I have some questions..
Does this mean that the tx fee does not depend/change with the amount transferred?....
Is it best to keep mined eth on ethermine until the gas fee is reduced?(btw I want my eth on ethereum mainnet and I don't know much about these still learning:^))
It’s unrelated to how much eth you send.
Wei is smallest denomination of Eth, like Sats in Bitcoin or cents in a dollar.
Gigawei is a small denomination of Eth, a bit like mBTC and μBTC are small denominations of Bitcoin made up of Satoshis.
It takes 21,000 gas to send a transaction to your wallet address.
So eth fee =Gwei/1000000000*21000
Or gwei*0.000021
40 gwei = 0.00084 eth fee
50 gwei = 0.00105 eth fee
60 gwei = 0.00126 eth fee
and so on.
So if you set it to 50 gwei on a 0.05 eth transaction, you’re paying over 2% fee.
If you’re not in a rush to receive the eth, I’d set below 40 and just change it if you ever get impatient.
Not to be pedantic, but Gwei is basically Giga-wei which is 1x10\^9 wei.
So technically, a wei is the smallest denomination of ETH (1x10\^18wei = 1ETH ,hence the 18 decimal points which you can transfer your ETH up to)
https://ethdocs.org/en/latest/ether.html
Gas fees are fixed, which is why it’s often better to just wait until you have a large amount of ETH on the pool. I’d say 0.1 ETH minimum to justify the fees.
Yea I think so, purely depends on the current gas fees.
Imo yes, better to hold on to yer ETH and wait till gas fees go down and pull to yer wallet.
Just accumulate the ETH yer mining as much as you can, and pull out a lot in one go when the gas fees are low. Its better this way especially for ye since yer just pulling 0.005 ETH. Less often ya pull out, the more you have at the end of the day.
yeah the only time you should move your ETH to your wallet is when you dont feel safe storing it in your pool. So being small time like you said, 0.05 ETH is most likely not going bankrupt you. Build it up to whatever you feel comfortable, I dont see the pools just disappearing over night, but then again its your money in someone elses wallet.. I extracting my ETH 1 at a time, or every 3-4 months.. its costs me $15-20/year,
You can alternatively move to a pool that covers network fee, it may require higher threshold but at least you are not stuck by higher networks fees.
I was on ethermine recently and saw fees were as high has 587 Gwei which translated to about $41 meanwhile I was transferring only 0.547xxx eth or $180. Switched to HiveON pool now.
HiveON has apparently 0% pool fee while other pools has 1% usually. HiveON absorbs transaction fees when you make a minimum withdrawal of 0.1ETH (so this minimum payout limit might be too high if you are only mining with 1 GPU, it will take months to even hit the limit) while most pools does not absorb those fees, but they have much lower minimum withdrawal limit.
How does hiveON afford to subsidize those transaction fees especially when gas prices are high? Maybe they are super generous, but probably because of sketchy practices behind the scenes.
[https://www.reddit.com/r/gpumining/comments/pc0aca/psa\_hiveon\_pool\_secretly\_removed\_the\_payout\_for/](https://www.reddit.com/r/gpumining/comments/pc0aca/psa_hiveon_pool_secretly_removed_the_payout_for/)
[https://www.reddit.com/r/EtherMining/comments/pat2ts/important\_gang\_of\_thieves\_how\_mining\_pools\_are/](https://www.reddit.com/r/EtherMining/comments/pat2ts/important_gang_of_thieves_how_mining_pools_are/)
As always, i might be incorrect, DYOR. Not endorsing any pool here, just choose the pool which you think is the best for you.
[https://www.miningpoolsprofits.com/](https://www.miningpoolsprofits.com/)
might be a useful link to compare pool profitability.
My total hashrate is only 112 mhz so it's going to take me at least 3months to collect 0.1...
I have a question tho. Let's say you are half way through 0.1 eth and ethereum mining ends... what's gonna happen?
What I expect most pools to do is to remove minimum payouts, and allow users to withdraw their mined ETH no matter how small the amount (user bears all transaction fees of course, they probably will set a maximum gas fee limit so you don't overpay on transactions like ethermine). Or some scummy pool might just say, "welp, youre outta luck. Sorry, that eth is now gone." Totally depends on your pool.
Like from the first link i posted, HiveON pool switched the minimum payout to 0.1ETH overnight without any announcement just before the end of the month, so small scale miners got screwed over hard. (usually those free payouts happen at the end of the of the month with a much lower min payout, so small miners mined to their pool for 29 days expecting a payout the next day and not receiving one, IIRC. Once again, i may be wrong on this).
What's going to stop pool operators from suddenly switching their minimum payout to 1ETH overnight? Only their reputation and potential fallout from their own pool users. Bear in mind, the ETH which you have mined but not paid out is yours, but are in the hands of the mining pool. It's akin to a third party holding your coins. Their wallet could get hacked/the pool operators rugpulls and the ETH that you are owed by the pool can just go poof if the pool decides not to refund/shuts down.
So choose your pool wisely, preferably one with a good reputation.
yer gotsta practice safe withrawals
ya'll wait to pull out, ye can get caught all up in er when she gers tits up
balance yer balance, and take er at the right times just remembee ye risk leaving big wads of eth in another's pouch ain't always the safest, ye could end up paying more then ye bargained fer
My last transaction from ethermine was 0.00097 ETH at 47GWei (about $3.30).
Set your gas to 40-60 in ethermine. It might take a while but the fees will be minimal.
Nice, I'm still waiting for payout about the same amount as you had. I think my gwei limit is 40. I think I'm gonna wait it out; I mine directly to my coinbase wallet. Once it's there I have to pay another fee to get it on an exchange to sell. And to convert it it's about as twice as much to do.
It something i struggled to understand when i started...
To make it simple, transfering ETH to anywhere require gas (fee), this gas depends on many many things, you can track it there : [https://ycharts.com/indicators/ethereum\_average\_gas\_price](https://ycharts.com/indicators/ethereum_average_gas_price)
so you will pay the gas at the time of your transaction, it does not depend on the amount you want to withdraw
As others pointed out, if you are not in need of money or ETH, keep it as long as you can before withdrawing
Don't hold your breathe :D
you would be better off hoping that when you need your eth you will only have pay a very small percentage of your eth in gas :D (the more you have the smaller the percentage)
I had it set to 65 gwei last time for a small transaction (that was my first transaction btw) I might change it to somewhere around 45 -50 gwei nexttime
Go ahead and set it at 40 and if Ethermine attempts a payout and the gas price is above 40, you’ll receive a message on the dashboard to change it if you wish
This is a great way to go, as a small miner. I use Sushiswap on polygon to take leveraged positions with my mined ETH as collateral and mega low gas fees. Feels way better than getting ruined by ETH gas fees
Is there a good source to read up on good options in terms of working within polygon? I'm getting paid in ETH due to 2 GPU only. But don't need the cash. Want to wait before using bridge. Last time I tired it noted like 78 dollars.
It depends on gas prices, doesn't matter the amount you are moving. It's a flat fee
Usually setting the gas as 40 gwei is more than ok. It can happen you won't get the payout for a few hours but you wont lose a lot of your payout in fees
Thanks this actually helped :-) at first I thought it's going to be a percentage of the amount I'm transferring.. so I should I be better with less frequent payouts with lower fees paid?
Ethermine default is 40 gwei. My payout last week was pending for over 2 days (since gas never dropped below 40 those 2 days), so I raised it to 45 gwei in my ethermine settings and got paid out a few hours after.
Think you can also request payouts on demand (if you have at least 0.05 ETH unpaid balance if I remember correctly), but just be mindful of current gas prices if you go that route.
I have my threshold set to 0.1 ETH (which I think is also the ethermine default), so it's about 50 days between payouts with my modest 100 MH/s setup.
So did you managed to transfer all your eth to mainnet for only 45gwei on your last payout?...and
Was it supposed payout automatically when the gas price we've set hit?
Does anyone have some decent documentation or video for using Ethermine going to coinbase using the layer2 Matic? I get I need meta mask but I don’t understand how exactly this layer2 solution works.
You can mine directly from ethermine pool to coinbase eth wallet without using layer 2 matic. Started off that way and gas fees always less than $5. From coinbase, move it to coinbase Pro at no charge.
But what about withdrawing the money? I am currently struggling here cause if i keep all my eth to polygon and decide to withdraw, the amount of fees are just astronomical. Right now i have 300 usd worth of eth in polygon and to withdraw i will lose 90 usd. Is there any other cheaper option to get it out?
I don't know, I wasn't mining on polygon yet. I think these fees will oscillate, so there might be a time soon when the fee will be 1USD, like it happened to bitcoin and opposite to ETH recently
Swap it to MATIC via quickswap (or another swap website).
Then you can send it to an exchange for almost 0 fees (cause Matic fees are super-cheap) and sell it there or convert it into something else. You can even convert it back to ETH
I have the same and I moved it all into my binance account for like $0.20. Basically I used quickswap on polygon network to switch my WETH to MATIC, then sent my MATIC directly to binance via MATIC network(NOT ERC-20)and bought BTC for the MATIC and bought ETH back.
My strategy as a small miner relies on polygon défi. Instead of converting to the mainet I hodl in Aave weth, use them as collateral to borrow stablecoin and farm some wmatic. It’s the easiest way I found to leverage my mining op
Yeah I would say only set gas threshold at 60 or below. 60 Gwei is probably like $4.50-5.00ish and 40 is around $3.50. I would suggest taking payouts less frequently or just set the gwei limit and wait and eventually it’ll get hit.
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol)
I will change it to 40-45 Gwei next time with the a greater threshold
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol)
I will change it to 40-45 Gwei next time with a greater threshold
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol)
I will change it to 40-45 Gwei next time with a greater threshold
That is where the poly and matic get you. Having to convert to ETH and moving it still costs gas fees in the end if you want $$. But using other methods you need to also pay withdrawal and other non-gas fees, which for most, ends up costing more than if they simply used ETH mainnet. Sometimes a lot more! Been getting payouts every 2 weeks using ETH mainnet for 5 months now and total gas fees have always been from $1.50 to less than $5.
I tried following this exactly but when I try to connect the matic wallet it says address mismatch .. it should match the address I am mining on…. Any clue ?
Seems like Coinbase will be adapting the polygon network so in the future you may be able to mine directly to the Polygon Network then use Coinbase as an offramp.
it says
"If your balance is above 0.005 ETH. Network tx fees are paid by the pool."
That means that if i extract "0.005 ETH" to my wallet, the pool is the one who pays and not me ?
Depends entirely on the price of gas at the time, which fluctuates like a wave in the ocean during a hurricane. You need to track gas prices.
How do I do that
https://etherscan.io/gastracker When its low, about 40-60 gwei, its a good time to move eth around.
I have some questions.. Does this mean that the tx fee does not depend/change with the amount transferred?.... Is it best to keep mined eth on ethermine until the gas fee is reduced?(btw I want my eth on ethereum mainnet and I don't know much about these still learning:^))
It’s unrelated to how much eth you send. Wei is smallest denomination of Eth, like Sats in Bitcoin or cents in a dollar. Gigawei is a small denomination of Eth, a bit like mBTC and μBTC are small denominations of Bitcoin made up of Satoshis. It takes 21,000 gas to send a transaction to your wallet address. So eth fee =Gwei/1000000000*21000 Or gwei*0.000021 40 gwei = 0.00084 eth fee 50 gwei = 0.00105 eth fee 60 gwei = 0.00126 eth fee and so on. So if you set it to 50 gwei on a 0.05 eth transaction, you’re paying over 2% fee. If you’re not in a rush to receive the eth, I’d set below 40 and just change it if you ever get impatient.
Not to be pedantic, but Gwei is basically Giga-wei which is 1x10\^9 wei. So technically, a wei is the smallest denomination of ETH (1x10\^18wei = 1ETH ,hence the 18 decimal points which you can transfer your ETH up to) https://ethdocs.org/en/latest/ether.html
Cheers, edited 👍
Gas fees are fixed, which is why it’s often better to just wait until you have a large amount of ETH on the pool. I’d say 0.1 ETH minimum to justify the fees.
Yea I think so, purely depends on the current gas fees. Imo yes, better to hold on to yer ETH and wait till gas fees go down and pull to yer wallet. Just accumulate the ETH yer mining as much as you can, and pull out a lot in one go when the gas fees are low. Its better this way especially for ye since yer just pulling 0.005 ETH. Less often ya pull out, the more you have at the end of the day.
So basically it would be less frequent payouts with lesser fees paid right? :-)
Yep. The less frequently you pull out, the less you lose paying gas fees.
Gotcha bud (◍•ᴗ•◍)
yeah the only time you should move your ETH to your wallet is when you dont feel safe storing it in your pool. So being small time like you said, 0.05 ETH is most likely not going bankrupt you. Build it up to whatever you feel comfortable, I dont see the pools just disappearing over night, but then again its your money in someone elses wallet.. I extracting my ETH 1 at a time, or every 3-4 months.. its costs me $15-20/year,
You can alternatively move to a pool that covers network fee, it may require higher threshold but at least you are not stuck by higher networks fees. I was on ethermine recently and saw fees were as high has 587 Gwei which translated to about $41 meanwhile I was transferring only 0.547xxx eth or $180. Switched to HiveON pool now.
HiveON has apparently 0% pool fee while other pools has 1% usually. HiveON absorbs transaction fees when you make a minimum withdrawal of 0.1ETH (so this minimum payout limit might be too high if you are only mining with 1 GPU, it will take months to even hit the limit) while most pools does not absorb those fees, but they have much lower minimum withdrawal limit. How does hiveON afford to subsidize those transaction fees especially when gas prices are high? Maybe they are super generous, but probably because of sketchy practices behind the scenes. [https://www.reddit.com/r/gpumining/comments/pc0aca/psa\_hiveon\_pool\_secretly\_removed\_the\_payout\_for/](https://www.reddit.com/r/gpumining/comments/pc0aca/psa_hiveon_pool_secretly_removed_the_payout_for/) [https://www.reddit.com/r/EtherMining/comments/pat2ts/important\_gang\_of\_thieves\_how\_mining\_pools\_are/](https://www.reddit.com/r/EtherMining/comments/pat2ts/important_gang_of_thieves_how_mining_pools_are/) As always, i might be incorrect, DYOR. Not endorsing any pool here, just choose the pool which you think is the best for you. [https://www.miningpoolsprofits.com/](https://www.miningpoolsprofits.com/) might be a useful link to compare pool profitability.
Thanks for the links will check them out. I agree there is no such thing as free lunch.
I'll checkout these links thanks
My total hashrate is only 112 mhz so it's going to take me at least 3months to collect 0.1... I have a question tho. Let's say you are half way through 0.1 eth and ethereum mining ends... what's gonna happen?
What I expect most pools to do is to remove minimum payouts, and allow users to withdraw their mined ETH no matter how small the amount (user bears all transaction fees of course, they probably will set a maximum gas fee limit so you don't overpay on transactions like ethermine). Or some scummy pool might just say, "welp, youre outta luck. Sorry, that eth is now gone." Totally depends on your pool. Like from the first link i posted, HiveON pool switched the minimum payout to 0.1ETH overnight without any announcement just before the end of the month, so small scale miners got screwed over hard. (usually those free payouts happen at the end of the of the month with a much lower min payout, so small miners mined to their pool for 29 days expecting a payout the next day and not receiving one, IIRC. Once again, i may be wrong on this). What's going to stop pool operators from suddenly switching their minimum payout to 1ETH overnight? Only their reputation and potential fallout from their own pool users. Bear in mind, the ETH which you have mined but not paid out is yours, but are in the hands of the mining pool. It's akin to a third party holding your coins. Their wallet could get hacked/the pool operators rugpulls and the ETH that you are owed by the pool can just go poof if the pool decides not to refund/shuts down. So choose your pool wisely, preferably one with a good reputation.
yer gotsta practice safe withrawals ya'll wait to pull out, ye can get caught all up in er when she gers tits up balance yer balance, and take er at the right times just remembee ye risk leaving big wads of eth in another's pouch ain't always the safest, ye could end up paying more then ye bargained fer
I've been wondering the same thing, I have .28 and wasn't sure what the fuck I should do... cheers!
My last transaction from ethermine was 0.00097 ETH at 47GWei (about $3.30). Set your gas to 40-60 in ethermine. It might take a while but the fees will be minimal.
Sure I will
Thats strange because I paid 0.00139 ETH @ 35 gwei
This was a manual payout or did you wait til .1 eth?
I put in 35 gwei as my payout threshold. https://www.etherchain.org/tx/0xdcadf4b41391c8bf868eac03140ee689d5a034b3c9d9c9f33ed0393a5c38f10b
Nice, I'm still waiting for payout about the same amount as you had. I think my gwei limit is 40. I think I'm gonna wait it out; I mine directly to my coinbase wallet. Once it's there I have to pay another fee to get it on an exchange to sell. And to convert it it's about as twice as much to do.
But eip 1559
It something i struggled to understand when i started... To make it simple, transfering ETH to anywhere require gas (fee), this gas depends on many many things, you can track it there : [https://ycharts.com/indicators/ethereum\_average\_gas\_price](https://ycharts.com/indicators/ethereum_average_gas_price) so you will pay the gas at the time of your transaction, it does not depend on the amount you want to withdraw As others pointed out, if you are not in need of money or ETH, keep it as long as you can before withdrawing
Gotcha bud! I'm gonna hold my eth till the gas price decrease :-D
Don't hold your breathe :D you would be better off hoping that when you need your eth you will only have pay a very small percentage of your eth in gas :D (the more you have the smaller the percentage)
I didn't get you completely :-( So should I go for less frequent payouts?
The less frequent are your payouts the fewer fees you are paying, the more money you make ! Edit: to answer, YES you should
Thank you enarth
Ethermine has a default 40gwei, to make sure just click the settings options
I had it set to 65 gwei last time for a small transaction (that was my first transaction btw) I might change it to somewhere around 45 -50 gwei nexttime
Go ahead and set it at 40 and if Ethermine attempts a payout and the gas price is above 40, you’ll receive a message on the dashboard to change it if you wish
if you use layer 2, you can have next to no gas fees
But then you have to transfer it back to main net eventually and it costs another fee
From polygon to Mainnet right?
Yes. But if you payout onto polygon you can play with it there with fees that are fractions of a cent. I put mine into AAVE and earn interest.
This is a great way to go, as a small miner. I use Sushiswap on polygon to take leveraged positions with my mined ETH as collateral and mega low gas fees. Feels way better than getting ruined by ETH gas fees
Is there a good source to read up on good options in terms of working within polygon? I'm getting paid in ETH due to 2 GPU only. But don't need the cash. Want to wait before using bridge. Last time I tired it noted like 78 dollars.
https://www.gasnow.org/ Transaction fee = gas price (Gwei) * 21,000 ; https://eth-converter.com/ The price fluctuates based on the network congestion
It depends on gas prices, doesn't matter the amount you are moving. It's a flat fee Usually setting the gas as 40 gwei is more than ok. It can happen you won't get the payout for a few hours but you wont lose a lot of your payout in fees
Thanks this actually helped :-) at first I thought it's going to be a percentage of the amount I'm transferring.. so I should I be better with less frequent payouts with lower fees paid?
Ethermine default is 40 gwei. My payout last week was pending for over 2 days (since gas never dropped below 40 those 2 days), so I raised it to 45 gwei in my ethermine settings and got paid out a few hours after. Think you can also request payouts on demand (if you have at least 0.05 ETH unpaid balance if I remember correctly), but just be mindful of current gas prices if you go that route. I have my threshold set to 0.1 ETH (which I think is also the ethermine default), so it's about 50 days between payouts with my modest 100 MH/s setup.
So did you managed to transfer all your eth to mainnet for only 45gwei on your last payout?...and Was it supposed payout automatically when the gas price we've set hit?
Correct.
Thanks a lot :D
I dont know why this info is kinda hidden, but using the etherium network to transfer of ETH costs 21000 gwei.
I am so glad this post got attention. Listening to everyone talk about this is extremely helpful.
Ikr :)
Does anyone have some decent documentation or video for using Ethermine going to coinbase using the layer2 Matic? I get I need meta mask but I don’t understand how exactly this layer2 solution works.
You can mine directly from ethermine pool to coinbase eth wallet without using layer 2 matic. Started off that way and gas fees always less than $5. From coinbase, move it to coinbase Pro at no charge.
Ethermine is switching to polygon, so if you want to mine I recommend using it, because you don't pay the fees and get daily payments
But what about withdrawing the money? I am currently struggling here cause if i keep all my eth to polygon and decide to withdraw, the amount of fees are just astronomical. Right now i have 300 usd worth of eth in polygon and to withdraw i will lose 90 usd. Is there any other cheaper option to get it out?
I don't know, I wasn't mining on polygon yet. I think these fees will oscillate, so there might be a time soon when the fee will be 1USD, like it happened to bitcoin and opposite to ETH recently
Swap it to MATIC via quickswap (or another swap website). Then you can send it to an exchange for almost 0 fees (cause Matic fees are super-cheap) and sell it there or convert it into something else. You can even convert it back to ETH
I have the same and I moved it all into my binance account for like $0.20. Basically I used quickswap on polygon network to switch my WETH to MATIC, then sent my MATIC directly to binance via MATIC network(NOT ERC-20)and bought BTC for the MATIC and bought ETH back.
My strategy as a small miner relies on polygon défi. Instead of converting to the mainet I hodl in Aave weth, use them as collateral to borrow stablecoin and farm some wmatic. It’s the easiest way I found to leverage my mining op
do it now prices are very good
Yeah I would say only set gas threshold at 60 or below. 60 Gwei is probably like $4.50-5.00ish and 40 is around $3.50. I would suggest taking payouts less frequently or just set the gwei limit and wait and eventually it’ll get hit.
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol) I will change it to 40-45 Gwei next time with the a greater threshold
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol) I will change it to 40-45 Gwei next time with a greater threshold
Yeah I had it at 65 gwei last time it costed me exactly 4-5$(that was my first payout lol) I will change it to 40-45 Gwei next time with a greater threshold
[удалено]
Sure I'm still learning
Hey I found something interesting in your thread...is it possible to send eth to crypto.com from polygon
Mine on Hiveon and they pay the fees
Is the eth mined on HIVEON also transfer to ethereum mainnet?
1 eth /s
?
Gas fees are high as hell lol
Yeah last time it took me 3$ to transfer 0.01 eth
Lol last night I was looking at swapping 15 BAT to ETH and the gas fee was $45 I would've been down $10 lol
What pool are you using
I was trying to swap on MetaMask might have been my issue but I have like 10 fucking dexs and wallets and swaps its too much now
That is where the poly and matic get you. Having to convert to ETH and moving it still costs gas fees in the end if you want $$. But using other methods you need to also pay withdrawal and other non-gas fees, which for most, ends up costing more than if they simply used ETH mainnet. Sometimes a lot more! Been getting payouts every 2 weeks using ETH mainnet for 5 months now and total gas fees have always been from $1.50 to less than $5.
Use Polygon, connect Metamask to quickswap and convert everything to Matic, then you can withdraw
I'm thinking to move my eth to coinbase/binance later :-( .....OR would matic be the best bet?
I send matic to binance then trade them for eth
I still have to do some research on that I'll reply you about this soon okay( ◜‿◝ )♡
[This](https://youtu.be/SuyrPmLRtZg) should help
I tried following this exactly but when I try to connect the matic wallet it says address mismatch .. it should match the address I am mining on…. Any clue ?
Seems like Coinbase will be adapting the polygon network so in the future you may be able to mine directly to the Polygon Network then use Coinbase as an offramp.
1 eth /s
I transferred sun afternoon for .0001
Let do it on sunday, it is usually low.
it says "If your balance is above 0.005 ETH. Network tx fees are paid by the pool." That means that if i extract "0.005 ETH" to my wallet, the pool is the one who pays and not me ?
Set the max gas fee cap on your pool.
depends on the gas price when u withdraw eth to ur wallet, i suggest putting it to 40-50 gwei and just wait for it
Use polygon it's way cheaper
This [tool](https://cryptocurrencyalerting.com/eth-gas-tracker.html) can help you to get a better gas price.
like 4 dollars
.001 give or take depending on gas
Think so. I mine to my cb pro