So do you know anyone that mines directly into their Trezor. I've read a bit about doing it and it seems people are split--some say yes and some say no, but I can't really see why I shouldn't.
Because the device's memory is limited and you shouldn't overwhelm it with a huge amount of small transactions. The best option would be to send your mining earnings to a desktop wallet (for example Exodus) and then do periodical withdrawals to your Trezor (like once every two months). That's how I do it with my Bitcoin and Dash mining earnings, anyway. Good luck!
If this is true then my entire understanding of how blockchains work is upside down and nothing makes sense.
I would be shocked and amazed if there was an issue with mining to a trezor wallet. Doesn't mean there isn't an issue, i have been known to be wrong quite a bit haha. But it doesn't make an ounce of sense to me.
What i mean is, your trezor doesn't have to be on. And amendment toy turn out on, it'll sync with blockchain like normal, shouldn't matter how many transactions there are. It's not going to "lose" your coins, it's all on the blockchain
Here’s a post that gives the same recommendation as I did:
It is not recommended to receive mining payouts to a hardware wallet (Ledger Nano, KeepKey, Trezor...). Hardware wallets are intended more as a long term savings account with few transactions, and less as a current account.
Solution
Instead it's better to consolidate the transactions on an online/local account and transfer them periodically to the hardware wallet.
It also quotes Ledger and Trezor’s knowledge databases on this issue:
Official explanation from Ledger:
If you have mining activities and receive multiple small payments, also called "dust payments", on your hardware wallet, it can saturate the synchronisation of your Blockchain transactions, and cause an unexpected length during every validation or verification processes. This issue is due to the unexpected number of small unspent transactions coming from your mining activities that your hardware wallet can hardly achieve to spend all in once.
Official explanation from Trezor:
In general, it is not recommended to direct pool payouts to hardware wallets like TREZOR. All hardware wallets have limited computational power, especially when compared to a desktop computer, and thus require more time to sign a transaction. This is not an issue with normal transactions, but when spending pool payouts, this can severely prolong the time required. Consolidate your pool payouts in an external wallet and then send your savings to your TREZOR. Alternatively, increase the threshold for pool payouts directed to your TREZOR, so that you don’t receive small amounts every day.
Except for security. A desktop/mobile wallet is a good solution for a “hot wallet” – relatively small amounts kept there for payments, transfers, accumulation of mining or staking rewards. Once those smaller transactions aggregated, it’s best to transfer the accumulated amounts to a hardware (or paper) wallet (“cold storage”) for a long-term keeping (aking to a savings account).
So do you know anyone that mines directly into their Trezor. I've read a bit about doing it and it seems people are split--some say yes and some say no, but I can't really see why I shouldn't.
Because the device's memory is limited and you shouldn't overwhelm it with a huge amount of small transactions. The best option would be to send your mining earnings to a desktop wallet (for example Exodus) and then do periodical withdrawals to your Trezor (like once every two months). That's how I do it with my Bitcoin and Dash mining earnings, anyway. Good luck!
If this is true then my entire understanding of how blockchains work is upside down and nothing makes sense.
I would be shocked and amazed if there was an issue with mining to a trezor wallet. Doesn't mean there isn't an issue, i have been known to be wrong quite a bit haha. But it doesn't make an ounce of sense to me.
What i mean is, your trezor doesn't have to be on. And amendment toy turn out on, it'll sync with blockchain like normal, shouldn't matter how many transactions there are. It's not going to "lose" your coins, it's all on the blockchain
Here’s a post that gives the same recommendation as I did:
It also quotes Ledger and Trezor’s knowledge databases on this issue:
I hope it makes more sense now! :)
Oh interesting, it has to do with how they sign transactions. Thanks for the info!!!
Nothing wrong with using desktop wallet though
Except for security. A desktop/mobile wallet is a good solution for a “hot wallet” – relatively small amounts kept there for payments, transfers, accumulation of mining or staking rewards. Once those smaller transactions aggregated, it’s best to transfer the accumulated amounts to a hardware (or paper) wallet (“cold storage”) for a long-term keeping (aking to a savings account).