Bitcoin Forum

 Hi,

 Has anyone used a bot for poloniex lending section?

 Can you give a ballpark estimation of how much it makes per month?

Last month I setup this bot https://github.com/BitBotFactory/poloniexlendingbot in my own server.

You won't get a lot obviously. But if you want to HODL your coins for some time and can risk having some Bitcoins on Poloniex, you can make some little cash.

If I remember correctly I was getting something like 7% APR.

Hello,

I also just started. The lending rates vary, I have locked some good rates like 0,235% for 30 days. Right now it's more like 0,09%.

Annually that's still an incredible rate.

But your coins are on an exchange, not the safest thing.

It's a tradeoff.

This can't be right. 7% APR (annualised rate) is way too low. At the current rates you should be getting something in the range of 30% APR (27.8% net of fees), so perhaps you meant 7%/month?

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Anyone knows how the bot chooses rates? Does it just match the lowest loan offers, or is it more advanced, (i.e. measuring depth, or just ignoring dust-amount loan offers)?

Ops.. You are totally right. I actually confunded this info with something else in my notes. Sorry about that!
I was actually getting something close to 23-26% per year because of the floating rates.

Still a pretty good rate if you store your coins in an exchange anyway. And better than doing faucets all day for some cents.

I don't know exactly how the bot operates to get the best rates, but you can always set up a minimum and maximum rate. I just used the default config because I'm too lazy.