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

[jimlaman8]

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.

on #1, still worried if i miss a step a current payout via ethermine will be toast.

I guess i'd roll through the steps to setup my current exodus address in metamask + the polygon network thing, but i'd want to be sure that the current address and its coins dont get converted, only future payouts from ethermine.org (if i switch the setting in eithermine.org?)..

So does NOT setting the ethermine.org to L2, mean any payouts that go through metamask will still be mainnet eth?  (only if i link to metamask and set to l2?) 
Would future payouts say transfers from coinbase to exodus (via the address) after setting up metamask still be mainnet?
Only if i set ethermine.org settings to L2 and connect to chrome metamask after configuring metamask for matic and restoring exodus to that wallet would anything get sent as L2 wrapped?

How do you know just looking at a balance in exodus or in coinstats, if its L2 wrapped?  So in the future i'd know if i want to cash out that portion i have to convert it back somehow / pay fees

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[waggy459]

Your exodus wallet address is just an address on the Ethereum network.  By virtue of having that, you 'have' a Polygon wallet of that same address already.  By setting up metamask to connect to that address, first by default on Ethereum mainnet, then by adding the Polygon RPC info you will be able to connect to the Polygon network side of that wallet.  You can theoretically already have or be receiving Polygon wrapped Ether on that address, by connecting metamask to it you will simply be viewing the contents and then be able to sign and interact with it to swap, etc.

Ether on the Ethereum network and Ether on the Polygon network are separate tokens.  In order to convert one to the other you need to do this really intentional process called bridging, which takes time, effort and money.  As such, just by connecting to a previously only Ethereum network wallet with a Polygon enabled wallet won't suddenly convert all the tokens in there to Polygon network tokens.  Fact is, I've owned Ether on the same wallet address but on Ethereum, Polygon, Avalanche, Fantom and BSC.  All require bridging to get from one to the other.

If you keep the Ethermine payouts on mainnet, whether you connect with exodus or metamask, those tokens will stay on mainnet.  If you start getting them on Polygon, you'll need to connect with the wallet that has the Polygon RPC set up on it to see or interact with those tokens.  Baseline within metamask, you need to switch the network to see the tokens on the respective networks.  Also any tokens beyond Ether, you most of the time need to add the token in metamask to 'see' the quantity of that token within the wallet.

Another option to see your tokens, whether within metamask or with frankly any crypto address pretty much.  You can browse to zapper.fi and put in your public address there and it will show you your wallet balances and break it down with balances on Ethereum, Polygon, FTM, Avax, BSC, or whatever network you have tokens on.  You can also browse to zapper.fi within the metamask browser function.  Zapper can be used to interact with your wallet, but baseline you can just use it as a viewer.  Any tool that can interact with the network will ask you to connect and sign first, so you can always decline.

[jimlaman8]

Your exodus wallet address is just an address on the Ethereum network.  By virtue of having that, you 'have' a Polygon wallet of that same address already.  By setting up metamask to connect to that address, first by default on Ethereum mainnet, then by adding the Polygon RPC info you will be able to connect to the Polygon network side of that wallet.  You can theoretically already have or be receiving Polygon wrapped Ether on that address, by connecting metamask to it you will simply be viewing the contents and then be able to sign and interact with it to swap, etc.

Ether on the Ethereum network and Ether on the Polygon network are separate tokens.  In order to convert one to the other you need to do this really intentional process called bridging, which takes time, effort and money.  As such, just by connecting to a previously only Ethereum network wallet with a Polygon enabled wallet won't suddenly convert all the tokens in there to Polygon network tokens.  Fact is, I've owned Ether on the same wallet address but on Ethereum, Polygon, Avalanche, Fantom and BSC.  All require bridging to get from one to the other.

If you keep the Ethermine payouts on mainnet, whether you connect with exodus or metamask, those tokens will stay on mainnet.  If you start getting them on Polygon, you'll need to connect with the wallet that has the Polygon RPC set up on it to see or interact with those tokens.  Baseline within metamask, you need to switch the network to see the tokens on the respective networks.  Also any tokens beyond Ether, you most of the time need to add the token in metamask to 'see' the quantity of that token within the wallet.

Another option to see your tokens, whether within metamask or with frankly any crypto address pretty much.  You can browse to zapper.fi and put in your public address there and it will show you your wallet balances and break it down with balances on Ethereum, Polygon, FTM, Avax, BSC, or whatever network you have tokens on.  You can also browse to zapper.fi within the metamask browser function.  Zapper can be used to interact with your wallet, but baseline you can just use it as a viewer.  Any tool that can interact with the network will ask you to connect and sign first, so you can always decline.

Well it sounds like to go forward and connect the metamask after doing the steps, to get L2 wrapped in the future at least, is easy enough.  Its the getting it back out to sell that sounds daunting at this point.

I wonder what a typical fee to sell/get the tokens bridged might look like.

Ill say the gas fees havent hit 40 yet, 3 weeks in, so I raised it to 60 for now, may have to go a tad higher, but if im not misunderstanding, even say a 60 fee isnt bad and doesnt seem to matter how much ether you are transferring (so say $7 for instance).  If thats every 2 weeks, oh well i guess.  However, 2 days after 60 still waiting, might need to go up a few notches if im sticking with that method.

[waggy459]

If you set to 60gwei your tx may have been processed in the last hour or few hours. That should be like $5-6 or so if you are paying the full fee.

I bridged from Polygon to Ethereum mainnet around 7-10 days ago, don’t remember the gas price but it was probably in the double digits. Don’t remember exactly but I think total price was around $40usd, maybe a bit less.

If you aren’t rushing to swap into fiat imo it kind of doesn’t matter but I’d either stay on polygon or set payout limit high and gas price low on mainnet. In the last few months gas has been 8 gwei and 2100 gwei, so one way or the other your tx will hit eventually.

Or if you care just find a pool that pays the gas.

[jimlaman8]

If you set to 60gwei your tx may have been processed in the last hour or few hours. That should be like $5-6 or so if you are paying the full fee.

I bridged from Polygon to Ethereum mainnet around 7-10 days ago, don’t remember the gas price but it was probably in the double digits. Don’t remember exactly but I think total price was around $40usd, maybe a bit less.

If you aren’t rushing to swap into fiat imo it kind of doesn’t matter but I’d either stay on polygon or set payout limit high and gas price low on mainnet. In the last few months gas has been 8 gwei and 2100 gwei, so one way or the other your tx will hit eventually.

Or if you care just find a pool that pays the gas.

I raised it to around 80, i gave up haha... still not bad if once a month or even every 12 days as in this case.

Well id say if i do start cashing out to coinbase, that has to be instant and auto sell to keep it at 1099 and not gains, i think.. but it still will be instant even if i have to wait till the gas fee limit is hit, just delayed.

Sounds like the bridge isnt that bad either, i mean, thats a single flat fee, not based on the amount you transfer right?  I guess you have to have some polygon in there to convert or maybe it depends (i have a bit of polygon already).

All this is good to know and thanks for all the info to everyone, getting up to par slowly on things.

[t32768]

https://pool.binance.com/en
Small mining ETH there since Dec 20 with 800 MH/s
Has been crappy somewhat in the beginning (high pings etc), but since about March I really didn't encounter anything wrong
Timely payouts every day, no commissions even after London upgrade.

[cryptomaxsun]

EIP1559 did not live up to expectations. The gas price has not decreased, and in addition, this pool used to send transactions from 1 gwei, now this is impossible and if you have small hashrate, like mine, then you need to wait for the gas price to drop to an acceptable level.
And yes, I do not want to use layer 2 networks, this is not a solution to the problem.

[swogerino]

EIP1559 did not live up to expectations. The gas price has not decreased, and in addition, this pool used to send transactions from 1 gwei, now this is impossible and if you have small hashrate, like mine, then you need to wait for the gas price to drop to an acceptable level.
And yes, I do not want to use layer 2 networks, this is not a solution to the problem.

I did like that since the implementation fo EIP1559 ,I have set a fee of 59-70 Gwei gas fee and I usually wait for 1 or 1.5 days more then when I have reached the minimum payout from Ethermine because I wait for the gas fee to be the same as the one I have set in my settings.Today the fees are extremely high some time even over 200 Gwei which sucks because it is almost the same as the SWIFT bank payment when you transfer money from a bank to another.I was monitoring the fees and at a certain point the fees were 62 Gwei so my payment came.Yes it is become like this since the London hard fork has been implemented.

[nimonimonimo]

Hello, I need HELP on this, I'm utterly confused:

I imported my guarda wallet into metamask and kept the same address and used it in ethermine.org.  I added the polygon network to that address which is connected to polygonscan.com. I got 0.005 of Eth that shows inside metamask and the transaction is shown on polygonscan.com.  It doesn't show the 0.005 ETH on wallet.matic.network, I'm guessing it's because it's not a PoS-Weth but some other type of WETH? The 0.004 matic does show normally on wallet.matic.network.  

I went to my wallet on guarda.com and tried to add custom token by adding the contract 0x7ceb23fd6bc0add59e62ac25578270cff1b9619 but it rejected it and said "Incorrect Smart Contract Address." I contacted guarda as of why it wouldn't take the smart contract address and the guy said that they don't support the MATIC network but only support ETH/ERC-20 network.

Questions:
1. Is it ok that it doesn't show on PoS-Weth? Did I screw up something? Is it wrong to use the Guarda address on metamask?

2. What should I do now to transfer my WETH to Guarda (best and cheapest route)? Do I need to convert to usdc or to matic coin and then to Ether mainnet and would it then show on Guarda exchange?

Thank you in advance.

[waggy459]

It seems just a bit strange that your Ether that you say is showing on your metamask wallet set to Polygon network isn't showing in wallet.matic.network.  I double checked, any Ether sent from ethermine via their 'L2' option is shown in wallet.matic.network as Ether (PoS-WETH).

As you learned via the response from Guarda support, polygon wrapped Ether isn't just an ERC20 token, it's Ether that lives on the Polygon network, separate and distinct from Ethereum mainnet.

If you want to send Polygon wrapped Ether to any ERC20 wallet, you'll need to bridge that Ether over to the Ethereum mainnet.  There are a few ways to do this, I'd suggest familiarizing yourself with them by just doing a general google or youtube search for something like 'bridge to polygon.'  The way I use because I've found it easiest is actually linked right from the wallet.matic.network page, click on 'Move funds from Ethereum to Polygon' which will take you to the Polygon bridge.  You can move in either direction by clicking on the double arrow 'switch' icon.  If you view videos they will probably give an idea of the total cost to bridge, but I've said above it's been something like $40-50 for me in the past, this will be dependent on gas prices at the time you bridge.

You should read this thread carefully and then take time to research via google or youtube.  If you understand the concepts the questions will answer themselves.

[waggy459]

Separate from people above having trouble connecting via Polygon. 

There were a few stories such as the one linked below regarding Coinbase being likely to integrate Polygon network transactions natively on their main retail platform.  Many assumed this would happen when they added Polygon support to the Coinbase Wallet app.  Things could change or this may not get implemented like I assume, but it should mean that eventually moving from Polygon wrapped coins all the way to fiat via Coinbase may get easier and cheaper.

https://blocktelegraph.io/polygon-first-scaling-solution-for-coinbase/

[nimonimonimo]

Ok, thank you waggy459, an update: today it shows my 0.005 Ether on wallet.matic. network, it just took almost 2 days to update!

Regard previous post on coinbase, that would be nice if coinbase and other large exchanges accept the polygon network. I think it's only a matter of time before they start to support it.

[devil2man]

metamask is ok as a wallet for eth (keeping small sums from mining) has medium security, eth fees are really variable, however $ 7.55 per week of fees is really a lot worth switching to L2, also try other pools is a valid alternative