Bitcoin Forum
October 19, 2018, 07:13:40 PM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Mine directly to Segwit Wallet  (Read 69 times)
oscargate
Newbie
*
Offline Offline

Activity: 38
Merit: 0


View Profile
January 12, 2018, 09:25:17 PM
 #1

Anyone have experience mining directly to a segwit wallet?  I was mining to an electrum wallet, but when I went to send the BTC to an exchange to sell, it was counting ~30 inputs in the cost of transaction fee (30 days of mining revenue). 

If that's not possible, has anyone been able to mine to a legacy address, send the BTC from a legacy address to a segwit address for a low fee? 

I'm trying to minimze transaction fees but also want to keep my money off an exchange (i.e. Kraken issues).

I have a Trezor but ran into issues once I had 3 months of daily mining revenue.  Trezor suggested I send the money to a software wallet until I've accumulated more BTC.
1539976420
Hero Member
*
Offline Offline

Posts: 1539976420

View Profile Personal Message (Offline)

Ignore
1539976420
Reply with quote  #2

1539976420
Report to moderator
1539976420
Hero Member
*
Offline Offline

Posts: 1539976420

View Profile Personal Message (Offline)

Ignore
1539976420
Reply with quote  #2

1539976420
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539976420
Hero Member
*
Offline Offline

Posts: 1539976420

View Profile Personal Message (Offline)

Ignore
1539976420
Reply with quote  #2

1539976420
Report to moderator
-ck
Moderator
Legendary
*
Offline Offline

Activity: 2674
Merit: 1143


Ruu \o/


View Profile WWW
January 12, 2018, 09:32:00 PM
 #2

There's nothing stopping you mining to segwit wallets, nor spending the money. To benefit the most from lower transaction fees with segwit you need to send your transaction to another segwit address so be using an exchange that supports segwit (something like bitstamp.) The other thing ruining fees for you is micropayments from your pool. People are obsessed with regular payments such as daily payments from their pool and this just increases the number of inputs when it comes time to spend your coin. Choose a pool that minimises the frequency of payments in ways that optimises your ability to then use your coin instead. Increase your payout threshold or mine somewhere like my ckpool.org which interleaves payments to ensure smaller miners get larger infrequent payments instead of many micropayments (disclosure: I run ckpool.org but it has no fees).

Developer/maintainer for cgminer and ckpool/ckproxy.
ZERO FEE Pooled mining at ckpool.org, 1% Fee Solo mining at solo.ckpool.org
-ck
oscargate
Newbie
*
Offline Offline

Activity: 38
Merit: 0


View Profile
January 12, 2018, 09:54:51 PM
 #3

There's nothing stopping you mining to segwit wallets, nor spending the money. To benefit the most from lower transaction fees with segwit you need to send your transaction to another segwit address so be using an exchange that supports segwit (something like bitstamp.) The other thing ruining fees for you is micropayments from your pool. People are obsessed with regular payments such as daily payments from their pool and this just increases the number of inputs when it comes time to spend your coin. Choose a pool that minimises the frequency of payments in ways that optimises your ability to then use your coin instead. Increase your payout threshold or mine somewhere like my ckpool.org which interleaves payments to ensure smaller miners get larger infrequent payments instead of many micropayments (disclosure: I run ckpool.org but it has no fees).

Thanks for the quick reply.  I had tried to create an Electrum 3.0 wallet with a "bc1.." address but BTC.Com Pool said "invalid address" when I went to use it... Maybe the best approach (per your suggestion) would be to change to payouts once every 2 weeks and mine directly to my Trezor... I was just a little hesistant to leave 0.25 BTC at the mining pool.
frodocooper
Moderator
Sr. Member
*
Offline Offline

Activity: 275
Merit: 287


View Profile
January 12, 2018, 10:28:11 PM
 #4

Thanks for the quick reply.  I had tried to create an Electrum 3.0 wallet with a "bc1.." address but BTC.Com Pool said "invalid address" when I went to use it... Maybe the best approach (per your suggestion) would be to change to payouts once every 2 weeks and mine directly to my Trezor... I was just a little hesistant to leave 0.25 BTC at the mining pool.

Bech32 addresses (native segwit addresses that start with "bc") was only very recently rolled out, and therefore remain unsupported by most bitcoin wallets. Your best bet at the moment is to continue using P2SH-P2WPKH addresses (segwit addresses that start with "3") until Bitcoin Core supports Bech32 addresses.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!