I am new to mining Bitcoin and I was curious to see how efficient my PC is at mining. It turns out, it isn't as efficient as I thought and I have only made 0.[Removed by moderator] BTC (equivalent to $0.37 AUD at the time of writing). I plan to mine a little more so I can reach the minimum withdrawal amount, which I believe is 0.0010 BTC.
I was wondering what the easiest way to withdraw this money would be, so that I can close the wallet. Instead of mining to reach the minimum withdrawal amount, would it be easier to just deposit money into my Bitcoin wallet from my bank account and then withdraw from my Bitcoin wallet back to my bank account?
My plan is to do a direct transfer from my NiceHash wallet to Coinbase and then from Coinbase to PayPal. If I did this, would Coinbase automatically send all the required information to the Australian Taxation Office (ATO) so that my tax return is pre-filled? I would appreciate any help in directing me in the right direction. Thank you.
I am also currently on Centrelink and unsure if I need to include these small earnings some how in my next reporting period. I report every fortnight currently un employed.
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