mirror of
https://github.com/funkypenguin/geek-cookbook/
synced 2025-12-18 12:11:44 +00:00
56 lines
3.1 KiB
Markdown
56 lines
3.1 KiB
Markdown
!!! warning
|
|
This is not a complete recipe - it's a component of the [cryptominer](/recipes/cryptominer/) "_uber-recipe_", but has been split into its own page to reduce complexity.
|
|
|
|
# Exchange
|
|
|
|
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](/recipes/cryptominer/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_).
|
|
|
|
## Preparation
|
|
|
|
### 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](https://www.cryptopia.co.nz/Register?referrer=funkypenguin) : Trades obscure altcoins that other exchanges don't, and can withdraw to USD and NZD
|
|
* [Binance](https://www.binance.com/?ref=15312815) : Doesn't require verification for small-time traders/miners
|
|
* [Coinbase](https://www.coinbase.com/join/5a4d1ed0ee3de40195a695c8) : 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.
|
|
|
|
!!! warning
|
|
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](https://www.cryptopia.co.nz/Register?referrer=funkypenguin), 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:
|
|
|
|
1. Build your [mining rig](/recipes/cryptominer/mining-rig/) 💻
|
|
2. Setup your [AMD](/recipes/cryptominer/amd-gpu/) or [Nvidia](/recipes/cryptominer/nvidia-gpu/) GPUs 🎨
|
|
3. Sign up for [mining pools](/recipes/cryptominer/mining-pool/) :swimmer:
|
|
4. Setup your miners with [Miner Hotel](/recipes/cryptominer/minerhotel/) 🏨
|
|
5. Send your coins to exchanges (_This page_) or [wallets](/recipes/cryptominer/wallet/) 💹
|
|
6. [Monitor](/recipes/cryptominer/monitor/) your empire :heartbeat:
|
|
7. [Profit](/recipes/cryptominer/profit/)! 💰
|
|
|
|
|
|
## Chef's Notes
|
|
|
|
### Tip your waiter (donate) 👏
|
|
|
|
Did you receive excellent service? Want to make your waiter happy? (_..and support development of current and future recipes!_) See the [support](/support/) page for (_free or paid)_ ways to say thank you! 👏
|
|
|
|
### Your comments? 💬
|