Bitcoin address to mine

[Takedown62]

Hello everyone,

I’m currently mining on solo ck but using NiceHash Bitcoin address for payout. Will this address support it?
Or should I use my Coinbase address?

[1714561861]

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[1714561861]

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[1714561861]

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[LoyceV]

If you're solo mining, why would you rely on any third party for your block rewards? If I'd find a block, I would want those 6.25+BTC (about $150,000) to go directly to my own secure address in cold storage.

[NeuroticFish]

I’m currently mining on solo ck but using NiceHash Bitcoin address for payout. Will this address support it?
Or should I use my Coinbase address?

You should use your own address, safely generated, and certainly not a third party. Just imagine that you actually get to hit a block and there's a problem with your payout. And you cannot prove ownership on the payout address either...
So you risk losing a lot of money for... laziness?

Learn how to safely generate and store an address for yourself. If you cannot do that, get yourself a hardware wallet. Better safe than sorry.

[pooya87]

Most exchanges (and basically custodial accounts) don't accept newly generated coins (ie. the block rewards) since those outputs need to mature for 100 blocks before they can be spent and their systems are designed to spend any coins they receive after a very short time.
If you send your mining rewards to your Coinbase account, there is a chance that you face some issues or even lose your funds until their support manually recovers it for you.

[ABCbits]

Hello everyone,

I’m currently mining on solo ck but using NiceHash Bitcoin address for payout. Will this address support it?
Or should I use my Coinbase address?

1. If you could afford to buy mining hardware and perform solo mining, i strongly recommend you to buy hardware wallet or computer/laptop only to manage your Bitcoin wallet.
2. Based on commit message of ckpool source code[1], it looks like they support Native/Bech32 Segwit address.

[1] https://bitbucket.org/ckolivas/ckpool/commits/61513a765b12947fae30535179194b1672dc82b5

[OgNasty]

Hello everyone,

I’m currently mining on solo ck but using NiceHash Bitcoin address for payout. Will this address support it?
Or should I use my Coinbase address?

All other advice aside, you realize that by solo mining you're basically playing the lottery right?  There's no problem for small miners to mine to NiceHash, but I would agree if you're going for a block, you'll want that fresh reward on an address you are the sole holder of the keys as the untouched reward carries a premium to most.

The thing I'd like to stress to you though, is that you're playing the lottery by solo mining.  Nothing wrong with stacking sats slowly.  Depending on your hashrate, you may never see a penny from solo mining.

[BitMaxz]

If you are using the Nicehash Bitcoin address you don't have full control of your wallet same as Coinbase. As the above said it is not safe to use those wallets because they are online wallets, unlike non-custodial wallets.

If you want a secured one I suggest you check Electrum so that you have full control of your wallet you can follow the guide here [GUIDE] How to Safely Download and Verify Electrum [Guide]

[hZti]

As it was said before there is a big chance that there will be issues when you receive the coins. Also you have to consider that you can find a block at any moment, that will then be send to the address of the exchange. Maybe you forget about you miner after a few weeks and then the exchange gives you a new address for deposits. Your coins will also be lost in this event.

[seoincorporation]

I see the users already explain you the risk about this. And is important to mention that some supports has dynamic depo address, which means they change the depo addy after some time.

If i where solo mining like you i would create a vanity address to get the mining profit there, that way you don't even need a wallet, just the address and the private keys.

If you want to learn more about vanity gen then i will leave the link here:

https://en.bitcoin.it/wiki/Vanitygen

[m2017]

Hello everyone,

I’m currently mining on solo ck but using NiceHash Bitcoin address for payout. Will this address support it?
Or should I use my Coinbase address?

Hello.
It’s a little strange for me to hear such questions from a person who managed to set everything up for mining, but at the same time wants to use third-party wallets. Why do you still not have your wallet (or don't want to use it), for example, in electrum, although you have an address in Coinbase? Perhaps I misunderstood you due to insufficient background information.

If you're solo mining, why would you rely on any third party for your block rewards? If I'd find a block, I would want those 6.25+BTC (about $150,000) to go directly to my own secure address in cold storage.

What is the probability of finding a block in solo mode? It seems to me that the chances of this happening are negligible.

[LoyceV]

What is the probability of finding a block in solo mode?

That totally depends on the hardware you have.

[Pmalek]

What is the probability of finding a block in solo mode? It seems to me that the chances of this happening are negligible.

Unless we are talking about an individual who owns tens of thousands of powerful ASICs, I don't think solo mining is that profitable nowadays. If you own just a few mining units, it makes more sense joining a big pool and combining the hash rate together with other people. That way you will be rewarded proportionally to how much computational power you have provided when the pool finds a block. Solo mining against hundreds of thousands of ASICs is like competing against a calculator to solve a math task.   

[o_e_l_e_o]

What is the probability of finding a block in solo mode? It seems to me that the chances of this happening are negligible.

Small, but certainly not negligible. In fact, it happens not that infrequently. If you look only at ckpool, for example, then I can see 254 blocks which were mined by solo miners: https://blockchair.com/bitcoin/blocks?q=coinbase_data_bin(~solo.ckpool). The true number will obviously be higher since there will be many solo miners not mining as part of ckpool.

It's a lottery, of course. While it is incredibly unlikely for a specific solo miner to solve a block, it's not that unlikely for any solo miner to solve a block. They are trading a guaranteed small income from mining in a pool for a small shot at the jackpot if they get to keep an entire block reward for themselves.

[m2017]

What is the probability of finding a block in solo mode? It seems to me that the chances of this happening are negligible.

Unless we are talking about an individual who owns tens of thousands of powerful ASICs, I don't think solo mining is that profitable nowadays. If you own just a few mining units, it makes more sense joining a big pool and combining the hash rate together with other people. That way you will be rewarded proportionally to how much computational power you have provided when the pool finds a block. Solo mining against hundreds of thousands of ASICs is like competing against a calculator to solve a math task.   

Thank you, but I have a superficial view of this, in order to roughly understand this. That's why I asked about the probability that it seems to me very, very inefficient.

What is the probability of finding a block in solo mode? It seems to me that the chances of this happening are negligible.

Small, but certainly not negligible. In fact, it happens not that infrequently. If you look only at ckpool, for example, then I can see 254 blocks which were mined by solo miners: https://blockchair.com/bitcoin/blocks?q=coinbase_data_bin(~solo.ckpool). The true number will obviously be higher since there will be many solo miners not mining as part of ckpool.

It's a lottery, of course. While it is incredibly unlikely for a specific solo miner to solve a block, it's not that unlikely for any solo miner to solve a block. They are trading a guaranteed small income from mining in a pool for a small shot at the jackpot if they get to keep an entire block reward for themselves.

But after o_e_l_e_o's post and his link, I'm a little surprised, as I see solo miners who have found block with a modern level of hashrate. Although we don't know what hardware and in what quantity these lucky ones have.

We seem to have deviated slightly from the original topic and the discussion is more suitable for mining section. Every time I feel bewildered when a newbie like OP asks a question and makes one single post, after which he disappears without a trace, as if he is not at all interested in what will happen thereafter - will others answer his question or not.

[o_e_l_e_o]

Although we don't know what hardware and in what quantity these lucky ones have.

Actually, in some cases we do. Con Kolivas, the person who runs ckpool, often tweets about blocks which solo miners find. For example, this miner who found a block with only 126 TH back in January, which at the time was only 0.000072% of the total hashrate. Or just a few weeks later, where this miner found a block with only a tiny 8.3 TH of hashrate, which was around 0.000004% of the total hashrate at the time, giving that miner somewhere around a 1 in 250,000 25,000,000 chance of being successful. He mined this block using Compac F USB sticks.

[m2017]

Although we don't know what hardware and in what quantity these lucky ones have.

Actually, in some cases we do. Con Kolivas, the person who runs ckpool, often tweets about blocks which solo miners find. For example, this miner who found a block with only 126 TH back in January, which at the time was only 0.000072% of the total hashrate. Or just a few weeks later, where this miner found a block with only a tiny 8.3 TH of hashrate, which was around 0.000004% of the total hashrate at the time, giving that miner somewhere around a 1 in 250,000 chance of being successful. He mined this block using Compac F USB sticks.

Wait, please, not so fast. I'm sorry to ask questions regarding the topic of mining here, but I don't seem to understand anything at all. It turns out that with such a device, like Compac F USB sticks (which costs about $300 on ebay), the probability of finding a bitcoin block is not at all ghostly. Whose reward, by the way, is 6.25 BTC. It really looks like a jackpot, and a probable one at that. If this is a goldbitcoinmine, then this method of mining should already have a bunch of followers. $300 turning into $150.000 - isn't that the dream of medieval modern alchemists? I feel like there must be some trick here that I just don't know about.

[o_e_l_e_o]

It turns out that with such a device, like Compac F USB sticks (which costs about $300 on ebay), the probability of finding a bitcoin block is not at all ghostly.

Sorry, my math was wrong - used 1 instead of 100 as the numerator. Fixed the posted above.

The miner in question had a 1 in 25,000,000 chance of solving a block. So given 144 blocks a day and assuming a constant hashrate, he would have to mine for 476 years on average to find a block. Turns out he just got super lucky.

$300 turning into $150.000 - isn't that the dream of medieval modern alchemists?

He had 9 of the devices running at once, along with additional hardware to power them and cool them, so his set up was probably at least ~$5,000, rather than $300. Further, you have to add in electricity costs, as well as the fact that the devices do not have an indefinite life expectancy and would need replacing. And of course he could have ran this whole thing for decades and not mined a block and therefore not earned a single satoshi.

As I mentioned above, solo mining is playing the lottery. A couple of individuals will spend a small amount of money and win big, but everyone else will collectively spend a lot of money and win nothing.

[m2017]

It turns out that with such a device, like Compac F USB sticks (which costs about $300 on ebay), the probability of finding a bitcoin block is not at all ghostly.

Sorry, my math was wrong - used 1 instead of 100 as the numerator. Fixed the posted above.

The miner in question had a 1 in 2,500,000 chance of solving a block. So given 144 blocks a day and assuming a constant hashrate, he would have to mine for 47.6 years on average to find a block. Turns out he just got super lucky.

Ok. Now I understand what is the snag that repels the majority.

$300 turning into $150.000 - isn't that the dream of medieval modern alchemists?

He had 9 of the devices running at once, along with additional hardware to power them and cool them, so his set up was probably at least ~$5,000, rather than $300. Further, you have to add in electricity costs, as well as the fact that the devices do not have an indefinite life expectancy and would need replacing. And of course he could have ran this whole thing for decades and not mined a block and therefore not earned a single satoshi.

As I mentioned above, solo mining is playing the lottery. A couple of individuals will spend a small amount of money and win big, but everyone else will collectively spend a lot of money and win nothing.

Magically turning even $5.000 into $150.000 still sounds incredible. Some are lucky. Of course, I count in the additional costs of electricity, repairs and maintenance of devices.

If we consider this from the position of the lottery, then I would rather prefer the mining lottery (like usb stick) than the traditional one. Here, at least your money "doesn't flow into the pockets" of the organizers, but "works" for the benefit of the bitcoin network. And, of course, an element of joining the community.