How do I verify my BTC wallet address and why is that important to do?
Why verifying your Bitcoin wallet address is critical and how to confirm it before assigning it to your mining pool.
Verifying your Bitcoin wallet address ensures the block subsidy or transaction fee rewards you receive from mining with Simple Mining, actually go to your wallet and pool. Mining payouts are irreversible, a wrong address means your Bitcoin is lost forever, so it is crucial to double check your wallet address when assigning it to your payout pool.
- In your Bitcoin wallet (Coinbase, Ledger) find your receiving address. It should start with a 1, 3, or bc1.
- Double check the format, it should be 26-35 characters long, up to 62 if it is a legacy address. There should be no special characters.
- You can do a small test transaction of satoshis from another wallet or an exchange to this address, and await confirmation as well.
- Go to https://mempool.space/, paste your address into the search bar, and check recent transactions. If you took the step above, this is where you can check to see if your test transaction is recorded on the Bitcoin blockchain.
- Once verified, input or provide this address (and any related pool subaccounts) to your mining host’s dashboard, and monitor initial payouts from the pools on https://mempool.space/.
- You can also add https://mempool.space/ notifications for your address to alert you of incoming transactions for ongoing verification.