This is not a complete recipe - it's a component of the cryptominer "uber-recipe", but has been split into its own page to reduce complexity.
You may be mining a particular coin, and want to hold onto it, in the hopes of long-term growth. In that case, stick it in a wallet and be done with it.
You may also not care too much about the coin (you're mining for money, right?), in which case you want to "cash out" your coins into something you can spend.
In this case, you'll want to configure your mining pool to send your coin-of-choice to an exchange, so that you can turn it into a different coin, or extract it into FIAT (oldschool, cave-man currency).
Get verified at exchanges¶
Most exchanges (Binance is currently a notable exception) require some sort of verification of your ID before they'll let you trade, or withdraw coins as FIAT. So, you may as well get yourself verified in anticipation (it can take a while during periods of increased crypto-hype).
Here are (referral) links to exchanges I've used personally:
- Cryptopia : Trades obscure altcoins that other exchanges don't, and can withdraw to USD and NZD
- Binance : Doesn't require verification for small-time traders/miners
- Coinbase : Beginner's exchange. Coins mined in Nicehash can be sent to coinbase with zero fees.
Send coins to Exchanges¶
Now simply configure your mining pool (or your miner) to send your coins to your wallet's deposit address for each coin. Note that every coin has a unique wallet address.
Don't try to send one coin (i.e., LTC) to a different coin's (i.e. BTC) wallet. You will loose your money and be sad 😞
Withdraw coins to FIAT (cash)¶
Once you have enough coins in your exchange wallet, you can "trade" them into the real-world currency of your choice. For example, if you mined 100 Ella to Cryptopia, you could trade it for NZDT or USDT, and withdraw it to your bank account.
Continue your adventure¶
Now, continue to the next stage of your grand mining adventure:
- Build your mining rig 💻
- Setup your AMD or Nvidia GPUs 🎨
- Sign up for mining pools
- Setup your miners with Miner Hotel 🏨
- Send your coins to exchanges (This page) or wallets 💹
- Monitor your empire
- Profit! 💰
Tip your waiter (support me) 👏¶
Did you receive excellent service? Want to make your waiter happy? (..and support development of current and future recipes!) See the support page for (free or paid) ways to say thank you! 👏