I've been mining to Exodus desktop wallet for a while. Today when I opened it I got a warning that it seems like I'm mining there or keep getting small frequent payments and because of the fees adding up from number of small payments they are at the moment over half my balance if I was to send my BTC somwhere else
I paniced for a while, but there must have been something wrong with the info because now when looking at my available balance it's about 96 % of my total balance. Hope this is the case.
Anyway Exodus doesn't seem to be the right choice to mine to. I know I read about Electrum somewhere (maybe that was discussed in this thread) and I also installed it and changed my payout address from Kano there today to try it out. I'll see what happens when the next block matures.
When sending BTC from Electrum there seems to be a setting for the fees depending on how long (how many blocks) I'm prepared to wait for until the transaction. As I find Exodus much more newbie-friendly I was thinking about mining to Electrum for a while (maybe 5 blocks to try it out) and then try to send everything to Exodus at once with the fee setting targeted at, for example within, 10 blocks which would keep the fees down.
Is this a good or bad idea and what would you insted suggest to keep the fees as low as possible?
It's always safest to mine to an address where you have control over the private key. If you export your private key to Electrum you can make use of Electrum's fee setting without needing to change mining address.
I consolidate whenever I see a large amount of small TX's (10+) - latest Electrum 3.1.3 tells me in advance how many bytes the transaction is going to be and I can set 1 sat/byte directly. My personal practice is mining to 1 hardware wallet, and consolidate to a second hardware wallet.
Thanks nazzer for the input.
I probably should have done as you wrote, but I'm up and running now with Electrum 3.1.3 since yesterday. I used and stored the key created in Electrum and set up the BTC-adrress, also created in Electrum, to my settings in Kano. Payment for the last block was sent to Electrum so it seems to work just fine.
I assume you mean the pass phrase (12 different words) by private key? It might be possible to create a new key in Electrum, but I still havent looked into that.
I still don't have any such amounts of bitcoin that I can't afford to lose, but I assume that a hardware wallet is the way to go in the near future.
Mine on!