The Benefits of Bitcoin Payments
Bitcoin is the first cryptocurrency in the World. It was the first crypto coin that existed and it is still crypto #1. Each cryptocurrency investor has a part of his/her wealth in BTC. Bitcoin is always considered one of the best ways to store owned crypto as well by the miners. Some of them prefer cash or stablecoins like USDT, but stablecoins depend on the issuer and in the long term could be much less reliable. We all remember the recent crash of UST.
If you mine ERGO and if you want to store and hodl ERGO there is no reason for you to use the BTC payout mechanism 🙂 However, in most cases, BTC payments are quite convenient and cost-effective. The BTC payouts were initially available for the ETH mining pool only. ETH switches to POS and it is not mined anymore since September 15th.
We already have the BTC payouts feature implemented for Ethereum Classic (ETC), ERGO (ERG), and Ravencoin (RVN) mining pools.
You could get the payout if you mine in the pool or in SOLO mode, our system works for both situations.
Bitcoin Payout Mechanism
The system algorithm is pretty straightforward. BTC payouts are processed once a day at approximately 12:00 UTC. It is all written on the Payouts tab of the coin you mine. Here is an example for ETC.
Let’s say you mine ETC and choose the BTC payouts. Every day at 12:00 UTC the pool checks if you have reached the payout threshold you set. If the response is positive and your unpaid balance exceeds your payout threshold then your coins are sent to a cryptocurrency exchange together with the coins of other miners.
Currently, we work with three different exchanges: Kraken, KuCoin, and Binance.
The coins are exchanged to BTC on the crypto exchange and then sent to the 2Miners Bitcoin Gateway. Then BTC is sent to each miner.
Bitcoin Payout Fees
Each BTC payout usually costs you some amount of BTC. We state in the pool that it is less than $0.2. To be honest, usually, it is less than $0.1, sometimes even around a couple of cents. This is not the fee taken by 2Miners, it is a fee taken by the Bitcoin network. But why it is so low then? It is because we unite all the BTC payouts together in one transaction. That reduces significantly the transaction costs for a single miner.
We do not charge the miners any fees for deposit/withdrawal to the exchange transactions. We do not charge any extra fees. All you pay is a small part of the Bitcoin network transaction fee.
Why should you pay this BTC fee if you could receive Ethereum Classic payouts in ETC, ERGO payouts in ERG, and Ravencoin payouts in RVN without any fees?
Many miners want to accumulate Bitcoin. If you use our system you save a lot of fees on deposits and withdrawals from the crypto exchange. You save much time on a constant exchanging of coins too. In the end, you get the BTC on the wallet you like. It could be a cold/hot/hardware wallet, and yes, a crypto exchange wallet if you’d like to.
It is not recommended to store your cryptocurrency on a cryptocurrency exchange.
If you say that you don’t need BTC and you want to hold ETC/ERG/RVN, then obviously BTC payouts are not for you. You could get the standard payouts in the coin you mine without any fees. These payouts are processed in 2Miners every two hours.
Get Paid in Bitcoin for Ethereum Classic (ETC) Mining
Ethereum Classic was the second most popular GPU-mined coin. Without Ethereum, it becomes the biggest network in terms of the mining hashrate involved. In order to start receiving the payouts in BTC, you don’t need to apply any complicated settings. Basically, the only thing you need is a BTC wallet address. The payout system is robust and time-tested. We’ve launched the BTC payouts for the ETC pool in April 2022. All the details could be found in the post Getting Paid in Bitcoin for Ethereum Classic (ETC) Mining: Step-by-Step Guide.
To start mining ETC and get paid in BTC just substitute the ETC wallet address with the BTC one. Our pool automatically detects the wallet address you use and then processes the payments in the corresponding blockchain. ETC pool details could be always found on the Help page.
Consider the following example of the ETC mining with Gminer software.
If you use Gminer for ETC mining and you want to get the payouts in ETC you could use this sample bat file.
miner.exe --algo etchash --server etc.2miners.com:1010 --user 0x22A9a06615492BdA25bD518F1973cd23B548DB13.RIG_ID
If you want to mine ETC with Gminer and if you want to get the payouts in BTC all you need to do is to substitute your ETC wallet address 0x22A9a06615492BdA25bD518F1973cd23B548DB13 with your BTC wallet address bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc. The bat file will look like this.
miner.exe --algo etchash --server etc.2miners.com:1010 --user bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc.RIG_ID
That’s it. There is no rocket science at all. Just use your BTC wallet address and start mining. The same settings could be applied to any other miner: T-Rex, lolMiner, NBMiner, TeamRedMiner etc. etc.
An important thing is that you could use any type of Bitcoin wallet address you like. We support these types of addresses.
- SegWit: bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc
- Compatibility: 3GRdnTq18LyNveWa1gQJcgp8qEnzijv5vR
- Legacy: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
RaveOS Settings for ETC Mining and BTC Payouts
It’s extremely easy to apply the settings for RaveOS. If you want to mine ETC and get paid in BTC copy your BTC wallet address and paste it into the Wallet field. Please find below the screenshot with the example of the settings.
HiveOS Settings for ETC Mining and BTC Payouts
HiveOS is another popular mining OS distro. If you want to mine Ethereum Classic in HiveOS and get paid in Bitcoin paste your BTC address to the Address field. You could find the example below.
ASIC Settings for BTC Payouts. Antminer E9, Innosilicon A10, A10 Pro, A11
With no Ethereum mining available, a lot of ASIC miners switch to Ethereum Classic mining. Depending on your ASIC manufacturer your settings page could be different but it always has such important fields as pool URL (host:port) and your wallet address which could be also called your worker name. To get BTC payouts you need to use your BTC wallet address on the ASIC settings page. Here is an example.
Get Paid in Bitcoin for ERGO (ERG) Mining
BTC payouts for ERGO were released in September 2022. ERGO is not presented on Kraken or Binance so we were forced to implement a new cryptocurrency exchange KuCoin to our system. ERGO BTC payouts like all other BTC payouts are processed once a day at 12:00 UTC. Please remember that the exchange process could take some hours to be completed.
The settings are always easy. Use your Bitcoin address instead of your ERGO address to get the payouts in BTC. Here is an example of T-rex mining software. Remember to change the BTC wallet address to your personal BTC address and specify the RIG_ID if required.
t-rex.exe -a autolykos2 -o stratum+tcp://erg.2miners.com:8888 -u bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc -w RIG_ID -p x
The settings for other mining software could be always found on the ERGO mining pool Help page.
If you prefer a visual content The Hobbyist Miner made a video for you.
RaveOS Settings for ERGO Mining and BTC Payouts
This screenshot from RaveOS shows how could you set the ERGO payouts to your BTC wallet address.
HiveOS Settings for ERGO Mining and BTC Payouts
HiveOS settings for ERGO do not differ much from ETC ones. Create a new Wallet for ERGO mining and specify the BTC address in the Wallet field. Here is an example.
Get Paid in Bitcoin for Ravencoin (RVN) Mining
The last but not least, the Ravencoin mining pool received the BTC payout feature. With Ethereum going to POS Ravencoin received a lot of investors’ attention. RVN price surged almost 150%.
The Help page of the Ravencoin mining pool has all the settings required to start RVN mining with BTC payouts. Here is an example of one of the best software for AMD graphics cards TeamRedMiner.
teamredminer.exe -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
RaveOS Settings for RVN Mining and BTC Payouts
You could receive BTC payouts for RVN mining either if you use RaveOS or any other operating system. Specify your Bitcoin wallet address in the Wallet field and choose the closest 2Miners Ravencoin server. If in doubt use the EU location. This is an example.
HiveOS Settings for RVN Mining and BTC Payouts
Create a new Wallet in HiveOS settings. Choose RVN coin and enter your Bitcoin address in the Address field. You are all set!
BTC Payouts for SOLO Mining
2Miners BTC payouts system works for both standard pools with PPLNS rewards distribution and SOLO pool where you mine alone. How the Mining Pool Works: PPLNS vs. SOLO.
SOLO mining is much riskier compared to pool mining. It usually requires huge hashing power or a lot of luck. You could always estimate your chances to go SOLO with our mining profitability calculator 2CryptoCalc. Enter your hardware or hashrates and choose the coin you’d like to mine SOLO. Here is an example for Ravencoin calculation with 4 500 MH/s hashrate on KAwpOW algorithm.
Well. Risky, but still possible. Usually, we do not recommend SOLO mining if you get less than 2-3 blocks/day. If you got 0 blocks daily it becomes a lottery and your rewards would fluctuate a lot day by day.
If you decide to mine SOLO you could get the BTC payouts for ETC, RVN, and ERGO mining. Enter your BTC wallet address in your settings and you are ready to go. The settings could be always found on the Help pages of each pool.
2Miners SOLO Pools with BTC Payout Option
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