Ethermine new change on payouts, vs other mining pools? Or using L2 Polygon?

[jimlaman8]

Im still fairly new to mining/crypto and such, so im trying to wrap my head around the options here.

Recently ethermine changed their payouts, i guess to include a gas fee on payouts (my threshold is 0.1 currently and 40 gwei)

I mine about 0.1 every 5 days.. so far im on day 7 and the last payout hasnt occurred because the threshold preset to 40 hasnt gone low enough.

I think thats roughly 0.0001 or maybe 0.00001 eth or more, unsure on the fee.  As of now i'm sending it to exodus, though ultimately i need to employ a ledger i havent used yet and eventually i think ill send this straight to coinbase exchange for auto selling. (i dont think you can send partial on payout to do a split or i would)

From what i read, i could use "metamask" , something about restoring my phrase from exodus to metamask and then going to the dashboard on ethermine and connecting to the metamask wallet and setting it for L2?  This would avoid gas fees.  I dont quite understand this process, or if it really saves that much in doing so?

Are there alternative options given the above?  Or maybe just switching to a different pool provider?  Any opinions on using metamask, risky, safe, effective etc?

Thanks in advance

[swogerino]

Im still fairly new to mining/crypto and such, so im trying to wrap my head around the options here.

Recently ethermine changed their payouts, i guess to include a gas fee on payouts (my threshold is 0.1 currently and 40 gwei)

I mine about 0.1 every 5 days.. so far im on day 7 and the last payout hasnt occurred because the threshold preset to 40 hasnt gone low enough.

I think thats roughly 0.0001 or maybe 0.00001 eth or more, unsure on the fee.  As of now i'm sending it to exodus, though ultimately i need to employ a ledger i havent used yet and eventually i think ill send this straight to coinbase exchange for auto selling. (i dont think you can send partial on payout to do a split or i would)

From what i read, i could use "metamask" , something about restoring my phrase from exodus to metamask and then going to the dashboard on ethermine and connecting to the metamask wallet and setting it for L2?  This would avoid gas fees.  I dont quite understand this process, or if it really saves that much in doing so?

Are there alternative options given the above?  Or maybe just switching to a different pool provider?  Any opinions on using metamask, risky, safe, effective etc?

Thanks in advance

In normal conditions it doesn't matter that much but now that the fees at this moment in the main net are 7.55 USD or 111 Gwei if I were you I would consider switching to Metamask and L2 Polygon/Matic,because for a small miner 7.55 USD is a lot of fees.However if you say you mine 0.10 Ethereum for 5 days then paying 7.55 USD shouldn't be that big of an headache for you.If you mine 0.01 Ethereum for 5 days than a fee of 7.55 USD is really not bearable so I recommend to change to L2 Polygon/Matic and save on fees.

[jimlaman8]

In normal conditions it doesn't matter that much but now that the fees at this moment in the main net are 7.55 USD or 111 Gwei if I were you I would consider switching to Metamask and L2 Polygon/Matic,because for a small miner 7.55 USD is a lot of fees.However if you say you mine 0.10 Ethereum for 5 days then paying 7.55 USD shouldn't be that big of an headache for you.If you mine 0.01 Ethereum for 5 days than a fee of 7.55 USD is really not bearable so I recommend to change to L2 Polygon/Matic and save on fees.

Yeah thats true but basically $7 or $8 adds up per week, if doing the metamask still lets the eth end up whereever i want it (ie: exodus or coinbase exchange eventually) i guess i should just do it and get it done now.  Assuming its safe and i wont somehow lose my exodus funds (thinking ill offload those to ledger first just to be safe?).  This all assumes the $7 per time goes away with L2?

Not sure if i have the steps right on going to metamask   So yeah if that basically makes it like it was before these fees then im for that idea (or switching pools)

[swogerino]

Yeah thats true but basically $7 or $8 adds up per week, if doing the metamask still lets the eth end up whereever i want it (ie: exodus or coinbase exchange eventually) i guess i should just do it and get it done now.  Assuming its safe and i wont somehow lose my exodus funds (thinking ill offload those to ledger first just to be safe?).  This all assumes the $7 per time goes away with L2?

Not sure if i have the steps right on going to metamask   So yeah if that basically makes it like it was before these fees then im for that idea (or switching pools)

Exodus support L2 Polygon/Matic as an ERC 20 token,so you have to convert it later,and the fees to convert it are big now for ERC20 tokens including Polygon/Matic.The choice is yours,personally I am sticking with the main net fees and keeping a 40 Gwei maximum fee I am willing to pay so the payout will only pass when the fee is a minimum of 40 Gwei.Below a picture of Exodus supporting Matic.

[birdjan]

go to huobi exchange and mine ethereum on their pool.no fees and every 24 hours are automatic payout on your eth account on huobi exchange.I am here for 5 months .so far so excellent.

[jimlaman8]

Exodus support L2 Polygon/Matic as an ERC 20 token,so you have to convert it later,and the fees to convert it are big now for ERC20 tokens including Polygon/Matic.The choice is yours,personally I am sticking with the main net fees and keeping a 40 Gwei maximum fee I am willing to pay so the payout will only pass when the fee is a minimum of 40 Gwei.Below a picture of Exodus supporting Matic.

I thought thats what restoring the exodus wallet to metamask did, avoided the fees for er20 conversion by using metamask or am i not understanding that process i guess?

[HashingTower]

go to huobi exchange and mine ethereum on their pool.no fees and every 24 hours are automatic payout on your eth account on huobi exchange.I am here for 5 months .so far so excellent.

What the hell? Huobi exchange have a pow algorithm pool? 🤯 I thought we only have ViaBTC and binance exchange, how this is cool I will definitely check this out right now, thanks for sharing this vital information mate 👍

[jimlaman8]

go to huobi exchange and mine ethereum on their pool.no fees and every 24 hours are automatic payout on your eth account on huobi exchange.I am here for 5 months .so far so excellent.

What the hell? Huobi exchange have a pow algorithm pool? 🤯 I thought we only have ViaBTC and binance exchange, how this is cool I will definitely check this out right now, thanks for sharing this vital information mate 👍

Is this a safe exchange, or i guess maybe it doesnt matter if payouts to a wallet are every 24 hours or similar, you wouldnt lose much either way

[swogerino]

I thought thats what restoring the exodus wallet to metamask did, avoided the fees for er20 conversion by using metamask or am i not understanding that process i guess?

You can use directly Metamask wallet and that will avoid fees,Metamask if I remember correctly it is a wallet which runs as an add on in Firefox or Google Chrome or mobile app and you can connect it directly to Ethermine,this way you will get L2 Matic/Polygon from the main net and not from ERC 20 tokens,maybe in the future Exodus will accept main net Matic.

[birdjan]

yes,huobi have a pow pool.I am in crypto for about 5 years and in my oppinion and experience with other exchanges this is the best.on their ethereum pool pps+ reward system just like on many other pools.on huobi pool mining is free ,and withdraw is auto.mining reward is on your eth account on huobi exchange at about 11..a.m.+-2 hours.you can trade your eth for btc usdt usdc ........

[jimlaman8]

I thought thats what restoring the exodus wallet to metamask did, avoided the fees for er20 conversion by using metamask or am i not understanding that process i guess?

You can use directly Metamask wallet and that will avoid fees,Metamask if I remember correctly it is a wallet which runs as an add on in Firefox or Google Chrome or mobile app and you can connect it directly to Ethermine,this way you will get L2 Matic/Polygon from the main net and not from ERC 20 tokens,maybe in the future Exodus will accept main net Matic.

Anyone know if this is the basic steps to convert to metamask the exodus eth wallet (i assume the original address still works, i dont need change that in the miner? just link to the metamask "version")?

edit: this one https://www.youtube.com/watch?v=wNlTOjSR_GU

Im afraid to just convert without first sending 99% of my eth to ledger

I assume too, this method is really only good for converting the existing wallet from exodus to metamask, in that if i wanted to later do instant sells on mining, i'd need to settle for a coinbase exchange wallet and be forced to deal with the gas fees?

[socks435]

I'm mining on ethermine before but I switch to other pool due to hassle and different payout. Not worth to mine there if you are a small miner unless if you can reach 0.1eth daily.

I switch to viabtc pool and auto withdraw on their coinex exchange. The rewards is fine pps+ but you can switch to pplns or solo. It does not have fee when auto withdraw even a small amount daily will automatically send to your coinex account.

I dont know if there is difference on the reward you can earn from ethermine compared to viabtc but what I noticed is that every end of the month viabtc gives me more reward. I think it's a bonus reward to stay mining on their pool.

[swogerino]

I thought thats what restoring the exodus wallet to metamask did, avoided the fees for er20 conversion by using metamask or am i not understanding that process i guess?

You can use directly Metamask wallet and that will avoid fees,Metamask if I remember correctly it is a wallet which runs as an add on in Firefox or Google Chrome or mobile app and you can connect it directly to Ethermine,this way you will get L2 Matic/Polygon from the main net and not from ERC 20 tokens,maybe in the future Exodus will accept main net Matic.

Anyone know if this is the basic steps to convert to metamask the exodus eth wallet (i assume the original address still works, i dont need change that in the miner? just link to the metamask "version")?

edit: this one https://www.youtube.com/watch?v=wNlTOjSR_GU

Im afraid to just convert without first sending 99% of my eth to ledger

I assume too, this method is really only good for converting the existing wallet from exodus to metamask, in that if i wanted to later do instant sells on mining, i'd need to settle for a coinbase exchange wallet and be forced to deal with the gas fees?

I don't know if you can link Exodus Ethereum Wallet address to Metamask but I think Metamask has an address of itself first as seen in the video you posted.So it is a lot of work to change to Metamask just to save a few fees which are now down as are now less than 60 Gwei from more than 110 that they were.My final advice is stick to Ethermine main net and wait for your payout when the Gwei fee falls.I did the same I had to get a payout yesterday night but only received today morning when the fee were 53 Gwei,I have put a minimum of 57 Gwei as Gas fee.If you manage to make 0.10 Ethereum in just 5-7 days then 3.5 USD fee I think is fair and bearable.

[jimlaman8]

I don't know if you can link Exodus Ethereum Wallet address to Metamask but I think Metamask has an address of itself first as seen in the video you posted.So it is a lot of work to change to Metamask just to save a few fees which are now down as are now less than 60 Gwei from more than 110 that they were.My final advice is stick to Ethermine main net and wait for your payout when the Gwei fee falls.I did the same I had to get a payout yesterday night but only received today morning when the fee were 53 Gwei,I have put a minimum of 57 Gwei as Gas fee.If you manage to make 0.10 Ethereum in just 5-7 days then 3.5 USD fee I think is fair and bearable.

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

But yeah i guess waiting it out/raising the fee level would be simpler, but that can add up in time.  The fee level varies second by second if I refresh the ethermine page, ie: 57, 78, 100 etc.   My question is, if you set the threshold to say 0.2 and wait say 10 days instead, does this help lower the fee any?  IE: just leave it at say 40?
Which online calculator out there gives the correct usd level for say 57 gwei on 0.10, i cant seem to find one that matches up, most show a super low usd instead. 

Choice 3, i guess is trying one of those other pools (that i hadnt heard of though):  huobi or viabtc , though i still need to adjust settings at least to get the current payout.

[swogerino]

I don't know if you can link Exodus Ethereum Wallet address to Metamask but I think Metamask has an address of itself first as seen in the video you posted.So it is a lot of work to change to Metamask just to save a few fees which are now down as are now less than 60 Gwei from more than 110 that they were.My final advice is stick to Ethermine main net and wait for your payout when the Gwei fee falls.I did the same I had to get a payout yesterday night but only received today morning when the fee were 53 Gwei,I have put a minimum of 57 Gwei as Gas fee.If you manage to make 0.10 Ethereum in just 5-7 days then 3.5 USD fee I think is fair and bearable.

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

But yeah i guess waiting it out/raising the fee level would be simpler, but that can add up in time.  The fee level varies second by second if I refresh the ethermine page, ie: 57, 78, 100 etc.   My question is, if you set the threshold to say 0.2 and wait say 10 days instead, does this help lower the fee any?  IE: just leave it at say 40?
Which online calculator out there gives the correct usd level for say 57 gwei on 0.10, i cant seem to find one that matches up, most show a super low usd instead. 

Choice 3, i guess is trying one of those other pools (that i hadnt heard of though):  huobi or viabtc , though i still need to adjust settings at least to get the current payout.

I think letting the fee 57 Gwei does not add up that much time,usually during night time the Gwei Gas fees tend to go down and the payout to go through.You just have to wait a few more hours and I think this is no problem because while you are waiting the payout is in pending mode and anything you mine during this time is added to your payout which in turn makes you lose nothing in time.

[waggy459]

Be careful with the advice here because there are misunderstandings about what 'metamask,' 'L2' and 'matic' are.

Exodus is basically one multichain wallet containing many mainnet wallets.  One of these is an Ethereum mainnet wallet.  

Completely disregarding Polygon for a moment.  If you set metamask up using the private key or pass phrase generated by the exodus wallet, you are simply interacting with the Ethereum mainnet portion of your exodus wallet directly, but using metamask instead.  I do this same thing with both trustwallet and safepal.  You should consider all these different types of wallet to be interoperable with the Ethereum mainnet equally.  You can even switch back and forth using metamask and exodus on Ethereum mainnet, there is no conversion being done, you are simply using a different tool to interact with your wallet address.

Exodus apparently doesn't offer support for Polygon mainnet.  In order to utilize Polygon mainnet, one option is to set up metamask to do so.  That is what's being done in that video.  When ethermine pays out on the Polygon mainnet, they are still paying in the Ether token, but it is Ether wrapped on the Polygon network.  When you set up metamask to operate on the Polygon network, you use the same public and private key as you would for the ethereum mainnet, but different network/rpc and underlying token info.  

If you have Ether on Polygon, like from payments from Ethermine.  And if you want to send that Ether to Coinbase for example to get a fiat cash payout.  You need to bridge the Polygon wrapped Ether over to Ethereum mainnet (ERC20) Ether, then send that to Coinbase.  I'd recommend the matic bridge to do this.  But note that this costs money to do, so if you're not staying Polygon network native, you have to weigh the costs of occasionally bridging that Ether back over to ERC20 Ether.

I happen to have been 'doing' defi on Polygon for a lot of time before Ethermine started paying out over there, and I was bridging Ether over to Polygon.  So getting a Polygon native payout saves me time, effort and money, I simply keep the Ether there on the Polygon network.

Note.  The matic token is the gas token of the Polygon network.  Ethermine doesn't pay in matic token, they pay the Ether token on the Polygon (used to called Matic) network.  If you want to do defi on Polygon, or if and when you want to bridge Ether or another token from Polygon to Ethereum mainnet, you need a bit of Matic tokens for gas fees.  

[waggy459]

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

There is no "conversion" being done, so I wouldn't hesitate in the slightest about doing this. 

To assure yourself, you can leave Exodus set up on one device, say you have it on mobile.  Then put the metamask extension on your laptop.  You use the 'restore using passphrase' when setting up metamask, and you will see you will simply have all your Ethereum mainnet stuff from your exodus wallet there on the metamask.  No trick or conversions apply.  Think of it like using either OpenOffice or Word to view/edit the same .doc file. 

[jimlaman8]

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

There is no "conversion" being done, so I wouldn't hesitate in the slightest about doing this. 

To assure yourself, you can leave Exodus set up on one device, say you have it on mobile.  Then put the metamask extension on your laptop.  You use the 'restore using passphrase' when setting up metamask, and you will see you will simply have all your Ethereum mainnet stuff from your exodus wallet there on the metamask.  No trick or conversions apply.  Think of it like using either OpenOffice or Word to view/edit the same .doc file. 

Thanks for those replies.. alot to take in for a "medium" newbie.. and also i think confusing at first, they sure dont make things simple i guess.

So it sounds like I have a few options:
1.  convert my wallet (restore to) metamask, then change to the L2 setting in ethermine pool (or is this where you said caution), live with the wrapped ether unless one day i opt to sell, then ill pay some fees to bridge back (or would a place like crypto.com avoid those fees, something about a recent change there for L2, now i forget)

2.  Just leave my gwei setting at 40, normally every 5 days for me 0.1, so far im on day 9ish without a payout (or raise this to say 67), pay the fee, as other pools without the fee "could" be less profitable anyway, if it ends up that same fee every 2 weeks, perhaps its less than doing it every week at a higher gwei


My mid term plan was either to send all coin on all workers to coinbase pro or similar for autoselling or configure maybe half my workers to exodus, the others to coinbase (i think needs to be autosell to only be 1099)
So either way there i guess im hit with the gas fee

Side question is on ledger, i've yet to get things of any coin onto my ledger, i guess mining directly to a ledger address isnt a good idea or i think i read this.  I'd also prob move most of my eth to it, if i tried the metamask (paranoid a bit)

[popeye95]

I don't know if you can link Exodus Ethereum Wallet address to Metamask but I think Metamask has an address of itself first as seen in the video you posted.So it is a lot of work to change to Metamask just to save a few fees which are now down as are now less than 60 Gwei from more than 110 that they were.My final advice is stick to Ethermine main net and wait for your payout when the Gwei fee falls.I did the same I had to get a payout yesterday night but only received today morning when the fee were 53 Gwei,I have put a minimum of 57 Gwei as Gas fee.If you manage to make 0.10 Ethereum in just 5-7 days then 3.5 USD fee I think is fair and bearable.

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

But yeah i guess waiting it out/raising the fee level would be simpler, but that can add up in time.  The fee level varies second by second if I refresh the ethermine page, ie: 57, 78, 100 etc.   My question is, if you set the threshold to say 0.2 and wait say 10 days instead, does this help lower the fee any?  IE: just leave it at say 40?
Which online calculator out there gives the correct usd level for say 57 gwei on 0.10, i cant seem to find one that matches up, most show a super low usd instead. 

Choice 3, i guess is trying one of those other pools (that i hadnt heard of though):  huobi or viabtc , though i still need to adjust settings at least to get the current payout.

You get the general guidance from everyone said in this thread. There is nothing you should worry about connect your wallet by seed phrase to MetalMask. If you are hesitant because of the security of MetalMask on the browser (yes, we know everyone watching porn and go thru doggy website) then just set up a temporary wallet for mining. Also, ~$5 per week may not be much but this is for the future, who knows what is the price of ETH so you should save and cut every corner if you could as well for the bad day when ETH become a bitch, in terms of transaction fees of course.

[waggy459]

I had seen info elsewhere where when you setup metamask for the first time the two choices are new wallet or restore using a passphrase, i guess you just enter the exodus passphrase and it converts it.  Im still hesitant to go this route though.

There is no "conversion" being done, so I wouldn't hesitate in the slightest about doing this. 

To assure yourself, you can leave Exodus set up on one device, say you have it on mobile.  Then put the metamask extension on your laptop.  You use the 'restore using passphrase' when setting up metamask, and you will see you will simply have all your Ethereum mainnet stuff from your exodus wallet there on the metamask.  No trick or conversions apply.  Think of it like using either OpenOffice or Word to view/edit the same .doc file. 

Thanks for those replies.. alot to take in for a "medium" newbie.. and also i think confusing at first, they sure dont make things simple i guess.

So it sounds like I have a few options:
1.  convert my wallet (restore to) metamask, then change to the L2 setting in ethermine pool (or is this where you said caution), live with the wrapped ether unless one day i opt to sell, then ill pay some fees to bridge back (or would a place like crypto.com avoid those fees, something about a recent change there for L2, now i forget)

2.  Just leave my gwei setting at 40, normally every 5 days for me 0.1, so far im on day 9ish without a payout (or raise this to say 67), pay the fee, as other pools without the fee "could" be less profitable anyway, if it ends up that same fee every 2 weeks, perhaps its less than doing it every week at a higher gwei


My mid term plan was either to send all coin on all workers to coinbase pro or similar for autoselling or configure maybe half my workers to exodus, the others to coinbase (i think needs to be autosell to only be 1099)
So either way there i guess im hit with the gas fee

Side question is on ledger, i've yet to get things of any coin onto my ledger, i guess mining directly to a ledger address isnt a good idea or i think i read this.  I'd also prob move most of my eth to it, if i tried the metamask (paranoid a bit)

Yep.  People mostly coming from custodial/traditional finance the idea of a self custody wallet doesn't come intuitively.

Your option 1, you also need to add the Polygon network to metamask as well.  Search a few reputable sites for tips on this, it may also be in the Son of a Tech video that you linked.  If you don't think you'll be converting your Ether to fiat money it will be cheapest just to park it on Polygon, the fees for Ethermine transferring there are next to nothing.  Maybe one day Coinbase will also be able to receive Polygon native transfers as well and this would be super cheap, as transferring between Polygon addresses is fractions of a cent in fees.

2.  Refer to https://www.gasnow.org/ , this gives the current gas prices on Ethereum network to move a transaction.  If you watch for a little while it also gives you an idea of the trend in price.  The first line under "Estimated Cost of Transactions" is the cost for transferring Ether from one wallet to another, so like what the full cost would be for Ethermine to transfer to you and by that I assume what it costs you if they pass the full cost on to you.  If you scroll down further you can see historical gas prices charted and if you switch to filter by various time periods you can see what it has been in the past.  By that you will see that even as recently as 8/22 a setting of around 26 gwei would have moved a mining payment.  So if you set to 40 gwei and are patient it'll eventually move.  That'll be around $3-5 max at current prices.  Could be minutes, days or weeks for the gas price to come down to your set amount.