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Author Topic: Mined 3 BTC, now how to cash out?  (Read 2457 times)
NeonFlash
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November 10, 2011, 09:35:13 AM
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Hi,

I am mining with Deepbit pool. I have earned 3 BTC now. I want to receive the payment for the BTC now but I am confused how to go about it.

I registered on Tradehill.com, but do I tell Tradehill that I have 3 BTCs with me?

Do I need to register on Tradehill with the same email with which I registered on Deepbit?

On Deepbit, when there's an option to give the Bitcoin Address to which rewards will be sent. So, I get this address by running Bitcoin and using the auto generated address from it?

The rate at which BTC prices are dropping, I thought it's right time to cash out rather than hoping for the prices to increase.

Let me know what other information is required to guide me here. Please keep the answer as simple and detailed as possible.

Thanks.
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avoid3d
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November 10, 2011, 09:42:11 AM
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You need to send the bitcoins to an exchange and then trade them for a currency of your choice.

You should choose an exchange where you can withdraw the same currency easily.

You need to go to the exchange and go to Deposit > bitcoins when you are happy this is what you want to do

Then make an order to sell 3BTC at market price

Then withdraw your ~9 dollars Smiley

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ThiagoCMC
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November 10, 2011, 09:52:30 AM
 #3

Hi!

 1- Install the Bitcoin (from http://bitcoin.org/) in your computer;
 2- Open the Bitcoin client (wait the blocks count to reach more than 152000);
 3- Register your Bitcoin Address at the Deepbit.net;
 4- Request a Payout at Deepbit.net;
 5- Watch your Bitcoins travels through the Internet from Deepbit to your computer (your Bitcoin client).

 That's it!

 Tip: Forget about dollar or euro, just use your Bitcoins to buy some goods and services listed here:

 https://en.bitcoin.it/wiki/Trade

Best!
Thiago

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NeonFlash
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November 10, 2011, 10:15:30 AM
 #4

Thanks for the replies. I have my Bitcoin Client open and currently it's downloading the blocks.

I have updated my Deepbit.net profile with the address given in Bitcoin Client.

On Deepbit.net Account's Settings page, it says:

Minimum value for automatic payment: 0.01

I have 3 BTC in that account.

I updated the Bitcoin address today.

So, it will transfer automatically all the 3 BTCs in one transaction to my address, please let me know if I understand this correctly?

On a side note, let's say in the midst of my Bitcoin Client downloading the blocks from servers, the internet connection goes down. Will the downloading of blocks resume from where it left the last time in Bitcoin Client or will it start from 0?
NeonFlash
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November 10, 2011, 10:55:11 AM
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Oops! It just happened. After downloading 129646 blocks, internet disconnected and now it resumed again from there. I had to restart the Bitcoin Client for this and it worked well.

Waiting for it to complete the download of the blocks Smiley
memvola
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November 10, 2011, 01:32:00 PM
 #6

So, it will transfer automatically all the 3 BTCs in one transaction to my address, please let me know if I understand this correctly?

Yes. I don't know how often deepbit does the transfers, but it will certainly be done in a few hours. You don't need to be online or anything for the transfer to happen, you will be able to access the coins whenever you have the full block chain. You can also observe the transfer through https://blockexplorer.com/ ; just enter your address and it will show you the transactions.
P4man
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November 10, 2011, 01:44:25 PM
 #7

why withdraw to your own wallet ? On Tradehill just note your deposit address. Then in your pool, configure that same address as your payout address. Your coins will be sent straight from the pool to the exchange, then you can sell them there if you want. No need to make things more complicated or pay transaction fees twice.

NeonFlash
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November 10, 2011, 03:15:34 PM
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Thanks, after downloading the complete block chain in Bitcoin Client, the transaction between Deepbit Pool and my Bitcoin Address was reflecting.

However, I noticed that right after this, Bitcoin Client generated a new address which was displayed at top. So, do I have to update the address on Deepbit after every transaction as well?

@P4man: That sounds like a good idea. I have configured deepbit account with the Tradehill Deposit Address. One question here, where in the Tradehill site can I see that how many bitcoins do I have?

I have checked the Account Settings page, but there's no section which displays this information.
NeonFlash
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November 10, 2011, 03:21:17 PM
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So, I guess it should show up under Deposits on the Account Settings page on Tradehill.
P4man
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November 10, 2011, 03:53:07 PM
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Thanks, after downloading the complete block chain in Bitcoin Client, the transaction between Deepbit Pool and my Bitcoin Address was reflecting.

However, I noticed that right after this, Bitcoin Client generated a new address which was displayed at top. So, do I have to update the address on Deepbit after every transaction as well?

You can generate as many addresses as you like, both for sending and receiving; its the only way to keep track of transactions since you dont see the sender. For instance you could make one for deepbit (*), one to put in your signature begging for some coins, one to deposit your poker profits to etc. Just click on the address book button, and label them as you see fit.
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@P4man: That sounds like a good idea. I have configured deepbit account with the Tradehill Deposit Address. One question here, where in the Tradehill site can I see that how many bitcoins do I have?

I have checked the Account Settings page, but there's no section which displays this information.

Cant help you there, I dont have a tradehill account.

(*) I dont understand why people mine on deepbit. Have you seen their rates?  It so much better for bitcoin if people used smaller pools so no single pool "owns" such a large share of the network. Its usually also better for you as a miner, as smaller pools tend to have lower fees. And higher variability which I think is nice if you are a "small" miner. Roll the dice a bit, and get lucky once in a while.

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November 10, 2011, 10:24:22 PM
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However, I noticed that right after this, Bitcoin Client generated a new address which was displayed at top. So, do I have to update the address on Deepbit after every transaction as well?

All addresses are permanent, so once you see an address there, you will always receive coins sent to it, as long as you use the same wallet. All address information is in your 'wallet.dat' file, so it might be a good idea to keep an off-line backup of it. This file keeps your keys (addresses), not your "balance", so you don't need to make a backup after every single transaction. Makes sense to refresh your backup once in a while, since after 100 new addresses your backup might become obsolete.

where in the Tradehill site can I see that how many bitcoins do I have?

I have checked the Account Settings page, but there's no section which displays this information.

I see it on the Dashboard. It probably doesn't display it if your balance is 0.
DeathAndTaxes
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November 10, 2011, 10:27:50 PM
 #12

I have checked the Account Settings page, but there's no section which displays this information.

Click on "Dashboard" it will show your USD/EUR & BTC balances but dont' use deepbit man.  Keep the network strong.  Use a smaller pool and one with low or no fees.
ineededausername
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November 12, 2011, 01:38:59 AM
 #13

I have checked the Account Settings page, but there's no section which displays this information.

Click on "Dashboard" it will show your USD/EUR & BTC balances but dont' use deepbit man.  Keep the network strong.  Use a smaller pool and one with low or no fees.


Deepbit argument in 3,2,1...

(BFL)^2 < 0
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November 21, 2011, 01:12:00 PM
 #14

I'll sell you one of my shirts for 3 BTC. http://bitcoincloset.com

Send me the link to what shirt you want, and I will send you the Bitcoin address for you to put into your deepbit account.

Better than $6.66 you will get at current market prices Smiley.

Tweet For Coins http://uptweet.com
P4man
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November 21, 2011, 01:16:58 PM
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Looks like bitcoin is finally going somewhere, if people are literally selling their shirts to get hold of them!

tlhonmey
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January 19, 2012, 08:30:45 PM
 #16

Be careful about having generation payouts go directly to online services.  Freshly generated coins don't always show up on some sites.

If you're in the United States, bitcoin2cash.com is about the most hassle-free service for cashing out bitcoins.  Not necessarily the cheapest, but the least amount of paperwork to fill out.

Non plaudite, iam pecuniam iacite.
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