Bit-Pay for Mining?

[the joint]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

[1715639393]

1715639393

[rjk]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

EclipseMC already offers this in the form of a PayPal cashout option, but this would be a good thing to have for other pools.

[the joint]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

EclipseMC already offers this in the form of a PayPal cashout option, but this would be a good thing to have for other pools.

I'd prefer direct deposit to PayPal.  PayPal can kindly suck it.  But duly noted.

[Littleshop]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

sign up with pimpcoin.com and point your mining payouts to it.   

[Phinnaeus Gage]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

I believe that you can direct deposit into your MtGox account with only one easy step, albeit it'll take at least 7 steps to get it back out.

[gnar1ta$]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

sign up with pimpcoin.com and point your mining payouts to it.   

Or a Bit-Pay deposit card....
https://bit-pay.com/cards.html

[BitPay Business Solutions]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

sign up with pimpcoin.com and point your mining payouts to it.  

This would work, although we don't recommend it.  It's like running your own credit card on a sale at your own business to live off the float.

[the joint]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

sign up with pimpcoin.com and point your mining payouts to it.  

This would work, although we don't recommend it.  It's like running your own credit card on a sale at your own business to live off the float.

I could easily see you guys banking huge if you teamed up with some pools to offer this feature (of course, promising not to release any banking info to the pools themselves).

[CoinExchanger]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

I believe that you can direct deposit into your MtGox account with only one easy step, albeit it'll take at least 7 steps to get it back out.

Business is booming on our side, precisely because we do NOT require any type of personal documents for you to get your money. We offer instant withdrawals 24/7.

Visit, www.coinexchanger.com

PS. If for any reason you can NOT get "verified" with MtGox, and you need your money, they will go into a "detailed review" of your account which could take months to complete. Only then they will refund your account. BEWARE!

[pirateat40]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

I believe that you can direct deposit into your MtGox account with only one easy step, albeit it'll take at least 7 steps to get it back out.

Business is booming on our side, precisely because we do NOT require any type of personal documents for you to get your money. We offer instant withdrawals 24/7.

Visit, www.coinexchanger.com

PS. If for any reason you can NOT get "verified" with MtGox, and you need your money, they will go into a "detailed review" of your account which could take months to complete. Only then they will refund your account. BEWARE!

6% on withdraws is a bit high even for me.

[MaxSan]

Ruxums pool offered this. Payout in like 14 currencys or something.


Just need miners on it !

[CoinExchanger]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

I believe that you can direct deposit into your MtGox account with only one easy step, albeit it'll take at least 7 steps to get it back out.

Business is booming on our side, precisely because we do NOT require any type of personal documents for you to get your money. We offer instant withdrawals 24/7.

Visit, www.coinexchanger.com

PS. If for any reason you can NOT get "verified" with MtGox, and you need your money, they will go into a "detailed review" of your account which could take months to complete. Only then they will refund your account. BEWARE!

6% on withdraws is a bit high even for me.

Thank you for your feedback pirate. We now lowered our fees to 3.5%!!

[the joint]

Ruxums pool offered this. Payout in like 14 currencys or something.


Just need miners on it !

Why the hell isn't this implemented everywhere?  If everybody's so worried about being able to convert Bitcoins into (insert currency here) quickly and easily, wouldn't this be an easy solution to ease the worries of miners looking to recoup their hardware investment?

[BadBear]

A lot of people who are still mining are long term holding, or accumulate and sell into peaks. 

[the joint]

A lot of people who are still mining are long term holding, or accumulate and sell into peaks. 

Sure, I get that, but the fees taken from withdrawing from an exchange might minimize the profit generated from selling into short peak, especially if we're talking about a wire transfer.

Why not simply make it a payment option like PPS or proportional (i.e. PPS, proportional, or direct deposit)?

[pirateat40]

Has anyone thought about this yet?

Bit-Pay allows for merchants to essentially accept Bitcoins as cash that gets deposited directly into their bank accounts.

Is there any way to extend this service to allow a miner to instantly convert pool payouts into cash that is also directly deposited into his/her bank account?

Edit:  I think Bit-Pay could REALLY profit from this.

Edit 2:  Hey Bit-Pay, could I arrange something like this with you individually?

I believe that you can direct deposit into your MtGox account with only one easy step, albeit it'll take at least 7 steps to get it back out.

Business is booming on our side, precisely because we do NOT require any type of personal documents for you to get your money. We offer instant withdrawals 24/7.

Visit, www.coinexchanger.com

PS. If for any reason you can NOT get "verified" with MtGox, and you need your money, they will go into a "detailed review" of your account which could take months to complete. Only then they will refund your account. BEWARE!

6% on withdraws is a bit high even for me.

Thank you for your feedback pirate. We now lowered our fees to 3.5%!!

Now we are talking!!!

[rjk]

What I want is a bot to monitor the market, and determine the best time to sell my mining profits. Then it could be completely automated using an exchange's API. It wouldn't sell unless it met a minimum target amount, and then it would immediately withdraw. In my case, any withdrawals sent to Dwolla are automatically credited to my bank account, no button pushing needed.

[DeathAndTaxes]

A lot of people who are still mining are long term holding, or accumulate and sell into peaks. 

Sure, I get that, but the fees taken from withdrawing from an exchange might minimize the profit generated from selling into short peak, especially if we're talking about a wire transfer.

Why not simply make it a payment option like PPS or proportional (i.e. PPS, proportional, or direct deposit)?

Why would that be lower fees.

What do you think the pool operator is doing behind the scenes.

Hint #1: Selling bitcoins on an exchange for fiat (same fees)
Hint #2: Performing ACH transaction to deposit funds (same fees)

[rjk]

What I want is a bot to monitor the market, and determine the best time to sell my mining profits.

If you can do that successfully, forget mining, just buy and sell. Might as well forget Bitcoin while you are at it, I'm sure there are other, easier to time markets. I mean, if your goal is simply fiat gains. 

I only want this until my rigs are paid off, then I will HOARD HOARD HOARD HOARD until $30 again

[BitPay Business Solutions]

We have now launched this service.  Limits apply $1000 USD per day, but anyone mining that much in a day probably already has a cashout system figured out

https://bitpay.com/bitcoin-mining-payouts

We also support bitcoin to bank deposits to 9 other countries

https://bitpay.com/bitcoin-direct-deposit

[mokahless]

We have now launched this service.  Limits apply $1000 USD per day, but anyone mining that much in a day probably already has a cashout system figured out

https://bitpay.com/bitcoin-mining-payouts

We also support bitcoin to bank deposits to 9 other countries

https://bitpay.com/bitcoin-direct-deposit

This looks to be an interesting service. How do I sign up as a non-merchant to access this service? the signup currently redirects to the merchant sign up.

[eldentyrell]

In case anybody's wondering, Bit-Pay discontinued this service a while back.

I guess I sorta understand that given the regulatory environment, but I have to say I'm a bit disappointed that they did it without saying so (check archive.org).

I contacted bit-pay and they confirmed this.