Being a casual miner on Nicehash I was able to earn a little bit of Crypto.
This was before I blew my son's PSU up - but that's another story! I was only using a single RX580 graphics card so I would earn somewhere between £0.30 and £0.65 over a 24 hour period - but as I was sharing my son's graphics card it would only be for 10 - 12 hours per "night".
I was never planning on mining lots, but I had wondered how on earth I would get the small amount of money out of Nicehash that i had earnt and into Fiat Currency (ideally in my bank account). I'm talking small amounts here. A few £'s or $'s at a time.
As a Newbie I hadn't really thought about it before embarking on the journey.
After all, isn't that what journeys are about : learning and experiencing new things.
Taking out 10 EUR to your bank account in Nicehash is fee free. The problem is that I don't have a Euro bank account - only a UK bank account.
There is only a 1% fee on withdrawing BTC to another wallet... the problem was this was a minimum of 0.001 BTC which is currently in the region of £35-£45. There was no way I was going to accrue this much crypto by mining on my casual basis.
A quick "google search" and I realised that the most effective way is to push it through various exchanges before ultimately withdrawing it to my bank account.
What are my options?
I needed to move my Crypto to somewhere I could withdraw in GBP. So I needed another wallet. Key buzzwords kept appearing : Revolut ; Coinbase ; GDAX
Revolut and Binance would be able to move my money in / out of a UK bank account with little / low fees.
Coinbase and GDAX would be wallets where I could transfer Crypto from Nicehash (apparently Nicehash to GDAX to Coinbase was the recommended route). I could then transfer into Revolut from Coinbase.
But my research was already out of date. GDAX had transformed into Coinbase Pro. Just to make things more confusing, Coinbase Pro is a market / trader platform rather than a wallet / crypto exchange.
Revolut also seemed good in theory, but looked mainly like a phone app and I prefer using my desktop. It also gives me more confidence on a PC. Back to the drawing board on this one.
My decision was to set up a Coinbase account and see where I could go from there.
This was in part due to the $35 "rewards" for signing up to Coinbase and learning more about Crypto. Once I had verified my account it took a few days for the "rewards" section to show that it would pay out. At that point I spent about half an hour going through the various online training videos and answering some of the basic questions (showing that I had actually watched the videos!). I was pleasantly surprised to see that they did pay out the $35 (about £24) and I immediately put it all into Bitcoin (BTC) as I didn't know else to do. And yes, I have seen the value go up and down on a weekly, daily, hourly, and minute-by-minute basis. I think it's fascinating that currency fluctuations can change so quickly.
Has this worked?
I don't know yet. I am still on my journey. However I am now £24 "up" in my journey, and I understand more about how trades are exectued, and how quickly Crypto exchange rates can change on a daily, hourly, and minute-by-minute basis.
My next steps will be to see if i can "invest" some fiat currency into Coinbase, and to play around with different Crypto currencies. This is both a trial to see if investing can be done for a low fee rate from fiat to Crypto, and for future investment and trading purposes. Start small, make your mistakes with money you can afford to loose, and then when you are confident you can invest more.
Do you have any other good ideas or ways to move crypto out of Nicehash and into Fiat Currency? Let me know in the comments below.
