Mining to BlockFi interest accounts with a deposit every day.

[WhyFhy]

I'm in a pretty good profit split situation right now whereas I'm mining on great hardware (v100s) sxm2 systems , I'm looking to really create a snowball here , blockfi is offering %6 a year interest account. Has anyone ran an audit with a interrupted month to see if added btc is added/compounded as soon as its added? (Freebitco.in does this daily and very blatantly explains it@4.08%)

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[TryNinja]

Your interest is accrued daily, but you only get paid on the first business day of every month. The 6% already considers the monthly compounding and it does look correct.

Source: I have some BTC there. And also from their website:

APYs reflect effective yield based on monthly compounding. [...]

[Vod]

Your interest is accrued daily, but you only get paid on the first business day of every month. The 6% already considers the monthly compounding and it does look correct.

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily.  Does the interest amount change every day?

Source:  I have not looked into the site.  

[TryNinja]

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily.     

Source:  I have not looked into the site. 

You see the "Accrued Interest" balance growing up every day, but the "Account balance", which is the one you're getting paid for, only grows once every month (on the first bussines day) with the "Accrued Interest" amount you accumulated through the month.

[WhyFhy]

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily.      

Source:  I have not looked into the site.  

You see the "Accrued Interest" balance growing up every day, but the "Account balance", which is the one you're getting paid for, only grows once every month (on the first bussines day) with the "Accrued Interest" amount you accumulated through the month.

So does %6.0÷365=%0.01643835 p/day seem reasonable to assume? I understand that the payment is monthly , but want to know that all my BTC is accumulating interest and not pending a rollover on a specific calendar day.

[TryNinja]

So does %6.0÷365=%0.01643835 p/day seem reasonable to assume? I understand that the payment is monthly , but want to know that all my BTC is accumulating interest and not pending a rollover on a specific calendar day.

If you keep the coins for the whole year, then yes, because you will end up with 6% after 1 year.

But you won't receive exactly 0.0164% every single day and in a linear way (since the 6% already considers compounding). Without the montly compouding, their base rate is 5.84% (APR).

This is what you would receive every month with $1000 in BTC (ignore 'Payment'):


Source: https://www.rapidtables.com/calc/finance/compound-interest-calculator.html