvious.

I just pulled $500 from nicehash and it literally took an extra minute.

Edit: oh the fees derp derp me
 

noko

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I'm very new to NH and crypto as of two weeks ago. Was able to get $25 moved to Coinbase before this happened. I'm reading the angry r/NiceHash Reddit posts and not getting much ideas from it. So any suggestions for a crypto n00b like myself?
Transfer to your own wallet when you can, then transfer it to Coinbase. The difference is Nicehash to Coinbase was free and this other way you will have to pay the transfer fees. Anyways for Coinbase to sell BTC to folks, they needed a supply of BTC, once the folks stop buying BTC in general there is no need. Anyways the free part between Nicehash and BTC was as I do believe not out of generosity but for profit.
 

Modred189

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Transfer to your own wallet when you can, then transfer it to Coinbase. The difference is Nicehash to Coinbase was free and this other way you will have to pay the transfer fees. Anyways for Coinbase to sell BTC to folks, they needed a supply of BTC, once the folks stop buying BTC in general there is no need. Anyways the free part between Nicehash and BTC was as I do believe not out of generosity but for profit.
So is there a CB alternative for NH transfers? Free and can exchange between coins easily? I'm running NH on my 2060 when I'm not gaming on it, and sinking $60+ into a hardware wallet, or paying fees is a massive overhead, proportionately.
 

Archaea

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So is there a CB alternative for NH transfers? Free and can exchange between coins easily? I'm running NH on my 2060 when I'm not gaming on it, and sinking $60+ into a hardware wallet, or paying fees is a massive overhead, proportionately.
Could just leave it on Nicehash if it’s small potatoes. Enable MFA.

They have a high trust score
https://www.coingecko.com/en/exchanges/nicehash

once $60 for a hardware wallet isn’t concerning anymore move to a hardware walllet. Shouldn’t take long. I’d advise buying the hardware wallet now and learning the ropes. $60 shouldn’t break you, or take any food off the table. DO NOT BUY hardware wallets used or from third party sources as a general rule of thumb. You don’t know what the seller did to it before they sold it. If you do, make sure to read the manual for that device, update to the newest firmware and fully reset it before using it. Do not just take over a wallet someone else has setup. If they set it up and know your keys, they can reclaim it at anytime.

noko
You think a few bent fingers would convince someone to turn over their hardware wallet password, but wouldn’t convince someone to turn over their equivalent bank website login info? Crypto isn’t FDIC insured, so while you’d be protected if your USD is stolen from any regulated Bank in the USA up to $250,000 — the same may not be true for the particular Crypto Bank you choose. And most crypto storage places are unregulated, so you do not know what security and compliance standards they actually hold to. I trust Ledger or Trezor over most Crypto banks — Coinbase being the possible exception. (They are the only crypto Bank that is FDIC insured for USD, as well as privately insured for Crypto.). Your advice to not share crypto balance - whether you hold or not is solid — certainly as that balance grows to something worth protecting.
 
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Modred189

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Could just leave it on Nicehash if it’s small potatoes. Enable MFA.

They have a high trust score
https://www.coingecko.com/en/exchanges/nicehash

once $60 for a hardware wallet isn’t concerning anymore move to a hardware walllet. Shouldn’t take long.
Yea, but I'm playing a little before I dive in, and this is a real PITA for NH:
1621257295434.png
 

Bigbacon

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So what can I use now to get my money out of nicehash easily?

Coinbase was nice, I would get the BTC over there and then dump it as USD into my paypal balance and just spend it. I don't even withdrawl until I have like .003+ BTC waiting.

for the idiot miners, how does a hardware wallet actually work?

Is there anything as easy as nicehash to setup that works across all types of GPUs and CPUs? Nicehash is just plain idiot proof to setup and get mining on all my hodge podge setups.
 
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Archaea

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Lots of questions being asked here are a 30 second google search away.


There are a million YouTube videos out there on how to use a Ledger. Ledger has excellent documentation. I really like my Ledger Nano S. I picked Ledger over Trezor at the time based on my own research about 3 years ago. I’ve not compared them recently or their new models, but my Ledger experience has been excellent.

https://www.ledger.com/start/

My cousin bought a Trezor and he has liked his unit too.
 

MrGuvernment

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Kraken is a US site could use that. many other exchanges you can prob get on. Kucoins is another.
 

MrGuvernment

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Lots of questions being asked here are a 30 second google search away.


There are a million YouTube videos out there on how to use a Ledger. Ledger has excellent documentation. I really like my Ledger Nano S. I picked Ledger over Trezor at the time based on my own research about 3 years ago. I’ve not compared them recently or their new models, but my ledger experience has been excellent.

https://www.ledger.com/start/

My cousin bought a Trezor and he has liked his unit too.


S model is fine if you dont plan to hold more than 2-3 coins on it, otherwise you run out of memory and cant add any more.
 

Archaea

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S model is fine if you dont plan to hold more than 2-3 coins on it, otherwise you run out of memory and cant add any more.
It’s holds as many coin addresses as you like, but can only hold the app install for a few at a time. This was a security choice at the time. No room for extraneous nefarious code. You don’t lose balances or acces when you switch the apps installed, and you can install at will and quickly. They are very small apps, but you can’t move the coin without having that particular coin’s app installed. Over time it supports more concurrent apps than it initially did. I can have a half dozen coin apps installed now. But yes, if that’s a thing consider buying the X instead of the S. It has not proven a hinderence to me.
 

Bigbacon

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So what I don't get is, they had a way to transfer to coinbase quickly and for free

but you can also transfer to coinbase a slow way and get charged a fee.

Why was there a difference? Did they have some deal to be able to do it freely and that backfired or something?
 

Modred189

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Lots of questions being asked here are a 30 second google search away.


There are a million YouTube videos out there on how to use a Ledger.
Yea, but for those of us that are relatively new, sorting the legit products and services from the crap is NOT easy. Ask here, and there's baseline amount of knowledge and competency built in, and at least a modicum of scam-filtering.
I don't know about you, but I don't rely on google for money-related decisions.
 

Archaea

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Here's the coins Ledger supports
https://www.ledger.com/supported-crypto-assets

Here's the coins Trezor supports
https://trezor.io/coins/

These companies are both generally considered tier A for Crypto Hardware Wallets. Both just $60.

Both support a pretty ridiculous amount of coin apps/tokens. If you ever lose or break your hardware wallet, so long as you know your mnemonic word seed key, you can get access to your crypto through several means, even without buying the hardware again. The seed words are critical - to be stored offline and protected as much as possible. WIth those seed words anyone can hijack your crypto.


Ledger has really expanded their offerings on my Nano S over the last 3 years. It's pretty amazing how many features they added.


You can buy or sell Crypto directly through the device,
1621276041066.png




loan crypto directly through the device.
1621276016026.png


You can track balances historically, see all historic transactions, and see all token balances regardless of what specific apps you have installed in the Ledger Live app after synching once. You can also set it to have an alternate account with full functionality so that if someone was trying to bend your fingers as noko put it, you could just open up the alt account page in their view, and give them what you have there, and keep your main account balance completely out of view. There is no way for them to know you have two accounts. It would just log into the account you supply the correct passphrase to.
 
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noko

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Could just leave it on Nicehash if it’s small potatoes. Enable MFA.

They have a high trust score
https://www.coingecko.com/en/exchanges/nicehash

once $60 for a hardware wallet isn’t concerning anymore move to a hardware walllet. Shouldn’t take long. I’d advise buying the hardware wallet now and learning the ropes. $60 shouldn’t break you, or take any food off the table. DO NOT BUY hardware wallets used or from third party sources as a general rule of thumb. You don’t know what the seller did to it before they sold it. If you do, make sure to read the manual for that device, update to the newest firmware and fully reset it before using it. Do not just take over a wallet someone else has setup. If they set it up and know your keys, they can reclaim it at anytime.

noko
You think a few bent fingers would convince someone to turn over their hardware wallet password, but wouldn’t convince someone to turn over their equivalent bank website login info? Crypto isn’t FDIC insured, so while you’d be protected if your USD is stolen from any regulated Bank in the USA up to $250,000 — the same may not be true for the particular Crypto Bank you choose. And most crypto storage places are unregulated, so you do not know what security and compliance standards they actually hold to. I trust Ledger or Trezor over most Crypto banks — Coinbase being the possible exception. (They are the only crypto Bank that is FDIC insured for USD, as well as privately insured for Crypto.). Your advice to not share crypto balance - whether you hold or not is solid — certainly as that balance grows to something worth protecting.
Sure in both cases but for the criminal one is a single step while the others deals with institutions well protected, monitored plus can pull illegal funds back in a rather long time period, plus where ever the criminal sent those funds will be known. Being your own so called bank may bring other things to the door besides a feeling of freedom. It is just personal choice, in any case don't share to anyone except maybe people you totally trust to not blab off your home bank riches.

Also don't fall for the scam of using metal plates for your secret key and burying it in your yard, so the scammer with a metal detector retrieves it within minutes while you sleep, work and never know until years later when you try to retrieve it. This method also makes one use few if not one wallet vice several or hundreds of wallets where you can keep different locations etc. One option is use a standard USD stick but encrypted, stick one like in your car, other maybe safe deposit box, give one to a friend to keep for you (he/she won't be able to access it). Hardware wallets depend on the manufacturer to keep secure servers, updates to coin wallets etc. Hardware wallets is trusting a third party to help protect your keys. If Ledger, Trezor or Keepkey went out of business, those secured secret keys cannot leave the device, not viewable or retrievable as far as I can tell => you loose your Crypto access. I do believe they are useful for short term periods and are very secure.

Edit: I was incorrect, Archaea shows that you can exact your Crypto Private key if you have your hard wallet seed, see here:
https://hardforum.com/threads/niceh...ls-to-coinbase.2010491/page-2#post-1045020000
 
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motqalden

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So what I don't get is, they had a way to transfer to coinbase quickly and for free

but you can also transfer to coinbase a slow way and get charged a fee.

Why was there a difference? Did they have some deal to be able to do it freely and that backfired or something?

Nicehash spelled out the why in their post about it:
Coinbase limits their API and they cannot process huge amounts of requests coming from our service. Although we have tried to resolve these issues with Coinbase for several months now we have not managed to get a response from them.
We understand that this is a very popular method of withdrawing Bitcoin to Coinbase and we would like to keep it - as it is free and almost instantaneous! But unfortunately, Coinbase remains unresponsive.

As for transferring directly to your coinbase address yeah there is fees but its not that bad its like .1% so $2.50 to transfer out $2500 worth for example. probably slightly more if you are trying to transfer a small ammount and i believe you need to transfer at least .001? Also while its not "instant" I am pretty sure it's still quite fast. I send transfers to my private wallet from nicehash and its like less than 10 minutes so unless coinbase is slow to report it I would assume similar timeframe.
 
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Archaea

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If Ledger, Trezor or Keepkey went out of business, those secured secret keys cannot leave the device, not viewable or retrievable as far as I can tell => you loose your Crypto access.
No. The hardware wallet just stores/secures your private key. If you know your private key you can access your crypto from one of several different compatible open source software wallets. You can restore hardware wallets to software wallets as necessary (say Ledger or Trezor goes out of business and you can't replace the hardware). The idea of a hardware wallet is that you could use either of these devices on a fully compromised/virus infected PC, and still keep your crypto secure, because these hardware devices require interaction with the hardware on the device itself to login, send, or transact. Your crypto is secured unless the attacker learns your unique seed keys (an absolute problem no matter what form of storage you use), or has the physical device to interact with the software (the physical device interaction is the leg up over a software wallet (also you'd never want to use a software wallet on a compromised phone or PC) -- not to mention the other niceties in the hardware wallet software I listed above and ease of use/transport/secure regular use functions) The hardware devices wipe themselves if an incorrect password is used too many times (3x's on the Ledger for instance).

How to restore to a software wallet if your hardware dies and can't be replaced.

Ledger
https://support.ledger.com/hc/en-us/articles/360000609933-Lost-device-PIN-code-or-recovery-phrase
Trezor
https://wiki.trezor.io/Apps
 
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noko

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No. The hardware wallet just stores/secures your private key. If you know your private key you can access your crypto from one of several different compatible open source software wallets. You can restore hardware wallets to software wallets as necessary (say Ledger or Trezor goes out of business and you can't replace the hardware). The idea of a hardware wallet is that you could use either of these devices on a fully compromised/virus infected PC, and still keep your crypto secure, because these hardware devices require interaction with the hardware on the device itself to login, send, or transact. Your crypto is secured unless the attacker learns your unique seed keys (an absolute problem no matter what form of storage you use), or has the physical device to interact with the software (the physical device interaction is the leg up over a software wallet (also you'd never want to use a software wallet on a compromised phone or PC) -- not to mention the other niceties in the hardware wallet software I listed above and ease of use/transport/secure regular use functions) The hardware devices wipe themselves if an incorrect password is used too many times (3x's on the Ledger for instance).

How to restore to a software wallet if your hardware dies and can't be replaced.

Ledger
https://support.ledger.com/hc/en-us/articles/360000609933-Lost-device-PIN-code-or-recovery-phrase
Trezor
https://wiki.trezor.io/Apps
That is only the key/seed for the Hardware Wallet and not your Crypto Private Keys. Show me anywhere where you can extract the exact Crypto Secret Key from Leger or Trezor your actual BTC private key? Or any of the other coins. You run their software/app, hook up their hardware wallet design, it goes through their servers and you make a transaction. If their service is interrupted or lost for whatever reason, your keys are locked behind a worthless device. You cannot just say, hey, what is my private key, write it down and then get access to your account/wallet using another method. To add insult to injury, you now have one seed that exposes all of your different Crypto's stored on the hardware wallet vice having different private keys separated by many different means. Anyways show me how to extract the real Private Key from the hardware wallet, to get access to your Crypto like BTC, maybe I missed something.

Edit: I was incorrect, Archaea shows that you can exact your Crypto Private key if you have your hard wallet seed, see here:
https://hardforum.com/threads/niceh...ls-to-coinbase.2010491/page-2#post-1045020000
 
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Archaea

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noko. I already linked how to do it for both devices (software wallet recovery) — Without replacing it with like hardware. (Hardware wallet)

The instructions linked contradict what you state.
 

noko

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noko. I already linked how to do it for both devices (software wallet recovery) — Without replacing it with like hardware. (Hardware wallet)

The instructions linked contradict what you state.
Your missing the point, that recovery phase/seed is not your Crypto Private keys, it tells the hardware wallet what keys to use from that seed for the different coins private address's. No one knows the actual private address and is not retrievable, you have to rely on replacing the original wallet if lost, stolen or damaged. Show how to retrieve the Secret (Private) key from the hardware wallet for BTC where I can use that Private Key in another wallet like a web wallet, QT wallet etc. not depending upon their business, network and software.

Edit: I was incorrect, Archaea shows that you can exact your Crypto Private key if you have your hard wallet seed, see here:
https://hardforum.com/threads/niceh...ls-to-coinbase.2010491/page-2#post-1045020000
 
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