New Tutorial on payout fees with PROHASHING

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Sarah Manter
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Joined: Fri Aug 13, 2021 11:15 am

New Tutorial on payout fees with PROHASHING

Post by Sarah Manter » Wed Dec 08, 2021 7:10 am

Hey all! If you have questions about how payout fees work with PROHASHING, swing on over to our YouTube channel for a little CryptoCoaching! I put up a new video talking through payout fees and thresholds, and there will be another coming soon to talk about the timing of payouts with our pool! :) Happy Mining!

https://youtu.be/DHI0CyYBIZA
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Mastermind007
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Re: New Tutorial on payout fees with PROHASHING

Post by Mastermind007 » Wed Dec 08, 2021 4:52 pm

Very nice tutorial. Detailed but not too complicated.

One question? Have you looked into using Coinbase to convert between coin types? Obviously this would only work for coins traded on Coinbase but it would at least cut down on some fees. I am not sure what their API allows or if it is possible to automate this conversion.
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Sarah Manter
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Re: New Tutorial on payout fees with PROHASHING

Post by Sarah Manter » Thu Dec 09, 2021 8:03 am

Mastermind007 wrote: ↑Wed Dec 08, 2021 4:52 pm Very nice tutorial. Detailed but not too complicated.

One question? Have you looked into using Coinbase to convert between coin types? Obviously this would only work for coins traded on Coinbase but it would at least cut down on some fees. I am not sure what their API allows or if it is possible to automate this conversion.
Thank you! :-)

That is why the direct to Coinbase payouts are able to be paid out so frequently for free, because the coins are being shifted on Coinbase's ledger rather than through transactions on the network, which costs less. However, for customers who don't have a Coinbase account or prefer not to be paid to Coinbase for one reason or another, the coins would still be need to be sent on the network, and the transaction fees are the expensive part of the process. As you said, some coins aren't traded on Coinbase, but also, we can get better prices at other exchanges on some coins. Steven's trader will buy coins at Coinbase when they have the best price, but he can't always do that.
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Mastermind007
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Re: New Tutorial on payout fees with PROHASHING

Post by Mastermind007 » Fri Dec 10, 2021 10:13 am

I understand now. I could not see why you would sell ETH for USDT and then buy SHIB outside of Coinbase which costs two fees when you could convert ETH to SHIB on Coinbase and then send SHIB from your Coinbase wallet to any SHIB wallet outside of Coinbase for the one fee. Unless you know of an exchange where the two fees are less than the one fee for sending SHIB outside of Coinbase.

I think I was taking the ETH to SHIB pair example to literal as both are traded on Coinbase. I think having a coin pair where one is not tradable on Coinbase was the lesson you were going for. I tend to over think things sometimes. OK make that most of the time ;)
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