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How to Set up Auto Withdrawal in Lincoin Mining Pool

Not your keys, not your coin.  Lincoin recommends removing your mining rewards off the platform as soon as possible. The rewards are not in your custody until they are off the platform and secured in the wallet of your choosing. 

 

  • Auto Withdrawal can be scheduled daily, weekly, or monthly. Payments can be scheduled to a single address, numerous addresses, Paynym(s), or a combination thereof. Split Payments provide the ability to share revenue amongst various wallets and/or Paynym(s). This is beneficial when an account or sub-account needs to share payments. There is an infinite way to split payments.   

 

  • A minimum threshold of 0.001 BTC is necessary for payments. There are no additional fees for withdrawals if the threshold is met. This is contrary to many competing pools that have minimum thresholds 10x higher than Lincoin. Have we also mentioned Paynym? Lincoin is the only mining platform, to date offering Bip47 payouts. 

6.1

Basic Auto Withdrawal #

would consist of a single recipient to a single address. Setup as follows:

  • Select “Auto Withdrawal” on the left-hand column under “Pool”
  • Set threshold limit (Minimum of 0.001)
  • Select Payout schedule as daily, weekly, or monthly
  • Select “Add Address” 
  • Enter Address
  • Select “Save” you will be prompted to input 2FA 

Paynym Auto Withdraw #

If you want a set-and-forget option for payouts utilizing a Bip 47 (Paynym) reusable payment code is the simplest approach. Your connected Paynym will generate a random address each payout. This avoids address reuse and ensures the best privacy available for daily, weekly or monthly payments. To set up payment to a Paynym: Repeat the first three steps above. In lieu of entering an address, select a Paynym. Note, you must create a Paynym connection with Lincoin prior to utilizing this payout method. Setting up a Paynym connection link is available here (INSERT LINK) 

 

 6.4

Split Payment Withdraw Split Payments provide the ability to share revenue amongst various addresses, Paynym(s), or combination of addresses and Paynym(s). The combinations are plenty. We will provide a basic example of splitting payment three ways. 

 

Let’s say you want to payout to three parties. You want payouts monthly in this scenario. Two of those parties prefer to send payouts to a cold storage wallet. The third party does not want to deal with changing addresses daily and they do not want to worry about address reuse. They opt to utilize Paynym. This party is the privacy advocate in the trio. He can use a Sparrow wallet Paynym, mixes via Whirlpool, and send the sats to cold storage. Additional Paynym wallets include Samourai Wallet and Stack-Duo Wallet

 

To set up a split payment with three recipients the steps are similar as above with additional steps to split the payment. 

 

  • Select “Auto Withdrawal” on the left-hand column under “Pool”
  • Set threshold limit (Minimum of 0.001 requires > to split to three addresses)
  • Select the Payout schedule as daily, weekly, or monthly
  • Select “Add Address” 
  • Enter Address or connected Paynym
  • Repeat bullets 4 & 5 two more times, ensure you have 3 payees
  • Select applicable percentage for each address and/or Paynym
  • Select “Save” you will be prompted to input 2FA  

6.5

Note, the minimum threshold per address is 0.001 BTC. So, if your withdraw threshold is 0.01 BTC, you can’t set a percentage less than 10% for each address.