Cryptocurrency Mining

Pitbull said:
:confused:

You withdrew R 8.50 and paid 0.0002 btc in transaction fees? Maybe I'm not reading it correctly :o
Click to expand...

* I'm not 100% on this either but

You pay a 0.0002BTC fee when you send BTC to your Luno account
Then 1% converting to ZAR (forgot about that one earlier)
Then (this one is straighforward) if you want the cash paid out to you you'll pay a flat R8.50
 
While I'm waiting for stock and the likes I'm going to set up my PC for mining. Profits will be extremely low with just the 1 card but will be using it for a learning curve while I wait. Projected profit around R 30 a day :p Yes, the R 9 290 is power hungry. But I want to start playing around with it now already so when the new machine is built I can just fall in no more learning.

So will be signing up with Luno for now and then get Nicehash to run on my current Windows7 PC, wll see how it goes
 
Archer said:
* I'm not 100% on this either but

You pay a 0.0002BTC fee when you send BTC to your Luno account
Then 1% converting to ZAR (forgot about that one earlier)
Then (this one is straighforward) if you want the cash paid out to you you'll pay a flat R8.50
Click to expand...
1% only if you instant sell your BTC.
 
Archer said:
* I'm not 100% on this either but

You pay a 0.0002BTC fee when you send BTC to your Luno account
Then 1% converting to ZAR (forgot about that one earlier)
Then (this one is straighforward) if you want the cash paid out to you you'll pay a flat R8.50
Click to expand...


O ok, so irrespective the amount:

You pay 0.0002btc (around R 5 odd) for transferring the BTC to your Luno account.
Then 1% of the value being converted to Rands (R 1.00 per R 100) [Not sure if on the Dllar rate or the Rand rate though]
and finally R 8.50 pay out fee.

This makes more sense thank you.

Edit: wait a second...
I see Luno is showing the Bitcoin value as R 36 249. But if I do a manual conversion it comes to R 25 865.84 :confused:

Currently:
1BTC = $2 239.91
$2 239.91 x R 12.92 = R 28 939.63

Why would there be a difference?
 
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Pitbull said:
Why would there be a difference?
Click to expand...

The same reason why other exchanges are not equal, I believe this has been explained in the bitcoin thread several times.
For instance South Korea valued BTC at ±$4500 last week, we were at ±$3300.
Over the weekend poloniex dropped to $1300 while other exchanges were still at $1800
 
Archer said:
The same reason why other exchanges are not equal, I believe this has been explained in the bitcoin thread several times.
For instance South Korea valued BTC at ±$4500 last week, we were at ±$3300.
Over the weekend poloniex dropped to $1300 while other exchanges were still at $1800
Click to expand...

O ok, so it varies from exchange to exchange based on the demand. Got it thank you :)
 
Gtx Gaming said:
1% only if you instant sell your BTC.
Click to expand...

Archer said:
It shows a 1% fee when making an order on the exchange as well? :confused:
Click to expand...

Ah I see now, if the exchange order fulfils immediately then you still get charged the 1% because it is essentially an instant sell. So one should create an order with a higher price than the current shown to achieve 0% fees when selling BTC
 
Ok Luno registered and verified.

Now where do I get my wallet ID? Sorry for the stupid question, just never used it before :o
 
Pitbull said:
That is the address I use when mining?
Click to expand...

I can't imagine what else would be used.

Also note the payout schedule of whatever pool/program you are using. Nicehash for instance will payout balances >0.001BTC every 4 weeks, >0.01 every week, >0.1 every 6 hours
 
Archer said:
I can't imagine what else would be used.

Also note the payout schedule of whatever pool/program you are using. Nicehash for instance will payout balances >0.001BTC every 4 weeks, >0.01 every week, >0.1 every 6 hours
Click to expand...

Cool, thank you :)
 
Is it correct to say for every BTC -> BTC transaction/transfer there is some transaction fee (not only Luno, but in general).

It may be worthwhile for some to have a non-Luno BTC address to accumulate bitcoins and only transfer to Luno BTC address when the need arises. A wallet like Jaxx may be just right ?
 
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Gtx Gaming said:
Indeed the plan is to have my rigs running and rent 1 "spot" to someone else for mining also.
Click to expand...

Just make sure you understand the implications of the "no subletting" clause, which most contracts tend to include.
 
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