Hi all,
I have some mined bitcoin in my Nicehash wallet. Could someone please help me with withdrawing them to the AUS bank account. What is the most profitable workaround? Thank you :)
Most profitable way to withdraw from Nicehash to AUS bank account
Techefy on 14/08/2020 - 00:33
Related Stores
Comments
I kept on mining for 11 days now. I have $45. Mining with a 2080Ti GPU.
Oh so it doesn’t need to be one of those special Bitcoin miner pc’s? :D
it is an Alienware gaming PC
@WoodYouLikeSomeCash: should have gone higher! I off the heater and survive with PC heat so I can balance the electricity. haha..
@Techefy: Nvm doesn’t look like they support selling in AUS, coinspot charge a 1% fee (not sure if it’s the best offer out there though). https://www.coinspot.com.au/sell/btc
@WoodYouLikeSomeCash: Thanks. yes I'm looking into coinspot and coinjar and will be going with one of those..
@WoodYouLikeSomeCash: NiceHash switch between different miners (they say between the most profitable ones). AFAIK it's not just mining BTC but different cryptos.
Did you do the math on electricity usage divided by wear and tear?
The wear and tear aspect is another good point.
But, it's so hard to estimate the cost.
My evolved logical brain tells me that mining bitcoin will either make a tiny profit, or result in a net loss (just like driving an Uber).
My primal greedy brain tells me that will be very profitable. :-)
Yes, you can mine bitcoin on your existing hardware. The problem is you'll spend a lot more on electricity than you get back in bitcoin. You're competing with miners in China that pay 4c/kWh and use very efficient ASIC based miners that would be at least 100x faster than your hardware.
Mining bitcoin with a GPU was last profitable about 2014 or so. That's no exaggeration. There may be alt coins you could mine, but none of the major ones (Monero, Eth, Lite, etc).
Op is doing $4.01 per day on one gpu. That is a pretty high ROI.
Subtract power usage for PC running and full power for 24hrs
Now what's his ROI?17c P/kWh
not sure where you live, but man I would love 17c kwh charges 24/7
Sure isnt that in my area of NSW
:/
My desktop computer stays on 24hours even now.
If I start mining bitcoin, would it still increase my power usage ? I mean, would it cause my PC to suck more power, or would it mostly stay the same as now ?
It’d cause it to suck more power as the computer is working harder and in most cases at full capacity when mining BTC.
Not really. The component (gpu or cpu depending on the algo) would of course draw more power, but the rest of the components would stay more or less idle in their power usage.
Can someone help me to do the math for electricity?
Intel(R) Core(TM) i9-9900KS CPU @ 4.00GHz NVIDIA GeForce RTX 2080 Ti
Sign up with an exchange like btcmarkets.net, send your bitcoin to the exchange and sell it. It sounds like you only want to send small amounts, so just be aware that the fees to send bitcoin are quite high at the moment (around $5-6USD for a standard transaction).
What do you mean by fees to send bitcoins? Is it for updating the hash or website charges? I'm planning to directly send my BTC in NiceHash to bitcoin wallet in CoinSpot will it cost me a lot?
you mined bitcoin but have no idea on bitcoin transaction fees?
The bitcoin earned by a miner is the fee for mining the block which contains the transaction :/how do you get to mining a crypto with literally zero understanding of crypto :/
It's part of learning.
I know what I'm doing. Please read the above comment again, but slowly :)
I was specifically talking about mining fees, though there will also be a small % charged by the exchange.
For sending NiceHash -> CoinSpot you'll have to pay a transaction fee, so about $2-5 USD or whatever the rate is at the moment.
Are you also a Nigerian Prince that needs help via a Western Union payment as well?
yes
Merged from Withdrawing Your Bitcoins in The Nicehash Wallet to Your AUS Bank without Losing a Cent!
Hi Aussies,
I am new to Australia and I was looking for a method to withdraw my mined bitcoins to AUS bank account from the NiceHash wallet (https://www.ozbargain.com.au/node/558152). Finally I found a way to withdraw BTC in the nicehash wallet without losing a cent! I will share my workaround here so it will be useful for someone.
First you need to have a coinbase account (+ a coinbase pro account) and a coinspot account (both are needed to be verified).
Here are the steps:
1) link your coinbase account to your nicehash account
2) when you go to the withdraw section of the nicehash wallet you can select 'withdraw to the coinbase account' (this is an internal transaction and doesn't cost any money)
3) then go to the pro.coinbase (previously GDAX - used by professional traders) account and you can depost BTC from your coinbase account to the pro coinbase wallet (this is an internal transaction and doesn't cost any money)
4) now obtain your BTC wallet address from Coinspot account
5) from the pro.coinbase wallet withdraw BTC to your BTC wallet in Coinspot (sending BTC from pro.coinbase is totally free)
6) now when BTC reached your Coinspot wallet you can sell BTC and get AUD (selling rates in Coinspot is really good!)
7) finally you can depost AUD to your AUS bank account from Coinspot without any chargeI am not affiliated with any of those companies :)
If someone find thiis useful send me your wishes for me to get PR in AUS :p
Have a nice day!Nice, glad you figured it out. Didn't know NiceHash or Coinbase Pro offered free withdrawals, so I learnt something too :)
Mate thank you very much for writing this up, I only started a little while ago as well, as everyone had bought out the 3080's etc and the only thing left was 3090's so I'm mining to at least try and pay part of it off (huge risk I know, because if the coin dies I'm out all that money, but without risk there is no reward)
I was struggling to understand how to get around a lot of fees and well, TBH the process in general how to withdrawal as there are a lot of steps as there is lack of support for direct Australian bank account transfers (unlike Europe for example)
So I just want to say thank you very much for the solid write up guide and all the best wishes for PR.
Let me know if you have any questions with PR / Citizenship as my partner has been through it all (and me helping her obviously)
Glad it helped you. Recently pro.coinbase has updated its policies and withdrawals from pro.coinbase are no longer free of charge. Please check their website to verify. I didn't do a withdrawal recently.
I never got to use them, they never verified me. Constant fails, tried multiple times. Asked support and they never replied (has been a month and no reply after multiple tickets)
Gave up and tried my partners German passport, same thing, also put in a ticket, no answer.
So I ended up going with CoinSpot.
imagine mining to a hot wallet
Apparently, you can now sell your NiceHash bitcoins straight to AUD via Banxa. However, that is at the expense of free transfer to Coinbase, which people then can transfer to CoinSpot for AUD withdrawal (at a fee though)
https://www.nicehash.com/blog/post/now-you-can-sell-crypto-d…
Ftx,binance
I wouldn’t mind mining Bitcoin, are you able to do it with a standard PC that has a GPU?