question about selling all btc with nicehash

[Really A Genius]

i got question again about selling all btc with my nicehash account can it done just at the nicehash website or do i have to make a btc withdraw to another website to sell the coin?
I just want to sell the coin then close the account with nicehash.

[OmegaStarScream]

They seem to have their own exchange[1][2]. If you're going to convert to fiat, then you can check this guide[3] (they're using Banxa as a partner). Now whether it's worth it, or not... depends on a lot of factors. Supported countries, which coin do you want to convert your BTC to, are you okay with doing KYC, the fees, etc.

[1] https://www.nicehash.com/support/mining-help/earnings-and-payments/how-can-you-use-earned-bitcoins
[2] https://coinmarketcap.com/exchanges/nicehash/
[3] https://www.nicehash.com/blog/post/how-to-exchange-bitcoin-to-fiat-currency-with-banxa

[nc50lc]

I just want to sell the coin then close the account with nicehash.

If you're going to withdraw and plans to sell to other exchange,
do it as soon as possible because Nicehash will enforce KYC to their customers to withdraw their funds soon (On Nov1).

As of now, you're only required to do it if you're using their partner exchange but once it's implemented, you wont be able to withdraw without passing KYC.
But if you're going to sell in their platform, then don't worry about the deadline since you're going to have to pass KYC req. anyways.

[Faisal2202]

i got question again about selling all btc with my nicehash account can it done just at the nicehash website or do i have to make a btc withdraw to another website to sell the coin?
I just want to sell the coin then close the account with nicehash.

I read your last topic, were you able to create the wallet to make the transfer, I don't know much about nicehash as I have never used it but seems like a good platform, I saw the site and it seems like you can sell there too but if you plan to abandon NiceHash, then withdrawing from it is the only option so its up to you which token suits you best to withdraw in.

If KYC is not a problem for you you can chose any Tier 1 exchange to withdraw the funds and by which suits you best mean, some tokens have higher withdrawing fee while some are lesser so see for which suits you best as you have only few bucks in there so.

[Really A Genius]

Thank you for the response..My account would be nearly 10 years old with nicehash and all i did at the beginning was some mining then stopped and have never used the account since and i recently got a email from nicehash they are withdrawing a monthly fee for inactive accounts..so i see my only options is to sell the btc or transfer the btc to a new account without a fee.

[nc50lc]

-snip- and i recently got a email from nicehash they are withdrawing a monthly fee for inactive accounts..so i see my only options is to sell the btc or transfer the btc to a new account without a fee.

Yeah, it's a "Nice" way for them to drain bitcoins from their millions of inactive users without getting in trouble (*they think)
Better get you funds out since 0.0001 BTC per month isn't a reasonable administrative charge for just hodling bitcoins.

Take note that on-chain withdrawal will still incur a fee, only lightning withdrawal is free.

[Pmalek]

Yeah, it's a "Nice" way for them to drain bitcoins from their millions of inactive users without getting in trouble (*they think)
Better get you funds out since 0.0001 BTC per month isn't a reasonable administrative charge for just hodling bitcoins.

Dormant account fees are sadly a normal thing today. You have them in online casinos, fiat payment providers, and custodial crypto services, like NiceHash in this example. I am sure they will be able to get away with it if it's part of their terms that clients agreed with. 

I needed a Neteller account many years ago and used it briefly. It was connected to an old e-mail address I seldom use. I had about €25 in the account that I forgot about when I stopped using Neteller. Little by little, they took everything until the balance was 0. I think their dormant fee is €5/month after x months of inactivity.

[Really A Genius]

Thank you nc50lc & Pmalek at least nicehash did send me a email with changes they have made and i still got the option too send my btc elsewhere i guess a lot of other businesses eventually do the same and charge a fee, i have created a account with digitalsurge that has been verified and i see it has a wallet with the trade option to receive btc and it shows my btc address so i should be able now to receive my btc at digitalsurge.

[Pmalek]

...i have created a account with digitalsurge that has been verified and i see it has a wallet with the trade option to receive btc and it shows my btc address so i should be able now to receive my btc at digitalsurge.

I guess you are from Australia or live somewhere in Oceania based on your choice of exchange. Since you already created and verified your account, you can use it to swap your bitcoin for fiat and transfer the money to your bank account. But if you are planning to hold BTC, it isn't recommended to use custodial services like exchanges as wallets. They are not wallets even though they like to portray themselves as such. An exchange is a place to buy, sell, and trade bitcoin and crypto. You are safer holding the coins in a non-custodial wallet whose keys only you control. The best combination of security and convenience is an open source hardware wallet.

[examplens]

Thank you nc50lc & Pmalek at least nicehash did send me a email with changes they have made and i still got the option too send my btc elsewhere i guess a lot of other businesses eventually do the same and charge a fee, i have created a account with digitalsurge that has been verified and i see it has a wallet with the trade option to receive btc and it shows my btc address so i should be able now to receive my btc at digitalsurge.

Nicehash is not a wallet service, therefore, holding crypto with them is not the best idea. Well, to begin with, the best solution would be to choose one of the recognized wallets and move BTC there. After that, you can do what you want with your coins, whether you keep them or sell them is up to you without any conditions.

[nc50lc]

To reduce the speculations about what OP's going to do with his Bitcoins in Nicehash, I'll link his other posts in Beginner's board:

• Link to his other thread about how and where to withdraw: https://bitcointalk.org/index.php?topic=5510294.0
  
• Then here's his reply about what he'll do with his bitcoins: /index.php?topic=5510294.msg64572949#msg64572949

[Really A Genius]

Thanks Pmalek for the explanation, I will use that exchange digitalsurge since i am located in Australia to swap my bitcoin for fiat and transfer the money to my bank account since i don't use btc.

[Really A Genius]

I sent a email to nicehash support about there two-factor (2FA) authentication on my account as 2 codes from them is required buy they only send 1 and cannot complete 2FA.
Why can't nicehash simply make (2FA) straight forward to complete and activate i have a PC and a Mobile phone yet they make it difficult to activate.?
I believe nicehash is doing this deliberately with my account without 2FA activate it is useless and cannot transfer nothing!! It's a great way for nicehash to keep that btc and i hope they burn in Hell with it and they never did reply to my support question i sent a few weeks ago.

[nc50lc]

I believe nicehash is doing this deliberately with my account without 2FA activate it is useless and cannot transfer nothing!! It's a great way for nicehash to keep that btc and i hope they burn in Hell with it and they never did reply to my support question i sent a few weeks ago.

Question; have you set a withdrawal address before and will use that to withdraw? Or you're setting a new address?
Because if you're setting a new address, you'll have to comply with their rule of enabling 2fa to add a new withdrawal address.
More info here (posted in 2020): https://www.nicehash.com/blog/post/2fa-security-is-now-mandatory-for-adding-new-withdrawal-addresses
In you're previous thread, you haven't stated that the prompt to enable 2fa is when you're trying to withdraw.

If the former, then it's actually deliberate.

I sent a email to nicehash support about there two-factor (2FA) authentication on my account as 2 codes from them is required buy they only send 1 and cannot complete 2FA.

You're really supposed to receive only one "verification code".
I believe the other code is the 2fa code generated by your 2fa authenticator app after scanning the code provided by Nicehash.
Be quick on entering those since the 2fa code changes to a new code after each timeout.

[Really A Genius]

I added a pic and removed my location & ip...i get the nicehash verification code via email but not the 6-digit (2FA) security code that is also required.
It seems if i log into my nicehash account via PC i still have to use my phone to scan the code to complete and enable 2FA.

https://imgur.com/a/8dpY4tD

I got a email reply from nicehash in regards to enable 2FA and they gave me the tutorial at YT and reading comments some other user not liking it either.
https://www.youtube.com/watch?v=_hkVGwf9wVk

[nc50lc]

It seems if i log into my nicehash account via PC i still have to use my phone to scan the code to complete and enable 2FA.

Yes, there should be a QR Code in Nicehash security setting to scan via your authenticator app, after clicking "Enable 2-factor Authentication" button.
That will create a "Nicehash" entry on that authenticator app that will be able to generate 2fa authenticator codes on-the-fly,
You will use that for that initial setup and every time you login.

If you use that button again to see the qr code, use the new email verification code that they will send you, not the old one.

[Pmalek]

I added a pic and removed my location & ip...i get the nicehash verification code via email but not the 6-digit (2FA) security code that is also required.
It seems if i log into my nicehash account via PC i still have to use my phone to scan the code to complete and enable 2FA.

https://imgur.com/a/8dpY4tD

I think you are just a little confused about how to use 2FA. The image looks fine to me. Copy and paste the code you receive over email into the appropriate spot. To get the 2FA code, you have to initiate the 2FA setup in your NiceHash account and scan the QR code that appears on screen using the 2FA app on your phone. That should add a new entry in your 2FA app with a 6-digit code that changes every X seconds. Before the code changes, enter it on the NiceHash website and confirm 2FA activation.

[Really A Genius]

nicehash has failed with 2FA that is why there is so many complaints with there 2FA tutorial at Youtube and i did ever thing correct with my android phone and i only receive one code via email but not the second code...i still believe it's a scam it's obvious they don't want old accounts used.
I got to condemn nicehash with forcing me to use a authenticator app that wants to install Tiktok and other crap stuff that interrupts the process this is nothing but stupid...and i was stupid to mine btc years ago and do this cypto crap.

[nc50lc]

-snip- and i did ever thing correct with my android phone and i only receive one code via email but not the second code...

I believe I've already explained why you've received only the email verification code and how to proceed.

I got to condemn nicehash with forcing me to use a authenticator app that wants to install Tiktok and other crap stuff that interrupts the process this is nothing but stupid...and i was stupid to mine btc years ago and do this cypto crap.

Nicehash is truly going evil with their latest requirements.
However, the issue in this thread is 'more than just them' and Nicehash doesn't represent cryptocurrency, they are more of a "service utilizing crypto".

P.S.: This will be my last reply to this tread.

[Really A Genius]

Logging into my bank account is so easy, Username/password /and a phone verification code/ ....done.