Thursday, 28 March 2024
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Get Paid in Bitcoin for Altcoin Mining. BTC Payouts for GPU-Mined ETC, ERGO, RVN.

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The Benefits of Bitcoin Payments

Bitcoin is the first cryptocurrency in the World. It was the first crypto coin that existed and it is still crypto #1. Each cryptocurrency investor has a part of his/her wealth in BTC. Bitcoin is always considered one of the best ways to store owned crypto as well by the miners. Some of them prefer cash or stablecoins like USDT, but stablecoins depend on the issuer and in the long term could be much less reliable. We all remember the recent crash of UST.

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If you mine ERGO and if you want to store and hodl ERGO there is no reason for you to use the BTC payout mechanism 🙂 However, in most cases, BTC payments are quite convenient and cost-effective. The BTC payouts were initially available for the ETH mining pool only. ETH switches to POS and it is not mined anymore since September 15th.

We already have the BTC payouts feature implemented for Ethereum Classic (ETC), ERGO (ERG), and Ravencoin (RVN) mining pools.

You could get the payout if you mine in the pool or in SOLO mode, our system works for both situations.

Bitcoin Payout Mechanism

The system algorithm is pretty straightforward. BTC payouts are processed once a day at approximately 12:00 UTC. It is all written on the Payouts tab of the coin you mine. Here is an example for ETC.

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Let’s say you mine ETC and choose the BTC payouts. Every day at 12:00 UTC the pool checks if you have reached the payout threshold you set. If the response is positive and your unpaid balance exceeds your payout threshold then your coins are sent to a cryptocurrency exchange together with the coins of other miners.

Currently, we work with three different exchanges: Kraken, KuCoin, and Binance.

The coins are exchanged to BTC on the crypto exchange and then sent to the 2Miners Bitcoin Gateway. Then BTC is sent to each miner.

Bitcoin Payout Fees

Each BTC payout usually costs you some amount of BTC. We state in the pool that it is less than $0.2. To be honest, usually, it is less than $0.1, sometimes even around a couple of cents. This is not the fee taken by 2Miners, it is a fee taken by the Bitcoin network. But why it is so low then? It is because we unite all the BTC payouts together in one transaction. That reduces significantly the transaction costs for a single miner.

We do not charge the miners any fees for deposit/withdrawal to the exchange transactions. We do not charge any extra fees. All you pay is a small part of the Bitcoin network transaction fee.

Why should you pay this…

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