4 min read · Updated 2026-10-25

Wallet basics for miners

To receive mined bitcoin you need a wallet that gives you an address. The address receives funds. The private key spends them, and whoever holds the key controls the coins.

Addresses and keys

An address is safe to share. A private key or seed phrase must never be shared with anyone, including support staff.

Hot and cold wallets

A software wallet is convenient but connected to the internet. A hardware wallet keeps keys offline and suits larger amounts.

Backups

Write the seed phrase on paper and store it somewhere safe. If you lose it and your device, the coins cannot be recovered.

Check before you send

Always verify the address you give to a withdrawal form. A wrong address cannot be reversed.

Frequently asked questions

Does anyone need my seed phrase?

No. Never share it.

Can lost bitcoin be recovered?

Not without the keys.

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Sources and further reading: Bitcoin whitepaper · mempool.space · Bitcoin Wiki: Mining. General information only, not financial advice. Rewards from mining are variable and not guaranteed. See our risk notice.