Topic: Ethermine new change on payouts, vs other mining pools? Or using L2 Polygon? (Read 336 times)

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

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.

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/

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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)

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. 

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.  

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.

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.