Cryptocurrency Mining

guys what about turning this mining into actual ZAR in our accounts?

It's all good and well to say we mining this much or that much, but how are you getting your BTC/ETH/XDN/XMR/SIA into ZAR in your account?

I think this is important to factor in, because in some cases with the lessor known currencies this might not even be possible??

Let's say you mining BTC or ETH, how are you getting that money into your SA bank account to pay for the hardware you bought?
 
techead said:
guys what about turning this mining into actual ZAR in our accounts?

It's all good and well to say we mining this much or that much, but how are you getting your BTC/ETH/XDN/XMR/SIA into ZAR in your account?

I think this is important to factor in, because in some cases with the lessor known currencies this might not even be possible??

Let's say you mining BTC or ETH, how are you getting that money into your SA bank account to pay for the hardware you bought?
Click to expand...

You could use Changelly to convert all your currency to BTC and transfer over to Luno, then just withdraw into your bank account, but I am actually looking for a cheaper alternative to Changelly because their fees are so high, any opinions on where a good place is to exchange or trade which is easily accessible for us here in the 3rd world?

Here is one, I haven't tried them yet https://shapeshift.io/#/coins
 
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techead said:
guys what about turning this mining into actual ZAR in our accounts?

It's all good and well to say we mining this much or that much, but how are you getting your BTC/ETH/XDN/XMR/SIA into ZAR in your account?

I think this is important to factor in, because in some cases with the lessor known currencies this might not even be possible??

Let's say you mining BTC or ETH, how are you getting that money into your SA bank account to pay for the hardware you bought?
Click to expand...
Nicehash pays btc to my luno account.
 
dj2381 said:
You could use Changelly to convert all your currency to BTC and transfer over to Luno, then just withdraw into your bank account, but I am actually looking for a cheaper alternative to Changelly because their fees are so high, any opinions on where a good place is to exchange or trade which is easily accessible for us here in the 3rd world?

Here is one, I haven't tried them yet https://shapeshift.io/#/coins
Click to expand...

I'm on mobile so can't check right now, what are the fees like?
 
techead said:
I'm on mobile so can't check right now, what are the fees like?
Click to expand...
Shapeshift charges a flat fee of 0.003 BTC per transaction, irrespective of amount for converting to BTC so rather use an exchange like poloniex. Jaxx use the shapeshift service in their app btw. Sending direct from Jaxx to an exchange in the original coin does not attract a shapeshift fee but only the standard network fee.
 
proudlysSs said:
Shapeshift charges a flat fee of 0.003 BTC per transaction, irrespective of amount for converting to BTC so rather use an exchange like poloniex. Jaxx use the shapeshift service in their app btw. Sending direct from Jaxx to an exchange in the original coin does not attract a shapeshift fee but only the standard network fee.
Click to expand...

I guess it all depends on where you are mining

Nicehash you can mine direct to a BTC address from what I can see, so I don't see anything stopping me from creating a Luno account and using that wallet ID to mine to. That way the only fee attracted is the R8.50 withdrawal fee. Agreed?

Minergate I don't know well enough, but I see there is a withdrawal option for each currency that you mine. I would assume you would need to shapeshift into BTC using the service of your choice, and then transfer to Luno.

What about other currencies though? Like Ethereum or Monero?

If you mining ETH using Claymore dual miner, how would one go about turning your ETH into ZAR in your account?
 
techead said:
I guess it all depends on where you are mining

Nicehash you can mine direct to a BTC address from what I can see, so I don't see anything stopping me from creating a Luno account and using that wallet ID to mine to. That way the only fee attracted is the R8.50 withdrawal fee. Agreed?
Click to expand...

That is what I do. No issues there.
 
Agreed, if you don't want to mine any coin directly for purposes of trading or storing then use Nicehash for simplicity but for the aforementioned reasons mine the pool and choice of coin directly to a coin specific wallet and from there convert or store using an exchange and send the converted BTC directly to Luno. Cex.io instead of Luno is also an option since from there you can deposit your BTC in a Visa/Mastercard.
 
lol... the more I read tis thread, the more this is becoming an itch I'm going to end up scratching...
**promptly closes browser**
 
techead said:
You mining BTC exclusively?
Click to expand...

Nope, PC is mining with NiceHash.

For BTC I am mining with my ASICs to Multipool's multiport to get the most profitable SHA-256 available.

I wish I could buy a S7 or S9 to mine. My two "toys" are working their backsides off at 30Gh/s
 
jacosmit said:
Nope, PC is mining with NiceHash.

For BTC I am mining with my ASICs to Multipool's multiport to get the most profitable SHA-256 available.

I wish I could buy a S7 or S9 to mine. My two "toys" are working their backsides off at 30Gh/s
Click to expand...

Could I get a translation into English please , not too familiar with some of those terms you've used :p
 
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