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How Mining Works?
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ITCA Dias Enterprise : 60 x GPUMining – what accounts need to be set up? (pool, wallet)
Mining Setup: Pools & Wallets
What accounts do you need to start mining?
To start mining, you typically need just 2 accounts (or sometimes only 1):
- Mining Pool – The "place" where the actual mining work happens.
- Wallet or Exchange – Where your mined coins are deposited.
In practice, you might only need 1 account if your pool also serves as a wallet (like Nicehash).
Two Ways to Connect Miners
Option 1: Standard Pool
This is the traditional method. If you want to mine a specific coin (e.g., Litecoin):- You mine LTC and receive LTC coins directly.
- You must enter your own LTC wallet or exchange address into the miner configuration.
- For every different coin you mine, you need a separate wallet address.
Option 2: NiceHash Pool (Recommended for Beginners)
NiceHash simplifies the process significantly. It is a 1-account solution for everything. Why we prefer NiceHash:
- Multi-Pool switching: NiceHash automatically switches your miner to the most profitable coin at any given moment. You don't need to monitor the market manually.
- Payouts in Bitcoin (BTC): Even if your machine mines 4 different coins in a week, NiceHash converts everything and pays you in Bitcoin.
- Built-in Wallet & Exchange: You don't need an external wallet immediately. You can hold your earnings in the internal NiceHash wallet or trade them for other coins/EUR directly on their platform.
How to Setup NiceHash
- Register: Sign up at NiceHash.com with just your email.
- Get Mining Address:Go to your account menu » Mining » Mining Address.Copy this Bitcoin address into your miner's configuration.
Pro Tip: You can setup 2FA (Two Factor Authentication) for security and enable email notifications to get an alert if your miner goes offline.
Wallet vs. Exchange: What's the difference?
Crypto Wallet
Best for: HODLing (Long term storage)- Designed to hold specific coins safely.
- You own the private keys (Higher Security).
- Standard wallets usually don't allow trading or selling for fiat (EUR/USD).
Crypto Exchange
Best for: Trading & Cashing Out- Supports hundreds of different coins.
- Less secure: The exchange holds the private keys on their servers.
- Allows you to trade coins or sell them for cash sent to your bank account.
Popular Exchanges
The largest and most trusted platforms globally include: Binance, Coinbase, Kraken, Kucoin, Bybit, Crypto.com (Full list here) Security Note: Hardware wallets (like Trezor or Ledger) are the safest way to store crypto offline. We recommend them for significant amounts.Bitcoin ATMs (Crypto ATM)
If you want to sell your crypto for cash (EUR/USD) instantly and anonymously, you can use a Bitcoin ATM.- Anonymous: Usually no ID required for amounts under ~1000€.
- Instant Cash: Send crypto to the machine's address, and it dispenses cash.
- Higher Fees: Be aware that ATMs often charge 4-6% fees for the convenience.
Quick Directory: Wallets & Exchanges by Coin
Bitcoin (BTC)
Exchanges: Almost all (Binance, Kraken, Coinbase...) Wallets: Trezor, Ledger Nano, Electrum. List to wallets here (for example Electrum)Litecoin (LTC)
Exchanges: Widely supported (Binance, Kraken...) Wallets: Litewallet.io, Exodus, Atomic.Zcash (ZEC)
Exchanges: Binance, Kraken, Coinbase. Wallets: Coinbase Wallet, Trezor, Ledger. Full list hereGot Questions?
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- +421949691788 / +420704736656
- support@miner-house.com
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