Mining pool with no minimum withdrawal?

[hheellll]

I am a little rusty with bitcoin, I mined some bitcoins back in 2014-2017 and did not mine anything for a few years.

But now I bought a small miner for my son and I want him to mine some bitcoins for himself. I am fully aware that it is not economical to mine and pay for electricity, but I do not care, I want him to make some bitcoin.

I realized that all pools that I found have high minimum withdrawals. This miner can only mine $0.5 USD per day and I wanted to get the payouts soon for educational value for him. Any recommendations for such pools?

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[mikeywith]

Even if you managed to find a pool with no minimum payouts (the correct term) it will probably be a small PPLNS pool that might not find a block for months, all the large pools have a minimum of at least 0.001 BTC which translates to $45 as of today's rate, but many of them have no minimum withdrawal limit, which means you can withdraw any amount you want but you have to pay fees.

Viabtc for example charges a whooping 0.0004 BTC to withdraw before reaching the minimum of 0.001 BTC, slush pool, however, charges only 0.0001 BTC for payouts less than 0.01 BTC, that's $4.5 based on the current exchange rate or 9 days of mining for your son.

So maybe, mine for 2 weeks on Slushpool, and then withdrawal after paying fees, he won't end up with much, but at least something, and then move to another pool and stick to the minimum payouts.

[kano]

Minimum payout on my pool is 0.0001 BTC (at the moment - but I may end up having to make it lower some time in the distant future)
Though we'd have to find a block to get any reward

At the moment with only 10PH, anything fully 'ramped up' (which is 3 days of mining) over 0.16TH will get more than 0.0001, and thus a payout, in the next block.
That of course changes with the pool hash rate as is shown on the Pool->Graph page.

[Xgemone]

Well, of course you touched on the topic guys, mining through a pool or solo. This is a good question, the two options have their pros and cons. Although I definitely prefer pool mining. I myself do not have the most powerful pc and thanks to the pool, I can free bitcoin mining, well, roughly speaking, free. In general, it is good that people ask such questions. This means that more and more people are studying the topic of bitcoin, and therefore more and more people want to buy bitcoin) Who knows, today we can already buy an apartment for bitcoin, and tomorrow we can buy flights to Mars, to visit Elon Musk.

[Bitfort]

At binance pool you can "withdraw" (move to binance trading or savings account ) every single satoshi.

BTW note that if you keep to withdraw small amounts to regular wallets you can face issues in future.
When your son is going to spend those multiple small inputs (earnings) the fees for transfer coud eventually be high (and by that I mean ridiculously high ... like half of the earnings).

Rather use some custodial wallet to consolidate these small inputs.

[mikeywith]

At binance pool you can "withdraw" (move to binance trading or savings account ) every single satoshi.

But that does not solve his problem, he will still need to pay 0.0005BTC when he wants to withdraw, with his gear making about 50 cents a day he needs to mine for 53 days just to cover the fees.

Rather use some custodial wallet to consolidate these small inputs.

If he has to use a custodial wallet then why go as far as moving the funds to Binance exchange, eventually, he will have to withdraw and be hit by a huge fee, Binance is by no means more trustworthy than any large BTC mining pool, he could just keep his funds in Viabtc until he reaches the minimum payout of 0.001BTC and they get transferred to his own wallet at 0 fees and as a single output, if he wants to use Binance pool then simply apply the same thing, leave the funds on the mining pool until they are eligible for a fee-less payout, in all cases, moving the funds to an exchange just to withdraw them later at a high fee is a bad move.

[philipma1957]

At binance pool you can "withdraw" (move to binance trading or savings account ) every single satoshi.

But that does not solve his problem, he will still need to pay 0.0005BTC when he wants to withdraw, with his gear making about 50 cents a day he needs to mine for 53 days just to cover the fees.

Rather use some custodial wallet to consolidate these small inputs.

If he has to use a custodial wallet then why go as far as moving the funds to Binance exchange, eventually, he will have to withdraw and be hit by a huge fee, Binance is by no means more trustworthy than any large BTC mining pool, he could just keep his funds in Viabtc until he reaches the minimum payout of 0.001BTC and they get transferred to his own wallet at 0 fees and as a single output, if he wants to use Binance pool then simply apply the same thing, leave the funds on the mining pool until they are eligible for a fee-less payout, in all cases, moving the funds to an exchange just to withdraw them later at a high fee is a bad move.

Yeah just let it grow to 0.001 and auto withdraw.


You could it do other ways but it is a subject for alt coins not here.

[Bitfort]

At binance pool you can "withdraw" (move to binance trading or savings account ) every single satoshi.

But that does not solve his problem, he will still need to pay 0.0005BTC when he wants to withdraw, with his gear making about 50 cents a day he needs to mine for 53 days just to cover the fees.
...

Or can keep it there. Could eventually save one deposit fee if he decides to sell them.

True is many people does not consider BTC theirs unless kept in wallet they control but I'm perfectly fine keeping BTC on exchange (of course would not put there my life savnigs). Funds at my binance account are simply mine (I could call them withdrawn).
It's matter of personal opinion, hence this option.


The custodial wallet note was meant as warning in case OP goes the way using pool like kano ( where he could get couple payouts in fractions of mBTC ).
I think it's fair to inform about this because I keep hearing complains by new users suprised of the huge fees due to many dust txs in their usual wallet (magnified by clogged blokchain).

[kano]

...
True is many people does not consider BTC theirs unless kept in wallet they control but I'm perfectly fine keeping BTC on exchange (of course would not put there my life savnigs). Funds at my binance account are simply mine (I could call them withdrawn).
It's matter of personal opinion, hence this option.
...

Actually it's an issue of risk putting money in a web wallet/exchange.
Many have lost BTC due to doing this.

I've lost 10 BTC in MtGox and 5 BTC in weex - and neither did I put it there for long periods to leave it there, only to exchange it.
If it's in your own wallet, that will mean that your security will decide if it's safe or not.

Of course with my pool you could leave it there until it gets high enough (by setting a higher payout limit)
... and I did recently pay out 7 years worth of dust so you could expect at least some reliability with doing that with me

[Bitfort]

...
True is many people does not consider BTC theirs unless kept in wallet they control but I'm perfectly fine keeping BTC on exchange (of course would not put there my life savnigs). Funds at my binance account are simply mine (I could call them withdrawn).
It's matter of personal opinion, hence this option.
...

Actually it's an issue of risk putting money in a web wallet/exchange.
Many have lost BTC due to doing this.

I've lost 10 BTC in MtGox and 5 BTC in weex - and neither did I put it there for long periods to leave it there, only to exchange it.
If it's in your own wallet, that will mean that your security will decide if it's safe or not.

Of course with my pool you could leave it there until it gets high enough (by setting a higher payout limit)
... and I did recently pay out 7 years worth of dust so you could expect at least some reliability with doing that with me

Yes there is a risk. I'm not denying.
On the other hand there is also risk losing your mnemonic or storing it with typos, someone else get access to it ... (as you said it's then your security .. but that does not mean riskless)

Is your (or any other) pool unhackable?
Namely binance have been hacked in past and covered the lost from own reserves.
Do you (other pools) keep reserve if somethig happen?

P.S. lol 7 years old earnings? Nice record tracking. At least the dust has some value at the moment.