Impending discontinuation of Coinbase dollar payouts

[Steve Sokolowski]

In early September, Prohashing will discontinue support for US dollar payouts through Coinbase.

The reason for the discontinuation is that we are adding a better option for payouts into the legacy banking system - direct ACH. ACH will be a much cheaper method for customers, costing zero fees when the payouts are above the free payout threshold. Coinbase charges 1.9% and has a $10 minimum, which they pass onto our customers. Additionally, with Coinbase, balances need to be held in bitcoins until the actual payout, which can lead to less money being earned when bitcoins fall in value. The new ACH method will allow us to continually sell bitcoins every 15 minutes, so that we can promise a stable value to customers.

Once this change is effective, all other Coinbase payout options other than US dollars will remain in effect. Affected customers will receive payouts in the remaining payout proportions until they add their bank account and routing number for ACH transfers, if they choose to continue legacy banking payouts.

[Banished_Privateer]

Can you define what sort of ACH? There's dozens of them. Does it also mean this method will only be available for the US banks?

[Sarah Manter]

Can you define what sort of ACH? There's dozens of them. Does it also mean this method will only be available for the US banks?

I'm sorry for the delay in response. I didn't see your question until now. Yes, the new ACH payouts option will be available only for US banks.

[NearlyDeparted]

Any update on when this is planned to be implemented?

[Steve Sokolowski]

Any update on when this is planned to be implemented?

We're still waiting on Dwolla to approve the application. The code has been tested and ready since September 5; we can click one button to release as soon as all of their departments finally perform their approvals.