How to Cash Out Bitcoin Mining by Whatsminer M50? 2023 Guide

Start mining Bitcoin with your Whatsminer M50 but don’t know how to cash out Bitcoin? This ultimate guide will show you eight ways to cash out your Bitcoin mining by Whatsminer M50.

Cashing out your Bitcoin (or other cryptos) has gotten easier. It can be withdrawn using a cryptocurrency exchange, an online broker, a Bitcoin ATM, a cryptocurrency debit card, or even used to make purchases at companies that support cryptocurrencies.

You used your Whatsminer M50 to mine some Bitcoin, but you now need to sell it.

While not quite as easy as swiping your debit card at an ATM, cashing out Bitcoin (or other cryptos) has gotten much easier over the past few years. So, yes, there are several ways to turn your Bitcoin holdings into cold, hard cash — but there are several things to consider before you do.

Can You Cash Out Bitcoin Mining by Whatsminer M50?

When mining bitcoins with Whatsminer M50, you can cash out your profits. Selling the dug-up bitcoins that same day is very practical. The t+0 trading rule for bitcoins states that you can buy and sell an unlimited number of times on the same day.

8 Ways to Cash Out Your Bitcoin Mining by Whatsminer

1. Crypto Exchange

Using centralized cryptocurrency exchanges is one of the best ways to convert your Bitcoin (or other cryptocurrency) into cash. Exchanges provide the most flexibility when withdrawing your cryptocurrency due to access to hundreds of coins, multiple fiat currencies supported, and low trading fees.

But there’s a problem.

Many crypto exchanges charge high fees if you use their simple “sell my crypto” option. Coinbase, for example, charges $0.99 when selling under $10 worth of crypto (which makes it nearly a 10% fee), and around 1.50% for larger transactions when selling through their platform. The only way around this is to use the “Advanced Trade” platform on Coinbase to sell your crypto, with fees as low as 0.60%. But it’s a little difficult to use.

Utilizing a platform like Binance.us or FTX.us will help you avoid fees and quickly convert your cryptocurrency into dollars. The mobile apps make selling simple, and after selling cryptocurrency, you can connect your bank account to receive payment.

2. Online Broker

If you bought your Bitcoin from one of the many well-known online brokers that now support cryptocurrency trading, you can easily convert your cryptocurrency to cash. Numerous cryptocurrencies are available for investment on trading apps like Robinhood and eToro, and you can buy or sell cryptocurrencies just like on a cryptocurrency exchange.

Online brokers have a drawback in that you cannot transfer cryptocurrency into the brokerage using these platforms. To be able to sell your Bitcoin for cash, you must have it in your account with the platform. This means that if you hold Bitcoin in a digital wallet or on a crypto exchange, you cannot move it to an online brokerage account to sell.

For selling cryptocurrency, online brokerages typically charge fair trading fees. For instance, eToro charges a flat 1% trading fee, which is a relatively low rate, to sell cryptocurrency. Although Robinhood doesn’t make its crypto trading fees public, they typically hover around 0.50%.

Overall, when you already own the crypto assets on the platform, selling Bitcoin for cash through an online broker is the best option.

3. Bitcoin ATM

Tens of thousands of bitcoin ATMs can be found worldwide. They are appearing everywhere. You can buy cryptocurrency with cash or a digital wallet at a physical kiosk called a bitcoin ATM, which is typically found in a gas station or grocery store. While most crypto ATMs allow you to purchase Bitcoin directly, only some of them allow you to sell Bitcoin for cash.

To locate a crypto ATM close to you, use a tool like Coin ATM Radar. You can also select the “sell” feature to only look for ATMs that allow you to sell your crypto.

Once you find a Bitcoin ATM that will work, you will typically need to complete the following steps:

• Choose to sell Bitcoin (or other crypto)
• Provide identity verification documentation (such as driver’s license)
• Open your digital wallet containing the Bitcoin you wish to sell
• Scan Bitcoin ATM QR code to send Bitcoin to the ATM address
• Once Bitcoins are sent, the ATM will dispense cash

The downside of Bitcoin ATMs is the high fees that most of them charge. In addition to paying network fees to transfer your Bitcoin, ATMs charge service and transaction fees that can exceed 15% per transaction.

So, while using a Bitcoin ATM to quickly access physical cash by selling your cryptocurrency is an option, doing so comes at a high cost.

4. Crypto Debit Card

Numerous cryptocurrency exchanges now provide crypto debit cards as a means of spending your cryptocurrency balance, and they are growing in popularity. Crypto debit cards typically link to a central account on a cryptocurrency exchange and let you use the card to make everyday purchases. Your cryptocurrency will be converted to cash by the exchange and used to make the purchase.

For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make. You can also receive cryptocurrency rewards that deposit into your Coinbase account; the reward rates vary.

The Coinbase card can be used at an ATM to withdraw up to $1,000 per day if all you need is cash. Although local ATMs might have usage fees, there are no additional costs associated with using the card at an ATM.

The costs involved in exchanging cryptocurrency for cash at the ATM are a drawback of crypto debit cards. This might be an expensive choice because Coinbase charges high fees for modest purchases. Use the VISA debit card from Crypto.com instead, which has significantly lower fees (though the ATM limit may be lower, depending on the card selected).

5. Direct Trades (person-to-person)

A direct trade with another entity, whether online or in person, is another option for selling your Bitcoin. You can accomplish this in a number of ways, including by arranging a direct meeting to sell Bitcoin in person or by carrying out the transaction online using a specialized platform.

Online P2P Selling

With online P2P Bitcoin sales, several specialized platforms — and even products from reputable cryptocurrency exchanges — exist to facilitate such transactions. These platforms essentially allow users to trade Bitcoin for cash online, or the other way around.

Typically, Bitcoin buyers list items on these sites with information like the desired price and preferred payment method. Interested parties then find listings they like and complete the sale by following the instructions provided by the platform.

These platforms typically involve escrow functions to provide a level of security for both parties and to help ensure asset transfer. Depending on the chosen payment method, the Bitcoin seller may get a wire transfer, a payment to one of the well-known traditional payment platforms, a transfer to their bank account or credit card, or any combination of these.

Face-to-face Transactions

Another option is to exchange Bitcoins face-to-face. Some online marketplaces allow users to sell BTC in person for cash, but they can also choose to meet up with friends or family on their own and do so. You must be familiar with sending Bitcoin and using a crypto wallet, or the platform on which you keep your money (for instance, if you keep your money on an exchange), in order to sell Bitcoin in person.

It’s critical to be aware of the price of bitcoin at the time of an in-person transaction because its value is constantly erratic. Most traders use rates from prominent exchanges. The most recent price of the crypto asset can also be found using services like Cointelegraph’s Bitcoin Price Index.

There are physical shops or locations where users can go to exchange physical money for Bitcoin or to exchange physical money for Bitcoin in some parts of the world.

But it’s important to remember that Bitcoin can trade at various prices on various exchanges, as well as at various prices in different parts of the world. This discrepancy is called a “premium.” A Bitcoin price premium, when referring to other types of trading, such as futures, is essentially the amount at which an asset trades above or below the rest of the market or the price of an underlying asset.

Bitcoin commonly trades at comparatively higher prices in South Korea — a market state that has been labeled the “Kimchi premium.” Also rumored to have a premium on the price of Bitcoin is the cryptocurrency exchange Coinbase Pro.

It is important to use caution if you arrange a Bitcoin in-person sale with a stranger, whether through a platform or another method. Similar to other in-person financial transactions, trading bitcoins with strangers can be dangerous.

6. Crypto Wallet

Numerous crypto wallets include built-in exchanges, and some even let you convert your cryptocurrency directly into cash. While crypto wallets are made to store and protect your cryptocurrency, many of them have trading partnerships with crypto exchanges.

Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has a built-in exchange service, “Ledger Live,” and partners with To exchange crypto for cash, use Coinify. Ledger Live only supports selling Bitcoin as of right now.

Trezor, another popular hardware wallet, allows you to sell Bitcoin for cash as well through “Trezor Suite.” Trezor collaborates with Simplex and other third-party service providers to offer crypto-to-fiat transactions so you can withdraw your cryptocurrency.

The drawback of selling cryptocurrency from your wallet is the fees. For converting cryptocurrency into cash, third-party exchanges and fiat gateways typically charge fees ranging from 3% to 5%, which is high. However, this is a respectable choice if you require cash and don’t want to transfer your Bitcoin to an exchange.

7. Money Transfer Apps

In case you missed it, the majority of money transfer apps now allow users to buy and sell cryptocurrencies. Cryptocurrency exchanges are already included in apps like Cash App and PayPal, making it simple to buy cryptocurrency and cash out cryptocurrency holdings.

The key with these apps is that you must already have your cryptocurrency in the app in order to cash out. You cannot transfer cryptocurrency from another platform into the app to sell there.

If you hold Bitcoin or other crypto within Cash App, PayPal, or another money transfer app, you can sell it pretty easily. Within the app, you will be charged, but the cost is typically quite affordable.

These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

8. Spend It at a Crypto-friendly Business

You might be able to use your digital wallet to make regular purchases directly from your cryptocurrency holdings at a business that accepts cryptocurrency. Bitcoin (and a few other cryptocurrencies) are now accepted for payment at many retail establishments. Even Tesla accessories are available for purchase with Dogecoin.

With Bitcoin becoming more prevalent around the globe, many businesses have a “Buy with Bitcoin” option at checkout. When shopping online, look for the Bitcoin symbol on the checkout page or for a sticker on the storefront of most businesses that accept Bitcoin.

Sending bitcoin to the retailer’s digital wallet is necessary to make a purchase with it. This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount.

Making purchases with Bitcoin gives you the ability to use your cryptocurrency just like cash without actually turning it into cash. Just be aware that sending crypto over the blockchain requires paying network fees, which can be high during times of crypto market volatility.

Things to Consider Before Cashing Out Bitcoin (or Other Crypto)

If you’re eager to sell your cryptocurrency for some hard cash, you should think about the repercussions first.

Tax Implications

Cryptocurrencies are regarded as property in the United States and the majority of other nations, and are subject to the same taxes when bought or sold as stocks or real estate. You might have to pay taxes on the increase in value from the sale of your Bitcoin if you bought it at a lower price and sold it for a higher one.

When it comes to crypto assets in particular, taxes can become challenging. Over the course of a year, there might be a lot of transactions to keep track of because there are so many different ways to make money with cryptocurrencies and because you can use both centralized exchanges and decentralized applications.

Before selling your cryptocurrency for cash, it may be a good idea to use a crypto tax software to automatically track your online wallets and accounts and determine how your tax situation stands. Always consult a tax expert before buying or selling assets.

Fees

Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While the majority of exchanges and money transfer apps let you sell your cryptocurrency for a fair price, other locations, like crypto ATMs, charge exorbitant fees that could reduce your profits.

Always check the fees prior to completing the transaction when selling cryptocurrency for cash. Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell. In general, selling cryptocurrency through a centralized exchange or online broker is less expensive than doing so through other services.

Crypto Investing Strategy

It’s simple to want to sell when things are looking bad because of all the market volatility in cryptocurrencies. However, the opportunity cost could be extremely high if you sell during a market downturn.

Just ask any person who bought or sold Bitcoin or Ethereum last year.

Examine your overall crypto investing strategy before selling off your cryptocurrency to stash wads of cash under your mattress. If you are a long-term investor and you have faith in the assets you own, you might regret selling once the market stabilizes.

Crypto is a speculative asset that can be part of a larger, diversified investing strategy, but don’t panic sell just because the news says “Bitcoin is dead” for the 1,400th time. Instead, take a level-headed approach to your investment strategies, and make decisions based on your long-term goals — not short-term feelings.

Final Thoughts

There are many ways to cash out your Bitcoin which mined by Whatsminer M50, but before doing so, you must determine your objectives. You can look for businesses that accept Bitcoin or use a cryptocurrency debit card to pay with the value of your cryptocurrency at the store if you just want to use your cryptocurrency to make purchases.

A low-cost way to sell your cryptocurrency if you want to cash it out is through a centralized exchange, online broker, or money transfer app, but be aware of the restrictions that each app has. You can save on fees, but lose flexibility with these methods.

And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process.

But despite the limitations, converting your crypto to cash has become much easier than it used to be. So, whichever cryptocurrency app you favor, you should be able to quickly exchange it for a stack of cash.

FAQs