payout balance consolidation

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rabdallah
Posts: 1
Joined: Fri May 14, 2021 1:47 am

payout balance consolidation

Post by rabdallah » Fri May 14, 2021 2:21 am

I have created earlier 4 different payout options for four coins the balance have not yet been paid as I did not reach the Free Payout Threshold . Now I decided to mine only one coin. Is it possible to move the balance to the coin I want to keep before I forfeit the payout options?

Thanks
Alynn
Posts: 51
Joined: Wed Mar 03, 2021 12:40 pm

Re: payout balance consolidation

Post by Alynn » Fri May 14, 2021 8:20 am

No, you either need to meet the threshold or forfeit.

My suggestion, mine until you hit the minimum, then remove it from your payouts. It is your best bet to get all of your mining efforts.

Just a reminder that you don't have to hit the minimum every day, or every other day, it will sit there waiting for you until you do. You've already mined the coin and the price will adjust based on current prices.

What I did, was mine the one I wanted to no longer get paid out in to 100%, then when I passed the threshold, moved onto the next one.


The other option, is to lower your thresholds to 0 and just get paid now and pay the fee.
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Steve Sokolowski
Posts: 4387
Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Re: payout balance consolidation

Post by Steve Sokolowski » Fri May 14, 2021 8:45 am

Unfortunately, we can't legally exchange coins after they are earned. Being an exchange requires a money transmission license. These licenses cost $2m in Pennsylvania, which would increase fees to customers so high that nobody would want to mine with us.

One option would be to connect a Coinbase account, which allows payouts of any amount. Most of the coins with the highest payout thresholds are supported by Coinbase. Coinbase announced that Dogecoins will also be supported in six weeks, if that's the coin you're waiting for.

For some of the coins, we simply can't pay small amounts regardless of fees. The DOGE network, for example, was programmed when dogecoins were worth almost nothing, and you can't send less than 1 DOGE in a transaction. That's why the minimum and free thresholds for DOGE are almost the same. The fees aren't the problem, it's this limit that is. This is a relic that will cause significant problems if the coin continues to appreciate.
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