Ethereum L2 Payments to reduce fees

[TransAmDan]

There are two payments methods from Ethermine.org.

Since Feb/March I have been doing Ethereum Mainnet up until a ouple of weeks ago, then tried the other method. I wan't keen on hanging, but with rising gas fees I found when being paid out 0.25ETH, the fee was 0.00155 ETH. The value of ETH is around £2.6k right now, so thats £4 in charges.These charges vary from payouts, some were a little higher.

So how to set it up via Polygon network.

Well my main aim is to get fund into Coinbase, this is the place where i can extract money out into the real world. These following steps may be slightly different depending on the exchange you need to get it in to.

How to liquidate your mining rewards on polygon:

(to send to a Polygon supporting Exchange) &

(to send to any Wallet or Exchange that supports TRC-20/XLM)

• So basically set up Metamask in your broswer, get a WETH (wrapped ETH) wallet address.
• Mine into that WETH wallet you will get daily payouts if you make more than 0.005ETH a day.
• Use quick swap to convert that WETH into USDT
• Use MEXC.com account to get your USDT Matic address.
• Using https://wallet.matic.network/ you can transfet the USDT to the Mex USDT address
• Use MEXC to convert the USDT to XLM
• Transfer XLM to your Coinbase XLM address
• Convert XLM to your ETH in coinbase

I'll get some screen shots of the process. Yeah it may sound long winded. I transfered around 0.01ETH and it was around 10p of fees even after all those transactions.

 

[Nelly]

I confess to being so lazy I use nicehash and use the withdraw funds to UK bank account button too often. It appears in my Santander account within 24 hours on working days. Probably costs around 5% round trip but I can catch the peaks on currency and coin prices to help offset fees

 

[TransAmDan]

Nicehash is great, lots of things going for it. I did use if for some time. Its nice that it looks for the best coin to mine and switches without you having to do anything. It's hassle free pretty much.
However moving to Ethermine I gained between 5% - 8% over a whole day. Moving from Pheonix miner to trex I gained an additional 5% hash rate.
I enjoy dabbling trying to get the most gains. The guy that got me in to mining was using nicehash, we both were for some time. I gave the Ethermine.org route a shot for a few days, it turned out it was a good way to go. My mining friend switched too.
As nicehash is working for you, its probably best sticking to it.

It's great to see mining chat on this forum. I'll try to post more, perhaps more people will come.

 

[TransAmDan]

Still going the Polygon route for payment, there are a few stepas, so its not all automatic like the Layer 1 payments. However with layer 1 taking £7 or more every transaction value of £120ish, its quite a hit.
Glad I tried the Metamast/Polygon route into USDT then into MexC then convert to XLM and then transfer to Coinbase to then convert to ETH, around 20p in charges no matter the value of the transaction.

 

[AndreCantrell]

Hey everyone! Super excited about Ethereum's L2 payments to cut down those fees. It's about time, right? This could make transactions smoother and more affordable for all of us. And speaking of smoother experiences, have you heard about a white label digital assets exchange? They're all about user-friendly platforms.

 

[TransAmDan]

Yep, layer2 was useful during mining to save costs. Now it's great to move ETH around.
The high fees were a killer at one point.

 

[custisr992]

Oh! Wow! Sounds pretty interesting. Where can I get more info about this? Is it something that you have to do to minimize the fees or it's gonna be a general rule for everybody?
I'm sorry if this question sounds stupid. To be honest, I'm just new for all this crypto stuff, and I'm hungry for info

 

[TransAmDan]

Oh! Wow! Sounds pretty interesting. Where can I get more info about this? Is it something that you have to do to minimize the fees or it's gonna be a general rule for everybody?
I'm sorry if this question sounds stupid. To be honest, I'm just new for all this crypto stuff, and I'm hungry for info

Time has passed on this one. ETH can no longer be mined.
There are many other coins, many not profitable for GPU mining. Profit can be made on ASICs, however the cost of hardware is high, and you may not earn enough to cover costs
Check out https://whattomine.com/ to get an idea of profitability. The electric costs really impact if you make profit or not.

 

[saleen 192]

be careful ,as Dan said electricity costs
messaged Dan a little while ago ref property i went into to replace melted sockets , owner had mining stuff everywhere in lounge on decorators table in bedroom and kitchen running from extension leads as well units might be small but pack a punch from memory 3 melted double sockets and extension lead so running cost and power consumption and heat very warm in property,,