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Author Topic: Mining directly to Binance BTC Address  (Read 353 times)
odedgoro
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January 09, 2018, 09:35:48 AM
 #1

Can I enter Binance generated BTC Address for deposit into Slushpool Payouts Wallet for long term use ?
Is this address fixed or changes from time to time and if it changes will the old address still be valid and I'll receive the money?
Or it's better to use other account like coinbase and than transfer to binnance. I just want to save on transfer time and fees (Network Transaction Fees).
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xYakult
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January 09, 2018, 01:16:08 PM
 #2

Some exchange site have minimum deposit amount ang your coins will not be credited if you deposit below the minimum so take that into consideration. I would advice to use an address you actually control to be more safe specially in the future

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zhekinsp
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January 09, 2018, 02:19:48 PM
 #3

Can I enter Binance generated BTC Address for deposit into Slushpool Payouts Wallet for long term use ?
Is this address fixed or changes from time to time and if it changes will the old address still be valid and I'll receive the money?
Or it's better to use other account like coinbase and than transfer to binnance. I just want to save on transfer time and fees (Network Transaction Fees).
No,it is not safe to store your bitcoins for longer term use in online wallets both coinbase and binnance are not safe so you can use blockchain.info wallet which is more safer than those wallets and in blockchain.info wallet the fee is less when compared to other wallet service providers.But for long term you can go with wallet which supports segwit address so your transaction will be faster and with less fee.Maybe you can choose Electrum but upgrade to the latest version because old versions have some vulnerability.

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January 09, 2018, 08:02:12 PM
 #4

Can I enter Binance generated BTC Address for deposit into Slushpool Payouts Wallet for long term use ?

.....
It's not a good idea to use exchanges as your personal wallet, exchanges can be hacked and you might lose your money.

Is this address fixed or changes from time to time and if it changes will the old address still be valid and I'll receive the money?
Different exchange have different set of rules, but it's mostly fixed address. binance BTC deposit address are fixed. when changes to wallet/deposit address are made, exchanges probably will send notifications.
EcoChavCrypto
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January 09, 2018, 09:04:22 PM
 #5

Some exchange site have minimum deposit amount ang your coins will not be credited if you deposit below the minimum so take that into consideration. I would advice to use an address you actually control

Exactly.. And storing your bitcoins in an exchange is not the worst part of this story. he is trying to deposit his mining earnings in there.

You should know that if your mining pool is paying you each time that you reach X amount, then it would be fine.

But if it is paying you everytime that your pool find a block, it will be a mess, and probably you wont get credited by that amount on your balance, because it will be very low.

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January 10, 2018, 05:17:22 AM
 #6

Can I enter Binance generated BTC Address for deposit into Slushpool Payouts Wallet for long term use ?
Is this address fixed or changes from time to time and if it changes will the old address still be valid and I'll receive the money?
Or it's better to use other account like coinbase and than transfer to binnance. I just want to save on transfer time and fees (Network Transaction Fees).
For long term use it will definitely be not safe if you are using any kind of online wallets like coinbase or binance. To totally have the responsibility over your btc you can purchase hardware wallets like ledger. Or for long term choose a wallet that supports segwit which helps making the transactions fast and with comparably low fee like the latest version of electrum.
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February 01, 2018, 04:25:27 PM
 #7

While I agree that you should always keep your crypto offline on hardware whenever possible, how is it not safe to keep it on coinbase? They are FDIC insured for both USD and crypto accounts. That's about as safe as it can get unless you believe the government won't pay out. If that's the case though keeping money in a bank shouldn't be done either but most people who have money do that, lol.

Guess i'm just trying to say if you have to keep a lot of crypto online for various reasons, keeping it on coinbase is definitely your safest option.
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February 01, 2018, 06:04:48 PM
 #8

Some exchange site have minimum deposit amount ang your coins will not be credited if you deposit below the minimum so take that into consideration. I would advice to use an address you actually control

Exactly.. And storing your bitcoins in an exchange is not the worst part of this story. he is trying to deposit his mining earnings in there.

You should know that if your mining pool is paying you each time that you reach X amount, then it would be fine.

But if it is paying you everytime that your pool find a block, it will be a mess, and probably you wont get credited by that amount on your balance, because it will be very low.

Minimum deposit amount should really be always be on consideration or we should think it of first before on using it if those amounts would be deposited would reach out minimum range.If it does then its possible but its not really suggested on making exchange wallets as a main ones. Its better to pass it on electrum wallet which I would see be more worth of than on exchange storing.


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February 01, 2018, 06:18:32 PM
 #9

Can I enter Binance generated BTC Address for deposit into Slushpool Payouts Wallet for long term use ?
Is this address fixed or changes from time to time and if it changes will the old address still be valid and I'll receive the money?
Or it's better to use other account like coinbase and than transfer to binnance. I just want to save on transfer time and fees (Network Transaction Fees).
There are pretty basic reasons why you shouldn't do this. Binance and other exchanges too ocassionally change your BTC address as a usual step of maintenance and you might be informed quite late regarding this. So it will result in loss of funds. Binance accounts generally have a minimum deposit rule which will obviously be harmful as you won't be able to receive your bitcoins over it.


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February 01, 2018, 07:41:55 PM
 #10

I didn't find a statement from Binance for mining directly to BTC depostit address. Each exchanger has its own rules. Cryptopia for example doesn't allow mining directly to the depo wallets. Kraken has another policicy:
https://support.kraken.com/hc/en-us/articles/201351896-Is-it-OK-to-send-my-bitcoin-mining-payouts-directly-to-my-deposit-address-?mobile_site=true
The best is to ask their support (so you also can test their support service) and ask also the deposit minimums and what you have to take care of (f.e. changing depo addresses).
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February 01, 2018, 09:29:47 PM
 #11

You don't actually control the address you're mining to by mining to Binance, wouldn't recommend it. Always mine to an address you control, and use a Segwit address (Starting with 3) to reduce fees for the most security and least fees. You also avoid the aforementioned maintenances, etc that occur on exchanges.

Besides that, fees are already pretty low right now. Unless another spam attack happens, fees shouldn't be an issue.

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dunfida
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February 01, 2018, 09:56:06 PM
 #12

You don't actually control the address you're mining to by mining to Binance, wouldn't recommend it. Always mine to an address you control, and use a Segwit address (Starting with 3) to reduce fees for the most security and least fees. You also avoid the aforementioned maintenances, etc that occur on exchanges.

Besides that, fees are already pretty low right now. Unless another spam attack happens, fees shouldn't be an issue.

https://jochen-hoenicke.de/queue
Fees would really eventually changed when theres a spam attack in the network which would really be a major problem if we do make minimal amount of transactions.Its not advisable to store up on wallet which you dont have the possesion of the keys and also you are mattering to fee charges which been said we can make use of segwit address as of now.Less fees faster confirmation. Just a reminder dont ever use a wallet where you dont have dont have the full accessibility on it.

h0lybyte
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February 02, 2018, 04:52:17 AM
 #13

Yesterday i tried to do the same with livecoin.net bitcoin deposit address but i read the terms carefully and found written that they will  not allow mining coins directly in their system. So i doubt all exchnages might have same terms and you will lose coins doing this. For safety of your coins, send onky to the address you control fully
Btc_1856
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February 02, 2018, 05:40:21 AM
 #14

Yes, it is always good to check their terms and condition because some exchanges won't accept the mining coin directly. Before giving check twice because most of the exchange will not support the mining coins directly.

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