The ScryptGuild Pool Has Added Automatic Conversion to BTC

3 Mar
2014

scryptguild-automatic-btc-conversion

One of the most annoying things when mining alternative crypto currencies in a pool with automatic switching algorithm based on the current coin profitability is that you end up with a lot of different coins that you need to move and trade on an exchange. The pool ScryptGuild has just added an easy solution to this problem, by introducing a function for automatic conversion of the mined alternative coins. Previously the pool had an option for you to manually trade the mined coins directly through the pool’s interface for BTC with an extra fee of 1% fee on top of the exchange rate of 0.3%. Now, the automatic conversion to BTC has replaced that functionality and the fees remain the same, and the coins are apparently still traded on Cryptsy. However you don’t need to move them there and trade them, the trade is automatically executed every hour if you decide use this function and the BTCs get credited directly in your pool’s account. The pool offers a coin reserve function that gives you the ability to set an amount of coins that should stay in your account and not be sold automatically for BTC… good for example if you want to keep some LTC (the autoconversion does not support LTC at the moment) or DOGE. ScryptGuild is still a relatively new pool, but they are doing a great job in making it an attractive alternative to other pools that have been around for a while already sch as Multipool for example. So if you still haven’t checked them out, then we would suggest to give them a try.

For more information and to check out the ScryptGuild mining pool…



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3 Responses to The ScryptGuild Pool Has Added Automatic Conversion to BTC

Justin

March 4th, 2014 at 20:15

So my question is this, why would you want to convert? Isn’t it likely that those other currencies will perform better than BTC due to them being younger?

admin

March 4th, 2014 at 22:28

The reason is quite simple really, the profitability of many alternative crypto coins goes up and down all the time. So mining them and selling for BTC when they are more profitable is better than to wait and keep them as their value may drop significantly over time. This is the main reason why many pools have multiple alternative cryptos and employ algorithms for choosing what coin is most profitable to mine based on the current exchange rate and difficulty factor.

Justin

March 5th, 2014 at 19:22

Thanks @admin, that makes a lot of sense.

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