I started mining 3 weeks ago as a hands-on experiment to better understand crypto-currency. I use Kano as my pool and have been having fun and it has been going well.
But.....
I just went to spend my first bit coins and I was hit with a $40+ miner fee on a $50 purchase!
After research and reading I learned that is because of the nature of the inputs to my wallets. Lots of little bitty mining rewards were used to create my one large $50 transaction.
So - is there any way to set how often you get paid by the pool? I'd rather let Kano hold the coins for two weeks at a time because right now my miner fees FAR exceeds the capital gains I've experienced in the last two weeks by bitcoin rise in value. Receiving the coins every two weeks would half the number of inputs to my wallet and half my fees.
Also - I need advice. I'm stuck I can't spend my coins without SERIOUS miner fees. What should I do?
But.....
I just went to spend my first bit coins and I was hit with a $40+ miner fee on a $50 purchase!
After research and reading I learned that is because of the nature of the inputs to my wallets. Lots of little bitty mining rewards were used to create my one large $50 transaction.
So - is there any way to set how often you get paid by the pool? I'd rather let Kano hold the coins for two weeks at a time because right now my miner fees FAR exceeds the capital gains I've experienced in the last two weeks by bitcoin rise in value. Receiving the coins every two weeks would half the number of inputs to my wallet and half my fees.
Also - I need advice. I'm stuck I can't spend my coins without SERIOUS miner fees. What should I do?
You can send them with a virtually zero transaction fee to another address you own. However it could take a very very long time for the transaction to be confirmed. Or it could be confirmed right away. (More than likely the former.)
You may also be able to find an online wallet that can receive the transactions that won't charge you huge network fees when you withdraw. I did that accidentally with a NiceHash wallet, and they didn't complain about it.
Of course you then have the online wallet withdrawal fee, and your coins aren't in your control.
Maybe now that the fork is nixed, Kano can work on the "only send payments when accumulated over X amount" code?
M
Thanks - I'll try the wallet to wallet thing. Thats actually a cool idea.
By the way - in response to the "accumulate more coin" post above: I thought of that, but I think in this particular case that won't help. The fee is based on the size of the inputs, which is basically constant as I mine(everyone of my payments is roughly the same). So in my circumstance a $500USD transaction will require 10 times the input as a $50USD transaction, and therefore have the same relative fee (ie $400USD) fee.
Or am I wrong about this? Like I said, i am doing this to learn and I am a newbie so maybe I'm wrong???
Thanks again!
