Hi Everyone - My apologies
if this question has already asked and answered. I just haven't been able to find anything.
What wallets should I use for mining? I recently started mining and I came across several videos that warn people to be careful about what wallets you use for mining. In fact they tell people to read the user agreement before you use a wallet. Here are two examples:
- Jaxx
Jaxx gives the following warning to their users - No, Jaxx is a lightweight wallet that is not designed to receive mining payouts. We do not recommend pointing any mining rig payouts to Jaxx as it may cause issues on your end as well as potentially causing issues on our end.
- CoinBase
CoinBase Give the following warning to their users - Please note that Coinbase cannot be used to receive ETH mining rewards.
If this is the case what wallets are appropriate specifically for mining?
Comments
in general I do not trust online wallets but that's just paranoid old me
Go for the Original, though it can be a pain the butt you can run it in light mode, just follow the following instructions I made for my friends.
Cheers!
1. Go to https://geth.ethereum.org/downloads/ download geth for windows and install
2. Got to C:\Windows\Program Files\Geth
3. Right Click on Geth.exe and choose "Create Shortcut"
4. If not done automatically move the newly createt Shortcut to the desktop
5. Right Click on the newly createt Shortcut on your desktop and choose "Properties"
6. In the Target Box put the cursor behind "C:\Program Files\Geth\geth.exe" press spacebar and write -Light it should now read
"C:\Program Files\Geth\geth.exe" -light
7. Click Apply
8. Download the latest Ethereum wallet from https://github.com/ethereum/mist/releases make sure you choose the right version for your Operating Sytem. ie. 32 bit or 64 bit.
9. Unzip the downloaded package. Inside the Unziped folder you will find a do;der called "win-unpacked"
10. Move the Folder "win-unpacked" to your root on the C: Drive Sp that it is now C:\win-unpacked
11. Rename the Folder "win-unpacked" to "Etherum_Wallet"
12. got to the folder "Ethereum_Wallet"
13. Right Click on "Ethereum Wallet.exe" and choose "Create Shortcut"
14. In the Target Box put the cursor behind "C:\Ethereum_Wallet\Ethereum Wallet.exe" and write -node-light it should now read
"C:\Ethereum_Wallet\Ethereum Wallet.exe" -node-light
15. Click Apply
16. Start geth.exe by double clicking on the geth.exe shortcut
17. Wait 1 Minute
18. Click on the Ethereum Wallet.exe shortcut and your Wallet will open and start syncing
19. Now ones the ethereum wallet opens set up 2 accounts, the first one will be your main account and the second one your mining account.
(anytime you open the wallet you need to first start the geth shortcut, than wait a minute and than doubleclick on the ether wallet short cut!
Mr rolandats , iam new to this , and i apologize before hand for being a noob.
but can you please tell me what are the drawbacks of using a light version as you have mentioned .
i have never transacted anything with cryptocurrency before so , what would i lose if go for light version rather than full node sync?
please guide me
@Hrithik_Jayanth I'm still working on understand the difference between one wallet and the other. I understand the hardware vs software wallets. But I don't understand what makes a wallet a mining wallet.
In case people are wondering - Here's the video I found that come about asking this question. As you can see from his example, many micro transactions are lost which results in lost of currency for you. Again, you're losing money by using the wrong wallet.
yes the wallet works for mining and yes as long as you run the geth shortcut first you will see transactions.
Hope that helps,
Cheers
mr erstweal i tried to get the fast sync done multiple times upto no avail ,it took days before it got stuck ,completely filling up my hard drive (for the fast sync),so i could'nt use the account which i got when i first created geth.
so i moved on to light mode of geth as suggested by sir rolandats , it got synchronized in very lil time .
i opened one additional account ,the other one being the already existing main account .
and i have used the 2nd account's address that i created for the mining address for nanopool.
i hope it will accept mining payouts from pool. and sir what are the drawbacks for light mode over full node?
how to know the credentials for the pre existing main account?
and are there any specific list of commands for the light mode or can i use the same commands for normal geth for light mode , for functions such as balance enquiry and transaction details ?
need i use the 'geth --rpc' command again? or is it enough to just open the shortcut?
iam sorry for being such a noob ,iam new , please excuse me for this long question.
your HELP is MUCH appreciated
I would mine to Exodus Ethereum wallet, TBH
But I still don't know the drawbacks of light mode
this is after removing the database and uninstalling 19 gb of games