Bitcoin Forum

We are planning to build a mining farm pretty soon, but one aspect I was thinking about a lot is which wallet/s to Mainly depend on to save all my coins ??

I have been using coinbase and they are great, supporting android app and fast withdrawals etc... But is it really safe ?? and should i save my coins in one wallet or spread them across say 3 wallets ?... and is it a good idea to save your Huge earnings on your local windows PC (RAID10) + Daily backed up ? or should i just stick to coinbase wallet ? Of course we are talking about here potentially 0.1 BTC/mo which is relatively huge (IMO)...

another thing, what pools out there are really recommended for ASIC miners ?... I havent used any really coz am a nicehash guy :)

Hope this thread doesn't end up in the graveyard just like the previous ones for some reason !?!?  ???

Thanks,

Coinbase? I wouldn't use them to store 5 cents.
Coinbase isn't a wallet, it's an exchange that allows you to create transactions without having access to your private keys. They have locked accounts in the past, and if they decide to take your money, dissapear, go scam, get hacked... You're basically left empty-handed. Online wallets and exchanges aren't good wallets, they're a huge liability and completely against bitcoin's ideology of "being your own bank".

Since you're talking about really big earnings, the following wallets should be considered:

• A locked wallet on an airgapped PC, preferably a very recent version of bitcoin core, non HD on a patched linux OS, preferably with an encrypted disk
• A properly generated paper wallet, bip38 encrypted with a strong password (preferably an unique password for each paper wallet, saved in a backupped password vault)
• A hardware wallet, preferably a popular one that is peer-reviewed (ledger and trezor pop to mind)

You should keep a backup of your seed, your bip38 encrypted paper wallet or a regular backup of bitcoin core's wallet.dat in a VERY safe place (like a bank vault). You can even use shamir shared secret scheme in order to break up seeds and encrypted paper wallet's private keys in n parts and store them in different bank safes.

If you want some easy-access BTC in order to pay people for bug bounty's or work on your pool, you could use a decent desktop wallet on a clean machine to keep a couple hundred bucks worth of BTC...

EDIT: btw, spreading your funds over multiple wallets is usually a good idear... The risk of losing access to one of the wallets increases, but the amount lost if one wallet gets hacked/is lost decreases.

Am really glad ive asked this, am sure CB was introduced to me as a WALLET and hence ive been using it for quite several months now ! Am just glad i was able to withdraw my first 280$ as igot scammed before with another exchange (am sure u now know who am talking about, those assholes!!), i see your point now, thanks !!...

Guess will stick with a hardware wallet, or even store my BTC on my windows PC which is highly safe (daily Redundant backups, RAID10) etc...

Also what good pools i should join to get this job started maybe soooon !...

Thanks !!...

Like the above post, you should not trust them with 5 cents. I'm surprised you want to mine but you're not well acquainted with the basics of bitcoin.

That is up to you. It's better to keep a couple of cold wallets and a hot one for your daily transactions. Additionally, buying a hardware wallet for a long time storage will be a good investment.

No.Install BitcoinCore.

Coinbase : Another centralized wallet not a true bitcoin wallet and they are regulated in similar way to bank so your account will be blocked after some time.

Don't put all your eggs in one basket, same goes here use multiple wallets or atleast spread the bitcoins to multiple addresses and keep each of those address's backup as encrypted paper wallet file in different places. (don't forget the password, make it long and secure enough)

0.1 BTC/Month is not relatively large amount for many of the bitcoin investors but it might be for you depending on scenario, just don't put even 0.00001 BTC in centralized so called bitcoin wallet like coinbase, xapo etc. Use Electrum for daily transaction and use either hardware wallet (ledger have good desktop app + visual interface on device) or Paper wallet (cheaper solution but you need to be careful with your paper backup file.

Never use exchanges or any third party online wallet providers especially if you are going to store big amount of cryptocurrency, just use them if you want to sell or want to buy. And coinbase is also an exchange so better avoid using them as your wallet. The best wallet to store coins earned by mining will always be a cold storage like paper and hardware wallets, I'm sure you can afford to buy one since you have funds to build a mining farm. It is important that you have the full control of your private keys. I don't do or never tried ASIC mining so I can't recommend any pools for you.

getting mining rewards direct to a hardware wallet can cause problems - https://support.ledgerwallet.com/hc/en-us/articles/115005165209-Receive-mining-proceeds

depends how often they arrive.

like others have said, forget anywhere like coinbase or xapo or anywhere else that controls your keys. off the top of my head the only other one i can think of these days is freewallet which goes to show how loathed they are as an idea.

if you don't plan to spend and just want to save you could create a paper wallet which is secure as it gets if you do it properly. and it's free.

Making a paper wallet sure is free. It's just that it can bepretty complicated to make one securely for people who doesn't know much about computers(or following online instructions). It might be a good choice, but it completely depends on OP.

Anyway, I didn't know about hardware wallets getting mining rewards can cause problems.

Also, nice name.

Why not use electrum wallet so that you won't experience any issue when receiving your mined coins from pools and you can protect your bitcoin from adding 3rd security layer like adding a password.
I recommend electrum because you have full control over your own private keys unlike using coinbase wallet(It's not really recommended)

Recommended pool kano.is for mining bitcoin.

Wow. As for someone who have plans that big, I do not expect to see such question.
Anyway, coinbase is an exchange wallet. It means that you have no control over it so I wouldn't risk a big chunk of money stored. It is a good wallet for day-to-day uses tho.
You might want to consider purchasing a hardware wallet to store your money. It's safer than keeping your wallet on any device. Also make several copies of your wallets backup.

For your question about ASIC miners, here is an article which compares different btc mining hardware. It's stated in there that those list are the best of mining hardware but since I have no idea on mining, I don't also know if the website is legit.

I put my mining rewards straight into my Ledger Nanos, and I've never had any issues whatsoever with signing and broadcasting transactions. Chances are you're never going to recieve 1,000 transactions like the Ledger article uses as an example for mining rewards, and you should ideally consolidate inputs every now and then anyways, to reduce fees and the number of inputs. You truly do save a lot by consolidating inputs over the long run, and it doesn't take much time out of your day. Besides that, most pools nowadays have options to manually withdraw funds instead of automatically sending funds to a wallet after 100 confirmations have passed (Kano still does this), so 99% of the time this isn't an issue.

As long as you do maintenance every now and then on your hardware wallet(s), it's fine to recieve funds direct to them, and it's actually a good use of a hardware wallet. A mining wallet's right in-between a hot wallet and a cold one (e.g paper wallets), and that's the ideal use of a hardware wallet.

don't be so surprised :) I have been mining for quite sometime really as i said using just nicehash, now I want to go bigger and become profitable, the problem is I have raised multiple threads here with legitimate questions how to setup a farm etc, they were all deleted WTF !! not sure what the hell i have done wrong, can you recommend a sticky or a thread with explanations on mining for beginners ??

Also the reason I used CB is because nicehash recommended it, so this entire time i thought it was a secure wallet, i heard that from some ppl too, but ya u guys r right never trust an exchange with 5 cents !...

I tried electrum but soon i had to ditch it since they didnt offer an Android App (which kind of a Must for me) but I guess I will give it a second consideration...

I am missing here a lot of the concepts about bitcoin, perhaps you can recommend an article for newbies like me ??  ;D

Electrum has an android app... It's right there in the play store:
https://play.google.com/store/apps/details?id=org.electrum.electrum&hl=nl

As for your second question:
https://bitcoin.org/bitcoin.pdf

They do have android application which you can find it on a google playstore and the link is being given already above.Try to visit it and im using the same wallet too rather than into those exchange wallets like coinbase.
Dont store up coins into those service since the fact that we didnt possess the privatekeys and once their service shutdown then theres no way we can get those coins back yet we dont have the key.
Important thing on saving up the seeds or privatekeys and which is the thing i do like with electrum but talking about most secure i cant tell such thing but its much better among others.

We can import the same desktop address into the android app too,so we no need to have more wallets for now.And also greenbits is another best wallet for android platform so better try these wallets as well.
Here you can find the best bitcoin wallets for different platform : https://bitcoin.org/en/choose-your-wallet

Greenbits sounds fun, but isn't the Receive address should be the same and Not supposed to change in the app ??...

Some wallets do change their receive addresses on every transaction that comes in, especially mobile wallets. These wallets are called HD (Hierarchical Deterministic) wallets, and they just generate a new address from your extended public key (xPub) on each transaction coming in to your wallet for more security, but it's still safe to send to an old wallet.

Even if they don't show up anymore under a tab like "Recent addresses" or something of the sort, they're still safe to use because they are all generated from your xPub key, but I still recommend updating your addresses on exchanges, etc to a newly generated one every now and then.

Thank you very much for the explanation I have learned a lot !...

So is there is a program i can use to sync my bitcoincore wallet with on my android phone ?...

It will be differ from one type of wallet to others buddy. If you want to use the wallets means most of the people does not know what is actually works well. Hence you can go with the private key secured wallet that is perfect way to keep your wallet safe.

Then you want to use the web wallet means just use the blockchain wallet or Coinbase wallet. Wanna use the desktop wallet means just go with the electrum, bitcoincore and multibit wallets. These will be secured for sure...

Most secure of course is ledger wallet or some other hardwallet.

hardware wallets do still have a risk . what if you drop them ? that may cause a shock or corruption to your data 's . you can also get a virus and other threats if you connect your hardware wallet online whenever you transafer files or data . so overall , I don't think that there is a secure wallet . not only on cryptos but also to other types or forms of storage (e.g banks , piggy banks , personal wallets ,etc ) . best way to do to minimize the risk of loosing it all , is to divide or diversify your cash/cryptos to different kind of wallets or much better if you can withdraw some of them and keep your own money with you .

thank you for the information. this topic post is very helpful for me to add to the experience and to save my coin assets. because choosing a wallet carelessly risks the theft and loss of our coins.

Theres no completely safe or secure wallet which as you said but if we do base up on the level of the risk then Hardware would really have the least risk than on web-wallets or even on desktop ones.
You can possibly drop it off but as a holder you wont really make that happen and instead since you do go for long term then most of the time it would really be stored on a safe place just be sure not to forget
it after a long time.

Most if not all popular hardware wallet make use of backup phrases.

Meaning that if you were to lose your Ledger/whatever, you can still recover your funds in another wallet/or on another device.

See; https://support.ledgerwallet.com/hc/en-us/articles/360000609933-Lost-device-PIN-code-or-recovery-phrase


Also, you're talking about the ledger nano S being infected by a virus.

Here is the Ledger Operations VP refuting that. https://www.reddit.com/r/ledgerwallet/comments/6i7mjk/is_it_safe_to_use_ledger_with_a_computer_that_im/

If you want to use the wallet with the big security. Come on all the wallets are same to use it you missed to keep the fund safe with all the private key secured wallets. I do not know wallets completely secured even you do the mistake.

Common mistakes like private key sharing and phishing site access is the biggest problems to get scammed. Here are suggestion. Electrum, Multibit. Blockchain and Exodus.

It's quite hard to understand your post to be honest, but about your suggestions:

Electrum: sure... It's a desktop wallet and should be fine to store a limited amount of funds on a clean PC with a recent version of electrum, up to date os, firewall,..

Multibit: is no longer supported!!!

Blockchain: is an online wallet, thus shouldn't be suggested as a safe wallet

Exodus: never used this one myself, I have no idear whether it's safe or not

Blockchain shouldn't be considered for use beyond a hot wallet for daily purchases, and even then I would suggest against holding more than you can afford to lose on there. Earlier this year, my Blockchain wallet was cracked by hackers and all funds were drained, though I only used the wallet as a hot wallet and I transferred all my funds to a Ledger a few months prior, and my password wasn't the longest. Even if you have an extremely long password that you don't use on any other website, and you're browsing the site from a secure computer, do not use it as even medium-term storage. Even though it's not the most secure medium of storage, it's still okay if you're trying to scan QR codes from a monitor or a location on-the-go to use funds.

Electrum's fine to use as long as you take the right precautions to ensure security, such as using an airgapped, fresh computer.

Also, always remember to save your generated seed or private key securely, so you don't have one point of failure in case you lose your main storage device. I have heard of people using bank safe deposit boxes and home safes to save a backup, and this is absolutely a precaution you should take if you're storing a significant amount of funds. You are your own bank after all-never cut corners. It's always best to be too prepared than too little.

I would stay away from Blockchain wallet. I have been using it few months back and I stopped after my balance on this wallet reached 10k$. I was not anymore able to send, but I could still receive. I tried many different browsers but it was exactly the same effect. I can't say if there was any technical issue or whatever, but very very strange that it happened once my balance there was over 10k.
I think as hot wallet to do daily small transactions, its something we can use.
And by the way, check their ToS, you will see that Blockchain is not anymore a place to trust.

What happend to your money? Were you able to export out your keys or is your money still stuck in your wallet?

I haven't heard of this before.


I think the biggest "mistake" is that people run their wallets on unsecured devices, which are either infected with clipboard malware/keyloggers. I'd associate phishing with exchanges such as binance, not really wallets.

Agreed, especially on blockchain.info or call it blockchain.com as for now. Some years ago I created wallet here, it was working fine for one week, then when I tried to login, I was receiving mails without problem but even after mail link verificatoin, I was unable to log in. I have no idea why did it happen but I know one man from btctalk who had same problem (My second wallet works pretty well). I think everyone has to consider this fact.

If you find any mistake you report to the wallet support team. If you find the btctalk admin of the wallet you will find the way to report them here bud. So search that first or contact them on to get assistance.
I am sorry for saying the Multibit in suggestion list little forgot about their current status.
Others still believe worth to have the fund.

I activated 2FA and was able to withdraw. I'm done with this wallet for now.

I do not know what wallet to use mate. I am using block chain wallet to receive my campaign earnings and at the same time. I go with the binance and livecoin exchange wallets also to trade and save some funds buddy.
Can I have been wallet for all the day usage because I don't have huge funds over there.

Quite surprised for a Hero member doesn't have much idea on which wallet is the best when it comes on storing a huge earnings but we do actually have the same routine which I do have some funds on exchange but literally on small amounts of tokens which are good only for making trading but the rest or the main funds will be stored up with Hardware ones which is really solely intend to be kept for long term and the rest would be good for shorting so I don't really bother much.