Hi guys,

Newbie to cryto mining. I'm currently mining from Nicehash. Just started mining about a week ago. I tried googling around but it seems to be Coinbase is not supported in Malaysia (nearest is SG).

Questions:
1. How do you all transfer/manage your BTC earnings?
2. What's the easiest and cheapest way to cash out to MYR?
3. What wallet to use if I don't want to cash out and keep my mined BTC?

Thanks in advance!

you can use coinbase in malaysia for send and receive function. trading is not available for malaysia user.
So for nicehash case, you can get 0% withdrawal fee from nicehash to coinbase. then you can get cheaper fee to withdraw to another address

1) For short-term keeping, just leave them on exchanges. Now with fees so high, you're gonna pay a price for sending it to your wallet.
2) P2P trading (buyer banks in directly to seller's bank account). Exchanges like Binance is quite hassle-free.
3) Electrum, Exodus, just to name a few. But just like #1, TX fees are very high so try to minimize transfers for now.

Best way is to conver to xrp / ltc once you accumulated certain amount to either sell or position yourself back to stable coins or other alt coins of your choice.
since these 2 are the most common used and one of the cheapest in transaction fees.

2. most hassle free way is to directly sell at luno but will cost you 4% if not mistaken.

3. you can store in nicehash, other exchange or transfer to physical wallets.

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alternative way of playing is to keep your mining profits in nicehash, learn to mine on other software or pools and buy hash power to mine back the coins into your other wallet.
need to check from time to time. you will be able to get more coins than you initially mined or less depending on hash power rates.

This post has been edited by jett138: Feb 17 2021, 12:54 PM

You need Luno account. Then at nicehash wallet, convert your BTC earnings to XRP, then XRP transfer to Luno and sell in RM.

Thank you all for the input... I will try it out!

This post has been edited by zeroblaze: Feb 17 2021, 11:48 PM

May I know what is the exchange fee? Is it worth doing so? Seems like losing quite a bit on exchange right

https://www.nicehash.com/support/exchange/g...l/exchange-fees

worth or not depending on market condition, you can make back the money or lose the money altogether with the fees.

Direct change to XRP from BTC charge around 1 XRP. Transfer out XRP from Nicehash also charge less than 1 XRP.

Jim, you can make more money by hitting on those algo bots, first 4 sell and buy prices is the same pair running different spreads. I usually spook the prices until they play into my interest. The bots aren't smart. At least the settings required calibration.

din know you can do that. Thanks boss, learnt something today

I'm sorry but could you ELI5 please? I just started using Nicehash as well and am looking for a way to cash out cheaply.

XRP, EOS, XLM to any wallet / exchange you want.

If Luno just do XRP, LTC will take more than 10 mins sometimes. XRP so far fastest.

Mine in binance pool > trade for usdt > sell usdt to a p2p buyer for ringgit

Total fees is 0.1% for the trade, 0.075% if you use bnb. 0.06% with a referral code for 20% before making account, which I didn't do because taktau.
Get the code from someone here, or maybe from coin bureau guy, who makes nice videos. https://www.youtube.com/watch?v=YzJ6xkJpeUk

p2p currently free till june.

You can sell eth directly for ringgit in p2p, but atm you make a bit more selling usdt, even with a 0.1% trade fee. But do the math yourself.

Mining in a pool like binance or ethermine gets you eth directly, rather than mine eth for someone else, then get paid in btc in nicehash, currently. Nicehash takes it's cut and pays you a bit less so that people want to buy hash power.
It's not too bad, but mining eth in a regular pool still get's you a bit more. It can actually be more profitable when eth price is very low. Check here:

https://whattomine.com/
https://minerstat.com/hardware/gpus

Also nicehash only has free transfer only for btc to coinbase, or euro. https://www.nicehash.com/support/general-he...sh-service/fees

At 1910 eth/usdt price in binance, for example, Trade 0.0052 eth for 10 usdt (10 is minimum trade amount, 0.6% fee or $0.06 cents). https://www.binance.com/en/trade/ETH_USDT
Then sell to a buyer in p2p, lowest amount is rm 35 for 4.17 usdt/myr. And you get it straight to bank, no deposit fees for me in Maybank or I think like RM 0.10 sen for other banks. https://p2p.binance.com/en/trade/sell/USDT

So total fees is Rm 0.35 to get RM 35.

And binance pays daily, no minimum, so you can do this is in a few days, even with a single gpu with a low hashrate like 30 mh/s. Binance eth pool faq: https://www.binance.com/en/support/faq/9189...12d8eb54a03a302

But need to pass kyc to trade and p2p afaik, which took me around 10 mins.

This post has been edited by halim867: Apr 1 2021, 03:25 PM

So normally what wallet r you using to transfer from coinbase for trading purpose? Luno, Crypto.com, or others?

Is it safe to keep our crypto in nicehash?

Thread dead?

Yes

It is not a very complicated issue.

Can I hijack the thread to ask about nicehash mining using a gaming PC? Anyone here doing it?

Let's say I have an RTX 3060 or RX6700XT.

TNB highest tariff is about US$0.15/kwh. From this estimator, seems like can make an okay sum - about 2 to 3 USD a day?

https://minerstat.com/hardware/amd-rx-5600-xt

I know it's not complicated just wanna find the most efficient & safer place to store the crypto