For this article, I will be using Slushpool and Blockstream’s Green Wallet as examples of how to do this process. Green Wallet is a mobile phone app compatible on both Android and iPhone. Phone wallets are not the most secure, so if you are dealing with a large amount of Bitcoin, it would be beneficial to invest in and research more secure storage.
Step 1: Download Green Wallet or another Bitcoin wallet
Green wallet is located in both the Android and Apple app store.
Step 2: Sign up for Slushpool or another mining pool
All that is required to sign up for Slushpool is an email account.Slushpool
Step 3: Create a Wallet in the Green Wallet app
It is INCREDIBLY IMPORTANT TO SAVE YOUR RECOVERY PHRASE!!!! Make sure to write them down on a piece of paper and save them somewhere that YOU WILL NOT LOSE THEM. If you misplace them and your phone has issues, or you get locked out of your account, you will lose access to the funds on your wallet. Having this recovery phrase allows you to recover your Bitcoin in any wallet and is not specific to Green Wallet. This means that even if your phone breaks, and/or you lose access to the wallet, you still have the ability to have access to your funds. Most wallets such as Green Wallet will not let you create a wallet without first confirming that you have saved your backup phrase.
Step 4: Connect Wallet to Slush Pool
First, log into Slushpool and click on the rewards tab on the lefthand side.
Then click on your Bitcoin balance next to “Available Balance.”
Now, click up “Set Up”.
Now you can give your wallet a name, and choose whether the pool pays you out when your mining rewards reach a certain threshold or based on a time interval. Slushpool charges a fee of 10,000 sats (0.0001 BTC) if you withdraw before it hits the threshold of 1 million sats (0.01 BTC).
Green Wallet will give an option to use either “Segwit” or “Legacy” accounts, which is just the type of address generated by your wallet. Segwit has cheaper transaction fees. Generate a wallet address in Green Wallet by clicking ‘Receive’. Then put it in the wallet address box on Slushpool.
Now take that wallet address and put it into your Slushpool account and click confirm changes. Slushpool will send you an email for you to confirm that you have added your wallet to the account.
There you have it! You now have your wallet connected to Slushpool and will begin to take custody of your earnings.