Can I receive mining payouts?
If you are wondering if you can use Exodus to receive mining payouts, this guide will help!
Exodus is a desktop wallet to send, receive, exchange, and store multiple cryptocurrency assets. Exodus gives you full control of your wallet and hence you can send mining payouts to your Exodus wallet. Since Exodus supports multiple crypto assets, it is possible one of the assets we support is one you are mining. Who doesn't love mining their favorite crypto? However, there are a few things you need to know before you start receiving mining payouts with your Exodus wallet.
In this article:
- What do I need to know before receiving mining payouts?
- Receiving Bitcoin (BTC) mining payouts
- Receiving Ethereum (ETH) and Ethereum Classic (ETC) mining payouts
- Receiving mining payouts for other UTXO-based assets
- What should I do if Exodus is having trouble sending out mining rewards?
- How do I prevent any issues while still using Exodus to receive mining payouts?
What do I need to know before receiving mining payouts?
Receiving Bitcoin (BTC) mining payouts
If you are mining Bitcoin (BTC) you will want to raise your minimum payouts settings to make sure you are getting paid larger amounts at less frequent intervals. Receiving many small deposits of any UTXO based coin could result in very high fees when you eventually want to send it out. This is because transaction fees depend largely on the number of inputs (previous deposits) you need to combine and group together to match the amount you want to send out.
Receiving Ethereum (ETH) and Ethereum Classic (ETC) mining payouts
Unlike Bitcoin and its UTXOs, ETH and ETC are account-based assets. The number of deposits you receive for these assets will have no impact on the fees for sending funds back out. That's because account-based transactions are easier for blockchains to process than UTXOs. Account-based transactions are similar in function to how checking accounts work. When you receive a deposit, the funds are added to your total balance. When you send out funds, the amount sent is deducted from your total balance. With that being said, receiving hundreds of deposits for any asset forces your wallet to download each transaction from the blockchain, thereby degrading your wallet's performance. In light of this, it's best to set your mining payouts to occur less often so that your wallet has fewer transactions to download.
Receiving mining payouts for other UTXO-based assets
UTXO-based assets (Litecoin (LTC), Decred (DCR), ZCash (ZEC), DigiByte (DGB), Vertcoin (VTC), etc.) are very similar to Bitcoin (BTC) in handling transactions - the more inputs a transaction has, the higher the transaction size and thus the fees. If you receive a large number of small payouts from mining one of these assets, you might face issues sending funds out from Exodus as the transaction size is too much for the network to handle. Exodus will display an error message letting you know it could not send out the funds/make an exchange via our third-party exchange API providers due to the number of inputs involved.
What should I do if Exodus is having trouble sending out mining rewards?
If there's an error message letting you know that Exodus could not send out the funds/make an exchange via our third-party API providers due to the number of inputs involved, the best solution is to send or exchange these funds in smaller parts rather than trying to send them all at once. Let us say you have 100 ZEC and you have to send them all to another address. Try sending them out 10 ZEC at a time instead of trying to send the full 100 ZEC together in one transaction. If the trouble continues, try sending lower amounts until you are able to make a transaction.
Some customers have reported that using the full-node Core (official) wallets to make these transactions helped them. However, there is a limit as to how much transaction size a Core wallet can handle, so we do not go into details about that in this guide. If you would like to explore this route, please reach out to us, and we will be happy to help you.
How do I prevent any issues while still using Exodus to receive mining payouts?
In order to prevent the issues described above, you can decrease the number of payouts you receive into your Exodus wallet - if you are receiving payouts every 4 hours, change it to every day or week. For assets that have less fiat value - consider increasing your payout threshold, so you get paid the mining rewards less often.
The values mentioned here are just examples, please adjust your mining payout schedule according to your needs.