About Bitcoin Price Used by Advanced Mining

About Bitcoin Price Used by Advanced Mining

Topic/Question/Issue:

About Bitcoin Price Used by Advanced Mining

Where does Advanced Mining get their Bitcoin price?

How does Advanced Mining calculate Bitcoin market price?

Why is the Bitcoin price used in the dashboard different than the price used to make payments?

    

Answer/Solution:

Disclaimer:

Advanced Mining and subsidiary sites are not a marketplace or exchange and therefore do not set any price or exchange rate for Bitcoin.  Advanced Mining and subsidiary sites do not facilitate any exchange of cryptocurrency to fiat currency.  Instead, Advanced Mining references Bitcoin prices from a 3rd party marketplace.

 

Advanced Mining and subsidiary sites are not responsible for accuracy of bitcoin prices and cannot be held responsible for any damages resulting from bitcoin pricing errors, outdated bitcoin prices, and/or inaccurate prices.

 

All members are required to verify actual bitcoin price at the exchange or market place they intend to use to make payments or facilitate currency exchange.

 

 

Advanced Mining uses 3 sets of Bitcoin prices:

1.

Average market spot price pulled from Binance, Coindesk, and Coinbase.

This average price is provided to members as a reference. 

Each exchange has different exchange rates for Bitcoin. Their exchange rates also constantly change. Bitcoin exchange can be favorable on one marketplace today, but even more favorable tomorrow.

 

Because our members have requested to provide a USD estimate of their Bitcoin, this average price is used to provide an estimated value of their Bitcoin balance and the value of their transfers (except for payments to Advanced Mining).

 

Advanced Mining is not responsible for this average price to match (or not match) any exchanges or marketplace preferred by members.

 

Reference only:  Reference Prices (updates every 5 minutes)

 
2.

Coinbase Sell price.

Reference API: https://api.coinbase.com/v2/prices/sell?currency=USD

 

Advanced Mining uses Coinbase merchant services to exchange between USD and Bitcoin.

 

This is the price of one Bitcoin in USD for Coinbase users to SELL their Bitcoin to Coinbase. This price is lower than Buy price and typically lower than Spot price. 

 

When members make payments to Advanced Mining, Advanced Mining exchanges the member's Bitcoin to USD using Coinbase merchant in order to post payments.  For these specific transactions, the Coinbase SELL price is used.

 

Reference only: Reference Coinbase Prices (updates every 5 minutes)

 
3.

Coinbase Buy Price.

Reference:  https://api.coinbase.com/v2/prices/buy?currency=USD

 

Advanced Mining uses Coinbase merchant services to exchange between USD and Bitcoin.

 

This is the price of one Bitcoin in USD for Coinbase users to BUY Bitcoin from Coinbase marketplace. BUY price is higher than SELL price. Historically BUY prices are closer to SPOT prices.

 

When Advanced Mining pays out Bitcoin, USD is exchanged to Bitcoin using Coinbase merchant services.  For this type of exchange, Coinbase uses its BUY price.

 

Reference only: Reference Coinbase Prices (updates every 5 minutes)

 

 

 

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