Posts Tagged ‘Kraken’

Expensive ETH Desposits to Kraken, or Why Exchange Mining Should Be Avoided

8, Feb 2021

With the recent boom of crypto mining and more specifically Ethereum (ETH) mining there are a lot of new users joining the mining ranks and they start making newbie mistakes that we forgot about long ago. We are taking about the very easy direct mining to an exchange-generated Ethereum wallet address or with other words when the mining pool is directly paying the mined coins to a crypto exchange where you can sell or trade them. There is a big convenience in doing this, but there are also some pitfalls that may cause you to lose money and you may not even be fully aware of that fact.

Most crypto exchanges do not charge deposit fees to their users, but they do usually have a minimum number of coins to be deposited in order for the deposit to be credited to your account. They do however charge a small withdraw fee in order to pay the transaction fee, though some exchanges charge ridiculous withdraw fees that have nothing to do with the actual fees. The general rule is not to mine directly to an exchange and to transfer your crypto coins there only when you need to sell them or trade them, not to store them long term. Now we’ll get to a good example why currently it is not wise to mine Ethereum directly to the crypto exchange Kraken where there is a variable for ETH deposits and you will see in a moment why.

– To see the Kraken’s cryptocurrency deposit fees and minimums explained…

The Kraken crypto exchange has a minimum requirement of 0.05 ETH for a deposit to be credited to your account at all, so if the transaction is for a lower amount you will not see the coins in your account. There is also what they call a “Variable on-chain fee to move into Kraken’s wallet” that is only available for Ethereum deposits. This variable fee you pay apparently depends on the number of transactions on the Ethereum’s blockchain at the moment, when the number goes up, the fee also goes up. With the peaked interest in ETH at the moment as you can expect the fees are also very high, but this means that depositing Ethereum to Kraken at the moment can be pretty expensive to you, especially for smaller amounts or regular daily deposits from mining.

If you have scheduled a daily payout from a Ethereum mining pool with a low minimum of 0.05 ETH directly to your Kraken address, then at the moment you could easily get 0.01 or 0.005 ETH from that transfer deducted, because of the exchanges’ variable fee to move the coins you transfer from your exchange wallet to their consolidated wallet. That “small fee” currently means that you pay $8-$16 USD just to have your ~$80 USD deposited in the exchange, of course the fee will be very similar for both 0.5 ETH and 5 ETH, but for small amounts it is just way too much. So, be extra careful when mining directly to an exchange such as Kraken and make sure if you do you are aware of the specific requirements and fees that the exchange has!

The Exchange Kraken Returns After More Than 2 Days Downtime

13, Jan 2018

Kraken, one of the big crypto exchange is finally back online after an extended downtime of over two days due to problems experienced during scheduled and long overdue upgrade of the trading system. The long period of downtime for the popular exchange, especially among European users has caused a lot of different rumors and speculations to circle around, even though the exchange has tried to assure users that all funds are safe. The main concern was that people did not have access to their funds stored on the exchange and within turbulent market that could mean a lot of potential losses, especially for day traders. Anyway, the good news is that no funds were lost and any transfers of crypto to the exchange during the downtime should also be available in the user’s balances.

Do note that all orders have been cancelled prior to trading resuming and all trading pairs were launched with no orders on the books, so be extra careful at the moment when placing orders, especially for sales or buys with market price. Withdrawals are currently disabled and will remain disabled for a minimum of 12 hours, for fiat or crypto deposits (initiated before, during or following the downtime) users should allow up to 2 additional business days for funds to be credited. Kraken has also activated zero fee trading for all clients (across non-margin trades) starting today and lasting through the end of this month (January) as an excuse for the caused trouble with the long downtime.

Update: It seems that not all issues have yet been resolved and soon after getting back online the exchange has taken down trading until they resolve a problem with the order book data not being displayed properly.

Augur Started Distribution of REP Tokens, Kraken Ready With Trading Markets

5, Oct 2016

etherscan-augur

It has been a bit over 1 year since Augur has finished with their crowdsale of Reputation Tokens (REP) for their decentralized prediction markets platform. Augur has already sent the Reputation Tokens (REP) to everyone that participated in the crowdsale sometime today, even though their platform is not yet live (still in beta). The prediction markets platform is expected to be ready and launched probably by the end of the year, though exact date is not yet set.

The total supply of Augur Reputation Tokens (REP) is 11,000,000 REP (eleven million). The total number of token holders at the time of distribution is apparently 2516 based on unique addresses. If you have participated in the Augur crowdsale you can check if you have received your tokens successfully already.

How to check if you received your REP tokens:
1. Open https://etherscan.io/token/REP
2. In the field “Filter By Address” enter your Ethereum Wallet Address
3. You need to use the ETH Wallet address that you set in the Augur crowdsale
4. There should be a transaction and you need to check if the Value (REP) is the right one
5. Do note that if you have not participated in the crowdsale last year no REP tokens will be shown

The Augur REP tokens however will be available for trading on exchanges even before the official launch of the platform and there are already announcements from exchanges that they will be supporting REP token trading. The first exchange to announce Augur REP token support is apparently Kraken. The exchange is introducing the following trading pairs for Augur Reputation Tokens (REP): REP/XBT, REP/ETH, REP/EUR, REP/USD, REP/CAD and REP/JPY, though we are probably also going to soon see more exchanges. If you have missed the crowdsale of REP tokens last year now could be your chance to get some by trading them on exchanges. The expectations from the Augur platform are pretty high already, and the amount of money that users invested in the project during the crowdsale phase was tremendous. Some other good places to trade the coin include Bittrex, HitBTC, Binance, Gateio, Livecoin.


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