What is an Individual Wallet address?
This is a BTC blockchain wallet where inactive funds are automatically sent to after 50 days.
Why is this necessary?
NiceHash is a service provider, not a wallet provider which means that due to regulatory reasons it can not hold users funds on collective wallet for longer than 60 days.
What if I don’t create one?
If you do not set up a Default External Individual Wallet one will be automatically created and assigned to you.
How do I get funds back/how do I send them back?
Funds sent to NiceHash assigned Individual wallets can be easily sent back to your NiceHash active balance or to any other saved BTC withdrawal address from the Wallet section of your NiceHash account.
What funds get transferred?
Any funds that have not been used in the last 50 days will automatically get transferred.
Can I see the amount beforehand?
Yes, funds pending to be transferred are shown in your NiceHash wallet.
Do I get notified about the transfer beforehand?
Yes, funds pending transfer are shown in the NiceHash wallet section 7 days before the transfer is initiated. Users are also notified via email.
Can I merge with an external mining wallet?
No, External Individual Wallets can not be merged with deprecated external mining wallets.
What are the fees (for both ways)?
The blockchain fee for withdrawals to External Individual wallets is 0.0001 BTC.
Sending funds from the NiceHash assigned Individual wallet is also subject to blockchain fees, which are calculated and charged at the time of the transfer.
What are the limits?
The minimum amount sent to Individual wallets is 0.0002 BTC.
The minimum amount sent from Individual wallets is 0.0002 BTC.
Please check Other fees section to see more detailed structure about limits and fees.
What if the amount sent is below the minimum amount?
If the sent amount is below the minimal amount, the entire amount is consumed by the blockchain transaction fee.
Can I change my default external wallet address?
Yes, you can change your Default External wallet address in account settings under the Withdrawal addresses section.
Can I use a Lightning address as my default external wallet address?
Individual wallet transactions must be seen on the blockchain so Lightning addresses and transactions are not supported.
Does this also affect organizations?
Yes, the 60 day rule applies to every wallet, including organizations.
Does each organization have the same NiceHash assigned Individual wallet?
No, each organization will have its own individual wallet.
Can I manually set the same Default External wallet for multiple organizations?
Yes, user assigned Default External wallets can be the same.
How to avoid the 50 day withdrawal?
Only funds that have been inactive for 50 days are sent to Individual wallets. Funds that are regularly spent or withdrawn beforehand are not sent to Individual wallets.
Miners can use Profit splitting to set up automatic mining payment withdrawals. Profit splitting also supports withdrawals to Lighting addresses which dramatically reduce transactions costs.
How are inactive funds determined? Does the first come, first served principle apply?
Funds are marked as inactive based on the first come, first served principle.
Example:
Depositing 0.01 BTC and then spending 0.004 BTC on hashrate orders in 10 days will set the remaining 0.006 BTC to be withdrawn to the Individual or your Default External wallet in 40 days.
Making a new 0.02 BTC deposit and then not spending any more funds will schedule the 0.006 BTC to still be withdrawn in 40 days, while the new 0.02 BTC deposit will be scheduled at 50 days.