Mining Wallet

[Tsub]

I have read several mining wallet strategies, etc. but am wondering if the following approach is sound.

I have multiple ASIC miners that are going to be running (controlled by Awesomeminer) and was planning on using an online wallet (suggestions on which?) for proceeds.

These can accumulate in the online wallet for a period of time and then I would sweep them out to a different wallet (offline).

Similar to an operating cash account and a capital reserve account.

Thoughts / insights / critique?

Suggestions on which online wallet seems best for this type of setup?

T

[1715142253]

1715142253

[BitMaxz]

I never heard about mining wallet?

I think most pools have their own wallet. If you want a wallet to hold mined BTC then I suggest you don't use an online wallet like Coinbase because you don't have full control of your wallet.

If you want a safe wallet I suggest you use non-custodial wallets like Electrum and Wasabi wallet

[NeuroticFish]

Suggestions on which online wallet seems best for this type of setup?

Neither. If you had money to spend on "multiple ASIC miners", you can clearly afford a hardware wallet. Get one of those, use it on your laptop with Electrum and you should be fine.
The pool you'll be using will send - when a threshold is met - funds to your wallet. If you really want to, you can also send funds now and then from your hardware wallet to your offline cold storage.

[Tsub]

Suggestions on which online wallet seems best for this type of setup?

Neither. If you had money to spend on "multiple ASIC miners", you can clearly afford a hardware wallet. Get one of those, use it on your laptop with Electrum and you should be fine.
The pool you'll be using will send - when a threshold is met - funds to your wallet. If you really want to, you can also send funds now and then from your hardware wallet to your offline cold storage.

Thanks to both of you who replied, I understand now.  I decided to use Exodus soft wallet on my laptop and then be able to move amounts to my Trezor hard wallet. 

First time for everything so am just putting all the pieces together.  Thanks for the guidance!

[BitMaxz]

Thanks to both of you who replied, I understand now.  I decided to use Exodus soft wallet on my laptop and then be able to move amounts to my Trezor hard wallet. 

First time for everything so am just putting all the pieces together.  Thanks for the guidance!

Take note Exodus is not an open-source wallet so no guarantee that the wallet is safe but since before I never heard any issue yet about this wallet.

For me, it's good if you only use it for receiving a small number of coins and send them right away to your hardware wallet.

Why not use the hardware wallet directly instead of using any 3rd party?

[Tsub]

Thanks to both of you who replied, I understand now.  I decided to use Exodus soft wallet on my laptop and then be able to move amounts to my Trezor hard wallet. 

First time for everything so am just putting all the pieces together.  Thanks for the guidance!

Take note Exodus is not an open-source wallet so no guarantee that the wallet is safe but since before I never heard any issue yet about this wallet.

For me, it's good if you only use it for receiving a small number of coins and send them right away to your hardware wallet.

Why not use the hardware wallet directly instead of using any 3rd party?

Thanks on the Exodus insight, agree on close source has less scrutiny. 

I want to move my mining gains into a tradable system in order to start to do basic trading (not speculative).  Since my first rig that came online was an HS5 (Sai), I chose Kraken for now because they can receive Sai tokens directly from the pool.   We shall see how this goes for the other miners (BTC mining starts next week).  Plus, Kraken is up 24/7 so pool payouts will happen continuously (I have it set for 1 payout a day).

For long term holds, I am thinking of a hardware wallet (seems Exodus has a ready Trezor hard token integration).  But right now, I need to keep some kind of liquidity in order to pay the monthly electricity bill so it can't all go into hard wallet. 

Learned alot from this, thanks! 

[Bitfort]

...
I want to move my mining gains into a tradable system in order to start to do basic trading (not speculative).  Since my first rig that came online was an HS5 (Sai), I chose Kraken for now because they can receive Sai tokens directly from the pool.   We shall see how this goes for the other miners (BTC mining starts next week).  Plus, Kraken is up 24/7 so pool payouts will happen continuously (I have it set for 1 payout a day).
...

Check viabtc and binance pool.
Both pools have their own exchange were you can withdraw mining earnings instantly and without limitations or fees.