Step by step guide to mining cryptocurrency in Singapore 2021

This tutorial will explain how to mine cryptocurrency, from downloading your very first mining software to the final step of withdrawing SGD into your local bank account. By following this guide, you will also minimise transaction fees from moving and converting your mined crypto.

The major points that will be covered in this tutorial are:

1. Download mining software
2. Sell crypto for SGD on an exchange
3. Withdraw to SG bank account

Mining Software

For this basic tutorial, we will be using NiceHash.

With NiceHash, we will not mine crypto directly, but rather rent out processing power and receive BTC in exchange. NiceHash is chosen for its friendly user interface, graphical visualisation of mining statistics and free withdrawals to Coinbase.

Lets get started:

1. Head over to https://www.nicehash.com/
2. Create a NiceHash account and log in
3. Download NiceHash Miner via:

Dashboard>Mining>Download Miner or ASIC>NiceHash Miner

or

https://github.com/nicehash/NiceHashMiner/releases/

4. Install, login and start mining

Selling BTC for SGD

Accounts

First, register for accounts on the following:

• Coinbase (Coinbase Pro uses the same account)
• Binance Singapore
• Xfers + connect SG bank account

You will need to verify your identity with NRIC and address, which typically takes 1–3 days.

Withdraw and sell

1. Move BTC from NiceHash > Coinbase > Coinbase Pro > Binance.sg
2. Sell BTC for SGD on Binance.sg

Fees

All the transfers are free apart from:

1. Moving BTC from Coinbase Pro > Binance.sg

• Fee depends on BTC network congestion. An example is 2.354E-05 BTC (~1.88SGD).
• This is also why we use (NiceHash > Coinbase > Coinbase Pro > Binance.sg) rather than directly from (NiceHash > Binance.sg), since NiceHash can charge fees of more than 8.96E-05 BTC (~7.10SGD) depending on BTC network congestion

Coinbase Pro > Binance.sg transaction fee of 2.354E-05 BTC

2. The second fee is the trading fee from selling BTC for SGD on Binance.sg, at 0.6%

The reason for choosing Binance.sg is:

• No withdrawal fees to your local bank account (S$0 on Binance.sg & Gemini, S$2 on Coinhako)
• Low trading fees (0.6% on Binance.sg, 0.35% on Gemini Active Trader, 1% on Coinhako)

Gemini is also another good alternative, although I have not used it before.

Withdraw SGD

The last step is to withdraw SGD via Binance.sg > Xfers > local bank account, with no transaction fees.

Xfers statements. Note the the S$1 deposit into Xfers is to verify that the bank account belongs to you.

Finally, receive the crypto mining income in your bank account!

Bank statement