When will the crypto mining proceeds be paid out? And in what currency?, Smart IT Alliance GmbH, press release

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When will the crypto mining proceeds be paid out? And in what currency?

The selection and number of mining hardware as well as the choice of mining pools determine the payout time and payout currency. We show some reasonable solutions.

Mining hardware determines the payout currency

Basically, the choice of mining hardware determines the payout currency for the proceeds. This means that if you buy and operate Bitcoin Miner, you will receive your earnings in Bitcoin. If you buy and operate Kadena Miner, the profit goes to Kadena etc.

Solo mining or in the mining pool?

This decision has an extreme impact on payout time.

In solo mining, the miners dig alone and try to find a block as quickly as possible and thus receive the reward. If you have hundreds or thousands of miners then solo mining makes sense, if there are only a handful of miners then the payout can take months or years.

When you join a mining pool, all miners get a share of the reward found by the community. As thousands of miners solve mining in parallel, you usually receive daily payouts. The pool receives a fee of 1-3% for its management.

More miners = faster payouts?

The stronger the workload, the more mining puzzles you can solve at the same time, increasing the chance of finding the right block hash to get the payout.

Many mining pools have a minimum size that must be reached before the proceeds are paid out. With more miners, you reach the payout threshold faster and then get daily or multiple daily payouts.

Especially with solo mining, the number of miners increases the payout speed tremendously, as the chance of solving the puzzle increases for each miner.

In the case of the mining pools, on the other hand, the daily payout thresholds are usually reached by just a few units.

Is it possible to change the payout time for the mining pools?

Many pools offer that you can change the payout threshold yourself, of course from the minimum threshold. This has the advantage that you can save on transaction fees. Each transfer costs money, even in the crypto world, and these costs can be reduced if the proceeds are not paid out every day, but instead, for example, once a week.

Can I be paid in another currency?

Yes, some pools offer alternative payout currencies. Here, for example, you can mine Ethereum Classic and get your profits paid out in Bitcoin. This is a great solution, especially for the Ethereum network with its high transaction fees.

Do you also receive your payouts directly to your own wallet in miner hosting?

It depends a lot on the provider. Some providers only operate their own pools and do not allow any alternative, others even collect the entire hash performance in the provider’s wallet and then only distribute the proceeds at the end.

The standard case is and should be that you receive your earnings directly from the pool to your own wallet without parental control from the hosting provider.

What happens to mine pool balances if you don’t withdraw them?

The credit remains in the pool wallet until you start the payout.

Can you also get your mining earnings in euros or dollars?

No, the crypto mining pools do not yet offer a solution that can be paid directly in euros or dollars. In addition, many miners also want to hold cryptocurrency and hope that prices will continue to rise. So you have not only the mining proceeds but also the price gain.

Can you have your mining proceeds posted directly to a credit card?

It is fine. There are credit card providers that have integrated a crypto wallet and you can have the mining proceeds posted to it. If you then use the credit card, the credit card provider converts cryptos to euros or FIAT in a second to make the payment.

There are even providers that offer interest on the credit. We’ll be happy to show you how.

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