Post
Topic
Board Mining (Altcoins)
Re: Mining altcoins & withdrawing the same mined coin to your wallet
by
vlad230
on 04/01/2018, 08:25:05 UTC

Hmmm... ok.  You are using Minergate, which means that you are very new to mining.  I suggest you not use that anymore.  The performance of Minergate is pretty poor.  Since you are new, I can suggest you try Nicehash's tool.  It will use better mining software and pay you directly in BTC.  You can then use the BTC to buy the coins you really want.

There are a lot better options out there than Nicehash, but it's easy to get started with.  The problem you are going to run into with Nicehash is that they have a high threshold for payouts right now.  There are some tricks to help... but this will require a bit more knowledge in mining, exchanges, and wallets.

If you are really wanting to take the plunge, then don't use Nicehash or Minergate.  Find a coin that you want to mine... you can use whattomine.com or crypto-coinz.net for some suggestions.  You will need to download the wallet for that coin, create a wallet address, and then use that to mine the coin at a pool.  You can go ahead and start mining as soon as you get the wallet address, you don't have to wait for the wallet to sync.  Now, depending on the coin you choose, it will use a specific algorithm, you will then need mining software to mine that algorithm.  You download a copy of that mining software, setup a batch file with the relevant information to mine to a pool that supports the coin.  Depending on the pool, you may have to set a threshold for payouts, or they may have automatic payout thresholds.

There's a lot... and I mean a lot of knowledge in between those sentences in the last paragraph above.  This will take some time to acquire.  I suggest you start with Nicehash, and spend a couple, or more weeks reading articles, watching youtube videos, and reading the threads here.  Hopefully after those two, three, or four weeks, you will have gotten enough BTC from Nicehash to cash out, and you will be ready to graduate to mining specific coins.

I hope I don't come off as rude, but it's impossible to transfer years of knowledge in a few paragraphs.

Thanks for the information! Yes, this is the way I want to go. I do have a wallet address online with MyEtherWallet.

Can you please tell me what is the software called (the one that allows you to specify the pool & the coin)?

P.S. I have also tried NiceHash yesterday (before Minergate) but indeed they have high fees and it's not the way I want to go (since it converts to BTC and you need a lot of hash power to make anything until a payout).