Can I receive mining payouts?
If you are wondering if you can use Exodus to receive mining payouts, this guide will help!
In this article:
- What do I need to know before receiving mining payouts?
- Receiving Bitcoin (BTC) mining payouts
- Receiving Ethereum Classic (ETC) mining payouts
- Receiving mining payouts for other UTXO-based assets
- Receiving Zcash (ZEC) mining payouts
- 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?
Exodus supports multiple crypto assets, and it is possible one of the assets we support is one you are mining. Here is what you need to know before you start receiving mining payouts with your Exodus wallet.
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 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 Classic (ETC) mining payouts
Unlike Bitcoin and other UTXO-based assets, assets like Ethereum Classic (ETC) are account-based assets. The number of deposits you receive for these assets will not impact the fees for sending funds back out.
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.
If you are receiving mining payouts for account-based assets like ETC, be aware that when you receive many small mining deposits, your wallet will have to download each transaction from the blockchain. It could affect the performance of your wallet. To avoid this, you can 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), Ravencoin (RVN), Decred (DCR), DigiByte (DGB), etc.) are very similar to Bitcoin (BTC) in handling transactions. Receiving many small deposits of any UTXO-based coin could result in 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.
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 a swap via our third-party exchange API providers due to the number of inputs involved.
Receiving Zcash (ZEC) mining payouts
The Zcash protocol requires that mining rewards be sent to a shielded address, but Exodus only supports transparent ZEC addresses. As a result, if you've sent ZEC mining rewards to your Exodus wallet, you won't be able to send them out.
To access these funds, you'll need to import your Exodus wallet into another wallet that supports both transparent and shielded addresses. Once that's done, you'll be able to transact with your ZEC as usual.
Sweeping ZEC from a shielded address can be an advanced process. For more information, contact Exodus Support.
Please be very careful with your 12-word secret recovery phrase and private keys, because they control access to your funds. Never share them with anyone, and only import them into platforms that you trust 100%. If you choose to import your 12-word phrase or private keys into a third-party platform, you do so at your own risk. To find out more, check out this article from our Knowledge Base: How do I keep my money safe?
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 a swap via our third-party API providers due to the number of inputs involved, the best solution is to send or swap these funds in smaller parts rather than trying to send them all at once.
Let us say you have 100 LTC and you have to send them all to another address. Try sending them out 10 LTC at a time instead of trying to send the full 100 LTC 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 or any other troubleshooting steps included in this guide, 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 in 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.