Not Your Keys, Not Your Coins: A Miner’s Guide to Wallet Security
Not Your Keys, Not Your Coins: A Miner’s Guide to Wallet Security
You spend thousands on hardware. You pay for electricity. You monitor your rigs 24/7. But where do your mining payouts go?
If your payout address is an exchange (like Binance or Coinbase), you do not own your Bitcoin. You own an IOU.
If that exchange goes bankrupt (remember FTX?), your mining profits are gone.
Hot Wallets (Convenient but Risky)
A "Hot Wallet" is connected to the internet. Examples: Mobile apps, Desktop software, Exchange accounts.
- Pros: Easy to spend, fast to set up.
- Cons: Vulnerable to malware, hackers, and phishing attacks.
- Verdict: Okay for small amounts ("pocket money"), but never for your life savings.
Cold Storage (The Digital Vault)
"Cold Storage" means the private keys are generated offline and never touch the internet. Usually, this is a Hardware Wallet (like Trezor, Ledger, or BitBox).
- How it works: To send money, you must physically press a button on the device. Even if your computer has a virus, the hacker cannot steal your coins without the physical device.
The Miner's Strategy
- Mining Payouts: Set your Gokby payout address to a fresh address generated by your Hardware Wallet.
- Accumulate: Let the payouts stack up directly in cold storage.
- Sleep Soundly: Knowing that no CEO, government, or hacker can touch your hard work.
Rule #1 of Crypto: If you don't hold the private keys, it's not your money.
