This is probably a newbie question but do I need to download and set up a wallet or can I just use my bitcoin receive address from coinbase for mining?
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Apr 12, 2025 7:22 pm
13 Replies
Apr 13, 2025 12:37 am
No. Should not use exchange wallets for mining.
Apr 13, 2025 11:48 am
I have the same question lol
Apr 13, 2025 9:54 pm
You never want to do this because any online wallet can be hacked. It happens all the time.
Apr 15, 2025 9:50 am
There are enough non-custodial wallets available I'm not sure why someone would even want to use an exchange.
Apr 15, 2025 1:49 pm
damn, i have had my bitaxe connected to coinbase this whole time. Any recommendations of what I should use instead?
Apr 16, 2025 12:15 am
@jessie-considine16 are you connected to the coinbase exhange or the coinbase wallet because those are separate things.
Apr 15, 2025 11:27 pm
is coinbase wallet considered an exchange?
Apr 21, 2025 11:55 pm
@jody-parker Yes. The issue with some exchanges is that they have minimum deposit amounts so if your block reward is too small it may be lost. Also you essentially have no control of your own money. I read somewhere that if coinbase goes bankrupt the currency held on the exchange could actually be considered part of the bankruptcy estate.. meaning your money would be used to pay off their creditors.
Apr 16, 2025 6:40 pm
"Not your keys, not your coins."
Apr 25, 2025 2:03 pm
Exchanges are good for buying and selling crypto, but you never want to use them as wallets for mining. Cold wallets are bad for receiving coins, and hot wallets are bad for storing them. So.. mine directly into a hot (online) wallet and then transfer your coins to a cold wallet for storage. A cold wallet could be a paper wallet or hardware wallet, whatever your preference. Do not mine directly into coinbase.
Apr 26, 2025 2:35 pm
Picking the best wallet depends on the miner you're using and the coin you're mining.. but generally you can use any hot wallet like metamask, zerion, or trust wallet. Then if you actually find a block send the funds to a hardware wallet like trezor or tangem for safekeeping.
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