How to Receive Mining Payments to My Wallet
Nov 22, 20212 min read
If you mine some coins (or are about to do that) and want to have them transacted directly to your wallet, you are at the right place. Once you have a SimpleHold wallet for managing your cryptocurrency holdings, you have to know some essentials to make the whole process of getting your mining proceeds easier.
- Mining — is a process of getting cryptocurrencies by solving cryptographic tasks using extremely powerful computers and adding new blocks to the blockchain. Completed “blocks” of verified transactions are awarded.
- Mining reward — is a sum of crypto you get: new coins created with each new block and transaction fees from all the transactions from the block.
First, you need to choose a mining pool where you aim to mine and sign-up there.
Then, you need to download and install the mining pool software because it will communicate with the chosen mining pool’s server. Next, your computer will help with the mining operations, sharing a spare process power with the selected pool. Last, the pool transfers mined cryptocurrencies to your wallet in the cryptocurrency you helped to mine. What’s next? Here are 10 easy-to-follow steps for adding a new wallet to your mining pool:
1. Find a mining pool you want to collaborate with
2. Go to its website, find and download mining configure software
3. Extract the zip archive into the parent directory C:\minername
4. Find a file called mine.bat or mine.txt or start.txt or miner.bat or miner.txt etc, the name depends on the miner, be aware that sometimes there are separate files in the miner due to different currencies usage.
5. If you have .bat file extension, change it into .txt
6. If you already have a .txt file extension, just open the file
7. In that file, you’ll find miner’s configuration files
8. You need to insert your own wallet’s address there, currencies you aim to mine and a mining pool’s address if a miner is universal, for example — eu1.ethermine.org:4444
9. Change the name of the file to .bat and launch
10. Congrats, here you are, your mining has already started!🥳