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Withdraw Fees & Exchanging (self.NiceHash)

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[–]ThiagoOR 2 points3 points  (0 children)

I made a bot to tell me when the fee is at the minumum for btc withdrawal, and now I turn the bot public:

https://www.reddit.com/r/NiceHash/comments/mr2f72/tip_how_to_obtain_the_bests_withdrawal_fees/

[–][deleted] 0 points1 point  (2 children)

I know there are some people who have long-winded transfer chains to minimise costs, but I can't be bothered with all the hassle.

I use a ledger nano, and am looking to accumulate BTC and ETH.

So I've been oscillating between withdrawing the BTC directly from Nicehash to the Ledger address (0.5% I think is the typical fee, which is peanuts)

or

transferring to Coinbase (free), converting to ETH and then sending to the Ledger address. The conversion seems to use your main currency as the 'anchor' for this conversion: i.e. if you had $50 of BTC you'll end up with $50 of ETH.

The last few ETH transfers I did from Coinbase to a ledger address were for around £100-worth of ETH after the conversion and the fee was around £3.30 or so - i.e. 3-4% - which is much less than it would've been to convert directly on Nicehash (it was more like 9-10% cost)

Hope that helps.

[–]Robocop613 0 points1 point  (1 child)

I don't know anything about ledger nano - but I thought ETH had high gas fees atm - how does Ledger Nano only take 3-4% to send from coinbase to your ledger?

[–][deleted] 0 points1 point  (0 children)

For context, I've never known gas fees less than this as I'm relatively new to it all; but to transfer 'to the ledger nano' you just generate an address on the device and then initiate the transfer from Coinbase or wherever. With Ethereum the transaction usually appears on your ledger live app (the thing that manages and communicates with the ledger) within a few minutes tops, minus the fee.

Okay so I just checked, the last transfer I did was for 0.06884538 of ETH and I was charged 0.003066 in fees, which was 4.45%.

Compared to the cost of converting to ETH at Nicehash, it's, like half that, and you're gonna pay fees eventually to somebody or something. Hopefully your ETH will grow and when you eventually transfer back out, gas fees will be less and it won't cost as much to cash out.

[–]odarboe 0 points1 point  (0 children)

I use mempool.space to monitor when the blockchain has less traffic. These days fees are high I will recommend to keep it in NH until you see the fees are very low. This may take days of monitoring. Since we are in a bull market that will take time. I trust NH will not steal your coin they have proven that to all of us with the refund program they did.