Topic: KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 841. (Read 5352367 times)

So, if I understand this correctly: if I transfer my BTC's from my Kano destination wallet X to another wallet Y, and I use wallet Y to spend to BTC, I no longer have the "large amount of small transaction Satoshi's generating huge fees" issue?

I was wondering how come I get so lucky lately on getting to report a block first, and yesterday 3 blocks! Usually you or Carl always beat me by a few seconds!  .  I thought you guys were sleeping or something! 

My brother just came back from Tokyo, he and his kids went to Disney Land there.  From what I saw is an incredible place with clean streets and everything in a very nice order.  I've just been in Shanghai and Guangzhou China, which was awesome too!

Heh - and here I thought the cause was that I'm in Tokyo

Well since Carl and I seem to do the 2 main shifts reporting blocks quickly, anyone else who sees a block now has a good chance to post first

I mentioned a little while ago about being in Tokyo and Beijing soon - well that's now.
No one on the forum responded about being here though - oh well.
If anyone is in Tokyo or Beijing over the next 10 days let me know and I'd certainly be happy to meet up and have a sit down meal and a chat.
Yes I'll pay for anyone who's been mining on the pool if that incentive helps in any way
(that's always the plan if I do ever get to meet any miners)

Yes my friend that is exactly how I avoide these fees!  At first I tried to send directly to my Cold storage Ledger wallet but when I tried to send them from the ledger in order to sell them it took like 24 h and the fee was high too I  which I didn't like so I wrote to Ledger support and they told me that the problem is because I'm sending the Mined funds directly to my cold storage, which I shouldn't be doing and advised me of sending my mined coins to some exchange first before having them transferred to my Ledger so I did that.  Now everything is working like a charm!  And don't worry about sending your coins to some reputable exchange, it is perfectly safe.  Just don't keep too much there for too long, for example I don't let over 1 btc accumulate on there and transfer them to the cold storage if I have't sold them yet.

I hope you enjoy mining here!

Look at the long green on the stats!!  It's a Blocktacular!! 

yeah  that was the august 6th order.

 more then 20 days before they billed me in btc.

and they overcharged me 60 bucks.

as I placed the order the day before the price raise.

No, ^^ was from the order he placed at beginning of August. Just got mine yesterday that I ordered on Aug. 8th

Really?!?

I've been pestering Canaan for a week for payment info and they STILL haven't given me a way to pay.  And yet you've already received your order?

That's nuts.

M

Let me try, using my approach as an example.

I have my wallet at gemini.com as my payout wallet here at Kano.is. All the payments go there and collect.
Once a month, when I get my hosting bill, I pay that bill (in bitcoin), transfer some to my bank account (to pay other cryto related bills) and transfer the remainder to my keepkey (hardware wallet) account.

When I need to spend bitcoin, I use the hardware wallet, and because all the incoming transactions are fairly large (in a relative sense, compared to my normal spend), I pay minimal fees to spend the coin.

I have tried different approaches and this one is currently working the best for me.

I added an avalon 741 yesterday

4 or 5 blocks made since I put it on .  Damn good


Last 5 Blocks   22.5hrs   32.70%   115.33%   0.0257   305.78%   349.49%

Receiving is not the issue, Master Kano is generous ;-). It is the using of the very small received transaction which is the challenge. Also see gecox22's response to my question.

Are you avoiding these combination fees with your Kano2Coinbase2PersonalWallet way of working?

PS: I indeed plan on keeping mining with you guys. Thanks for the warm welcome.

It is indeed the transaction combination issue leading to high fees when using the (small amounts) of mined BTC I'm referring to.
I think I understand your workaround, although I would not know how to achieve this.

Can you please elaborate on this?

It's hurricane BLOCK party week here in Florida.  Keep it up!

I dont know which wallet you use, but I just went through this. You are probably seeing high fees when you go to use you bitcoin from mining correct? This is due to the transactions from mining with a small amount of hash rate. Like me I was running around 2.5 ths up till last week when I upgrade to 5 ths about to be 6. Which is Still a small amount of hash rate. This just means out payouts are smaller. So we wait till we get enough to spend. So when we get enough we go to spend it and DAMN it costs 50 bucks to send 50 bucks worth of bitcoin. Or in my case it was 200 bucks transaction fee for 550 bucks worth of bitcoin.

This is due to the transaction we receive. We have to take all of the tranactions and combine them into 1 input. So for me Here is the transaction https://blockchain.info/tx/266016458fbc1f666e9dd49eaab4abcec489d8343cf6a2fd3a1bd7630a0548c8 it had to take all my transactions and combine them to make one amount to send. This causes the huge fees. The more transaction you have to combine to make the amount you want the more the fee will be.

The best way to get around this is to consolidate your transaction every week or so. Meaning you need to get a wallet you can pick like a week worth of transactions and then send them to your self, ether to a new address or same doesnt matter. When you choose all the transaction you want to spend from you will then choose the fee which should be over 10 satshio per byte. Most transactions fees are 100 to 500 satshio per byte. So you will save your self a bunch in fees by consolidating every week. Just make sure you set your fee at least above 10 sat per byte and it will get mined. It may take alittle longer to confirm. But it will.

Here is one I just did but kinda messed up on. I thought I used 14 sats per byte but did 4 sats per byte. It probably will take for ever to confirm if it does. I will probably have to raise the fee on it https://blockchain.info/tx/e1c35435aa6f08690f9ba3dc272e16b2a1bc74f71c907af1678807022d86af17 You will see I am taking all of my mining trans actions and combing them into one amount. Granted it is kinda of a hassle but in the end it will save us so much more when we go to spend our mining profit.

Hopefully that helps

Not sure what it's all about but what I can tell you is that you shouldn't pay a penny for receiving your btc!  Whatever Master Kano sends me is exactly what I get in my wallets!  

Me personally, I give a btc address of one of my online wallets/exchanges, such as Coinbase and when I get the right amount on there I sell them if the price is good or transfer them to my Cold Storage Ledger wallet because there it is safe.

And welcome aboard if your planning on mining with us!  

Brand new to mining, my Avalon has been warming up my attic for just over a week now, and already feeling the sensation of pool block findings, payout notifications, and Satoshis ending up in my wallet...
Love it!

Been searching this topic regarding the payouts, and the fee's when using the mined BTCs. My wallet gave me this warning: http://support.exodus.io/article/71-i-receive-btc-mining-payouts-why-are-the-fees-so-high.

Searching this topic I did not really found a good answer to that. Sorry if I missed it, but could somebody explain what up with all this? And how I can maximise the usage of my mined Satoshis?

Wednesday here ( USA Eastern Time ) , and we have 2 block already

And another block by blockmines!  

It was almost my 6th for today!    Just 30 min late but it's ok, Wednesday needs blocks too! 

Oh yeah, once again the smooth block cracking taste of King cobramining! Starting off hump day right with our first block of Block Wednesday!
That's another one while Carl's out, it seems to be working!!  

Keep dancing girl!  Looks like it's working!