Gas fees - Surge Prices

[Randey Lahey]

I'm on Ethermine/Phoenixminer/lolminer, and recently cashed some out to an exchange (Canada) and was surprised by the high, I guess, 'gas fee' I was charged transferring my ETH from my wallet to the exchange (Shakepay).  The charge was about 8%.  I was then charged another $2 to e-transfer to my account.  Is this normal?  I've heard these are 'surge' prices.

Would I maybe be better off just using Nicehash straight to bitcoin, or are you still paying the same fees either way?

[mak013]

You can mine using exchange wallet - in such a way you will be able to trade instantly without transfer fees but your money will be controlled by exchange. You have to choose what is more important to you - to control your ETH but to pay fees or to believe to exchange without fees.

[Mighty_crypt]

I'm on Ethermine/Phoenixminer/lolminer, and recently cashed some out to an exchange (Canada) and was surprised by the high, I guess, 'gas fee' I was charged transferring my ETH from my wallet to the exchange (Shakepay).  The charge was about 8%.  I was then charged another $2 to e-transfer to my account.  Is this normal?  I've heard these are 'surge' prices.

Would I maybe be better off just using Nicehash straight to bitcoin, or are you still paying the same fees either way?

It's why I don't mine ETH to get ETH, I mine ETH to get BTC because gas fee is lower on btc than Ethereum, the best solution you can get is find pools that pay in btc or other coins that isn't Ethereum or just download Nicehash software and start mining

[Randey Lahey]

You can mine using exchange wallet - in such a way you will be able to trade instantly without transfer fees but your money will be controlled by exchange. You have to choose what is more important to you - to control your ETH but to pay fees or to believe to exchange without fees.

So if I mined directly to a coinbase wallet I could avoid that transfer fee?  I'm not interested in trading, just cashing out to pay for my cards.  I'm using Shakepay right now.  Can I mine directly to them? The amount of bitcoin I'll be able to mine with 2 cards isn't likely worth holding    

Will all the fees, cost of cards, power, wear and tear on cards and system, taxes, the price of Eth NEEDS to stay really high to make this worthwhile.

[Randey Lahey]

I'm on Ethermine/Phoenixminer/lolminer, and recently cashed some out to an exchange (Canada) and was surprised by the high, I guess, 'gas fee' I was charged transferring my ETH from my wallet to the exchange (Shakepay).  The charge was about 8%.  I was then charged another $2 to e-transfer to my account.  Is this normal?  I've heard these are 'surge' prices.

Would I maybe be better off just using Nicehash straight to bitcoin, or are you still paying the same fees either way?

It's why I don't mine ETH to get ETH, I mine ETH to get BTC because gas fee is lower on btc than Ethereum, the best solution you can get is find pools that pay in btc or other coins that isn't Ethereum or just download Nicehash software and start mining

Yet every video, every comment, every 'expert' says mine Ethereum because Nicehash is just for noobs?  I did start with Nicehash, but after reading up on it and getting told every day that I'm crazy not to just mine Eth, I switched to Phoenixminer/lolminer and Ethermine.  This is the first time I've heard someone say 'use Nicehash'.

[Novatech8]

You can mine using exchange wallet - in such a way you will be able to trade instantly without transfer fees but your money will be controlled by exchange. You have to choose what is more important to you - to control your ETH but to pay fees or to believe to exchange without fees.

So if I mined directly to a coinbase wallet I could avoid that transfer fee?  I'm not interested in trading, just cashing out to pay for my cards.  I'm using Shakepay right now.  Can I mine directly to them? The amount of bitcoin I'll be able to mine with 2 cards isn't likely worth holding   

Will all the fees, cost of cards, power, wear and tear on cards and system, the price of Eth NEEDS to stay really high to make this worthwhile.

Binance exchange will be a good choice for this, thanks for sharing a light on this for me, I was stucked with nicehash because the software pays in BTC and I want to avoid Ethereum gas fee at all cost, now this makes sense

[Randey Lahey]

You can mine using exchange wallet - in such a way you will be able to trade instantly without transfer fees but your money will be controlled by exchange. You have to choose what is more important to you - to control your ETH but to pay fees or to believe to exchange without fees.

So if I mined directly to a coinbase wallet I could avoid that transfer fee?  I'm not interested in trading, just cashing out to pay for my cards.  I'm using Shakepay right now.  Can I mine directly to them? The amount of bitcoin I'll be able to mine with 2 cards isn't likely worth holding    

Will all the fees, cost of cards, power, wear and tear on cards and system, the price of Eth NEEDS to stay really high to make this worthwhile.

Binance exchange will be a good choice for this, thanks for sharing a light on this for me, I was stucked with nicehash because the software pays in BTC and I want to avoid Ethereum gas fee at all cost, now this makes sense

I've looked at Binance, but I'm not sure how easy it is for me to actually get my cash in my account (remember I'm in Canada).  Shakepay took less than 20min to get Eth from my wallet into my account through e-transfer.  I DO NOT want to have to hook up my bank account to anything.  The problem with Nicehash is that you have to use Coinbase to avoid transfer fees (probably still pay gas fees though??), and it takes much longer for me to get my CASH.  I'm not even sure it would work as it talks about withdrawals to a USD bank account.  

Would Binance also just take the same amount (gas fees) off the top when you withdraw or exchange from their 'Trust Wallet'?

[adiemus123]

Im using binance, you can withdraw any currensy you want, it charges me 0.80 euro everytime for the withdrawal to my bank card. I also withdraw euros into a british bank account, which they change to GBP because i cant do it into my own countries bank account, since my country require to pay taxes for mining for every penny thats over 1000 euros per year and i mine more than 1k per month, giving almost 20% of my mined money to a corrupt and ignorant state is a no no from me.

[Randey Lahey]

Im using binance, you can withdraw any currensy you want, it charges me 0.80 euro everytime for the withdrawal to my bank card. I also withdraw euros into a british bank account, which they change to GBP because i cant do it into my own countries bank account, since my country require to pay taxes for mining for every penny thats over 1000 euros per year and i mine more than 1k per month, giving almost 20% of my mined money to a corrupt and ignorant state is a no no from me.

Ok, thanks.  Is there any fee though when you transfer from your wallet to exchange it (i.e. the gas fees)?  You're mining ETH?

[adiemus123]

Yes im mining ETH, yes there are charges, i believe every transfer has a charge. Im using a trezor hw wallet, i can choose my own fee for the transfer, the lower i choose the slower it takes for it to happen.

[Randey Lahey]

Yes im mining ETH, yes there are charges, i believe every transfer has a charge. Im using a trezor hw wallet, i can choose my own fee for the transfer, the lower i choose the slower it takes for it to happen.

I use Metamask and there were 3 options (slow/average/fast).  They were about $2 difference between them...about 5-8% of the amount, which seemed high to me.  That just means the speed that the transfer happens?  Are we talking minutes or hours/days?

[adiemus123]

Usually should be minutes even with the lowest given choice, ive recently put in a custom fee of less than a dollar, for around 90usd worth of eth, took over 8 hours for eth to hit my exchange app wallet 😂😂😂

[Randey Lahey]

Usually should be minutes even with the lowest given choice, ive recently put in a custom fee of less than a dollar, for around 90usd worth of eth, took over 8 hours for eth to hit my exchange app wallet 😂😂😂

I didn't realize there was an option for a custom fee...maybe there isn't with Shakepay, I'll check next time I cashout.  So would these fees give you a reason to switch to Nicehash, or is mining Eth still the better choice?

[adaseb]

Ethermine doesn't charge you any fees when they pay you. Usually you are paid when  you meet the min withdraw, which I think is 0.01 ETH and this payment is sent max once a week. They include the transaction in their pending transaction when someone on the pool finds a block and its sent with a 1 Gwei fee which is almost nothing.

So it was free sending the 0.01 ETH into your own wallet but when you send it to your Shakepay exchange you need to chose the lowest possible fee to get it confirmed within a few hours. Use this as a guide.

https://etherscan.io/gastracker

Currently for a simple ETH transaction its $4. Which in my opinion is fairly high. Hence mine for a few months and then just do 1 transaction and then your fee will be small relative to your transacted amount. Its not worth sending any ETH or BTC payments which are 2 figures.

[mak013]

You can mine using exchange wallet - in such a way you will be able to trade instantly without transfer fees but your money will be controlled by exchange. You have to choose what is more important to you - to control your ETH but to pay fees or to believe to exchange without fees.

So if I mined directly to a coinbase wallet I could avoid that transfer fee?  I'm not interested in trading, just cashing out to pay for my cards.  I'm using Shakepay right now.  Can I mine directly to them? The amount of bitcoin I'll be able to mine with 2 cards isn't likely worth holding    

Will all the fees, cost of cards, power, wear and tear on cards and system, taxes, the price of Eth NEEDS to stay really high to make this worthwhile.

Yes, pool pays fees. In your situation it might be useful to choose pool with good hashrate and low minimum payment. This link below can help you to choose:
https://miningpoolstats.stream/ethereum

[adiemus123]

Ethermine min payout to wallet is 0.05 every 24h, doesnt cost you anything.
About the custom fee i was talking about my trezor hardware wallet, there are also 3 options of fast normal slow with adequate usd prices on each, but there is also a custom fee option there, the other 3 transfer time ranges from minutes to few hours max, but the custom one i set lowest possible which was under 1 usd which put me in the back of the list, so it took over 8 hours for it to transfer to my exchange app wallet.
I believe you could set ethermine pool payout wallet to binance directly, which would cost you, as mentioned above by adaseb, next to nothing, then in binance you can directly sell eth for your chosen currency, that would cost you based on how much you eth sell, but shouldnt be much, last step is cashing out to your bank, straight to card i think is 1% sends in minutes, but i personally choose sepa transfer which is sent in hours but costs 0.80 euro for me, which is basically also nothing, they sent the money fast its all about how banks in your country work, mine accepts in minutes any transfer.
So there you go, try using binance given deposit wallet address for eth as your payout wallet in ethermine pool website and tell us your experience.
Also i will mention i have no clue about security protocols in this yet, thats why im using a hardware wallet, puts me at ease about my earnings, so i rather pay a bit more, but stay safe that, no matter how small of a chance it is, i wont get hacked.

[mak013]

Ethermine min payout to wallet is 0.05 every 24h, doesnt cost you anything.
About the custom fee i was talking about my trezor hardware wallet, there are also 3 options of fast normal slow with adequate usd prices on each, but there is also a custom fee option there, the other 3 transfer time ranges from minutes to few hours max, but the custom one i set lowest possible which was under 1 usd which put me in the back of the list, so it took over 8 hours for it to transfer to my exchange app wallet.
I believe you could set ethermine pool payout wallet to binance directly, which would cost you, as mentioned above by adaseb, next to nothing, then in binance you can directly sell eth for your chosen currency, that would cost you based on how much you eth sell, but shouldnt be much, last step is cashing out to your bank, straight to card i think is 1% sends in minutes, but i personally choose sepa transfer which is sent in hours but costs 0.80 euro for me, which is basically also nothing, they sent the money fast its all about how banks in your country work, mine accepts in minutes any transfer.
So there you go, try using binance given deposit wallet address for eth as your payout wallet in ethermine pool website and tell us your experience.
Also i will mention i have no clue about security protocols in this yet, thats why im using a hardware wallet, puts me at ease about my earnings, so i rather pay a bit more, but stay safe that, no matter how small of a chance it is, i wont get hacked.

Ethermine payout is 0.1 ETH now. They changed it yesterday.
Even the slowest transaction has an awfully high price. I`m using metamask and MEW and i can`t make a transaction for a month - it costs too high for me.

[adiemus123]

Ethermine min payout to wallet is 0.05 every 24h, doesnt cost you anything.
About the custom fee i was talking about my trezor hardware wallet, there are also 3 options of fast normal slow with adequate usd prices on each, but there is also a custom fee option there, the other 3 transfer time ranges from minutes to few hours max, but the custom one i set lowest possible which was under 1 usd which put me in the back of the list, so it took over 8 hours for it to transfer to my exchange app wallet.
I believe you could set ethermine pool payout wallet to binance directly, which would cost you, as mentioned above by adaseb, next to nothing, then in binance you can directly sell eth for your chosen currency, that would cost you based on how much you eth sell, but shouldnt be much, last step is cashing out to your bank, straight to card i think is 1% sends in minutes, but i personally choose sepa transfer which is sent in hours but costs 0.80 euro for me, which is basically also nothing, they sent the money fast its all about how banks in your country work, mine accepts in minutes any transfer.
So there you go, try using binance given deposit wallet address for eth as your payout wallet in ethermine pool website and tell us your experience.
Also i will mention i have no clue about security protocols in this yet, thats why im using a hardware wallet, puts me at ease about my earnings, so i rather pay a bit more, but stay safe that, no matter how small of a chance it is, i wont get hacked.

Ethermine payout is 0.1 ETH now. They changed it yesterday.
Even the slowest transaction has an awfully high price. I`m using metamask and MEW and i can`t make a transaction for a month - it costs too high for me.

Oh yeah, ive just checked, they did change it to 0.1, the price will be high now for real this is horrible

[adaseb]

I think the reason they raised the limit is because whenever they include a miner payout with a 1 Gwei fee they are basically losing maybe $2-5 per transaction since instead of getting paid to include someone’s transaction they are just doing a miner payout. So in the end the block reward is lower overall for the entire pool. I am not surprised they are doing this.

But if you think a regular transaction is bad, wait until you want to do a erc20 token transaction or worst an actual smart contract execution. It’s getting pretty ridiculous. Basically reminds me of the crazy $50 per transaction on the BTC network back in late 2017.

[Metroid]

Reason eth is not going up is because whales know they have to buy back those eth from miners they spend on fees ehhe, because miners will sell all their coins at this moment, is a good price, need to sell right now before all is over. So here comes eth dev team saying to whales, "hey whales we eth dev team will also be part of the mafia of the bull run", we will make accumulation easier so you whales can pump eth to 1000000000k ehhe, "we will stop miners from getting that fee transaction and you whales do your part on it", as soon eip 1559 is done then eth will be pumped hard, whales will then know eth miners will not get that fee so miners cant dump those eth back into the market.

This has been a manipulation from the start, there was no and there is no need to implement this eip 1559.