High withdrawal fee for small rigs owner

FP91G

legendary

Activity: 1834

Merit: 1136

Quote from: TheMimic1 on August 25, 2021, 01:35:11 PM

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

"Binance constantly reviews its products and services to enhance user protection, provide a safe crypto environment and to align with the evolving global compliance standards. As an important step forward, we’re updating our global KYC requirements for all users."
https://twitter.com/binance/status/1428613133988294658?

I don't want to deal with this. A lot of exchanges already accept Polygon and there is no mandatory verification.

Vann

hero member

Activity: 1036

Merit: 606

All the DeFi and NFT activity is causing the high gas fees. The London fork implementing a mandatory base fee made the fees even worse. It won't get better until Layer 2 side chains and forks drive adoption away from ETH due to the high transaction costs. Maybe once ETH 2.0 sharding increases throughput ETH can be usable again.

On Ethermine you can set the maximum gas price limit for automatic or manual payouts. I set mine at 25 gwei and it usually gets confirmed around midnight UTC when the network base fee drops.

Gorosden

member

Activity: 518

Merit: 30

$CYBERCASH METAVERSE

Quote from: Gunday_07 on August 26, 2021, 04:57:22 AM

Quote from: fmz89 on August 26, 2021, 04:44:26 AM

Quote from: TheMimic1 on August 25, 2021, 01:35:11 PM

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

Yup because binance built in exchange, you can sell right away, i use ethermine if mining eth, but at this current rewards, mining other alt are better than eth, and the fee almost nothing Grin

What other alts are better to mine than ETH right now? It was ergo and Ravencoin yesterday but they aren't always accurate like ETH, they might top the chart of the most profitable to mine today and tomorrow there are no where to be found again, you will keep switching between miners? ETH is just stable

Presently no other coin is more profitable than ETH unless you are using a LHR cards like 3070ti which is more profitable to mine kawpow algorithm (Ravencoin) or ergo if you can OC to 170MH+ but honestly the profits aren't that stable on other cards ETH mining is better

Gunday_07

member

Activity: 280

Merit: 11

Quote from: fmz89 on August 26, 2021, 04:44:26 AM

Quote from: TheMimic1 on August 25, 2021, 01:35:11 PM

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

Yup because binance built in exchange, you can sell right away, i use ethermine if mining eth, but at this current rewards, mining other alt are better than eth, and the fee almost nothing Grin

What other alts are better to mine than ETH right now? It was ergo and Ravencoin yesterday but they aren't always accurate like ETH, they might top the chart of the most profitable to mine today and tomorrow there are no where to be found again, you will keep switching between miners? ETH is just stable

fmz89

legendary

Activity: 1762

Merit: 1002

Quote from: TheMimic1 on August 25, 2021, 01:35:11 PM

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

Yup because binance built in exchange, you can sell right away, i use ethermine if mining eth, but at this current rewards, mining other alt are better than eth, and the fee almost nothing Grin

Looper_U

member

Activity: 369

Merit: 16

$CYBERCASH METAVERSE

You can use ViaBTC and binance exchange pool instead, you won't pay any fee for withdrawal on these two platforms but mind you their profits are always lesser than other pools, I found flexpool to be very stable in terms of 24/7 mining profitability, it's so accurate

BitKongy

member

Activity: 405

Merit: 19

Quote from: Pendrak on August 26, 2021, 12:42:37 AM

Quote from: adaseb on August 25, 2021, 10:22:59 PM

Yeah it seems before the hard fork it was usually included in the transactions of the mined blocks for the pool, however after the fork due to the base fees its no longer possible. Pretty crazy how at times of high fees like today its not possible for miners to get payouts.

I think a few hours back it was like 700 Gwei mostly due to the NFT transactions. Going to be pretty bad when to do a transaction it ends up costing something like 10% of all the miner revenue. So I guess its a double edge sword. Fees are high... good for miners due to higher profits. However fees are so high that you need to wait a few days before you get your payouts processed.

Wonder when we will see 20 Gwei fees again.

In some hours of the night, i just receive a payment 3 days ago.

If Ethereum price keeps growing it will be difficult to get a pay out because gas fee will grow higher too, the reason why you got paid at night is because there are less transactions happening in the mid night

HardCore12V

member

Activity: 223

Merit: 13

Quote from: JohnyBitcoin on August 25, 2021, 08:57:49 PM

Just beware, some pools have stopped paying out completely.

Over at https://2miners.com/ they "promise" to pay one day when the fees drop.

Gotta say, I would much rather pay high fees, than have someone else simply keep my money.

You want to stay away.

https://i.ibb.co/85Z79wz/2miners.jpg" alt="2miners" border="0">

Exactly, this is why it's wrong and unsafe to leave your coins on a pool, they aren't that different from new exchanges that exit scam in a blink of an eye, I don't recommend the idea of leaving your coins on pool unless you are using binance pool, anyone remember nicehash hack years ago?

Pendrak

member

Activity: 208

Merit: 46

Quote from: adaseb on August 25, 2021, 10:22:59 PM

Yeah it seems before the hard fork it was usually included in the transactions of the mined blocks for the pool, however after the fork due to the base fees its no longer possible. Pretty crazy how at times of high fees like today its not possible for miners to get payouts.

I think a few hours back it was like 700 Gwei mostly due to the NFT transactions. Going to be pretty bad when to do a transaction it ends up costing something like 10% of all the miner revenue. So I guess its a double edge sword. Fees are high... good for miners due to higher profits. However fees are so high that you need to wait a few days before you get your payouts processed.

Wonder when we will see 20 Gwei fees again.

In some hours of the night, i just receive a payment 3 days ago.

adaseb

legendary

Activity: 3808

Merit: 1723

Yeah it seems before the hard fork it was usually included in the transactions of the mined blocks for the pool, however after the fork due to the base fees its no longer possible. Pretty crazy how at times of high fees like today its not possible for miners to get payouts.

I think a few hours back it was like 700 Gwei mostly due to the NFT transactions. Going to be pretty bad when to do a transaction it ends up costing something like 10% of all the miner revenue. So I guess its a double edge sword. Fees are high... good for miners due to higher profits. However fees are so high that you need to wait a few days before you get your payouts processed.

Wonder when we will see 20 Gwei fees again.

JohnyBitcoin

newbie

Activity: 20

Merit: 0

Just beware, some pools have stopped paying out completely.

Over at https://2miners.com/ they "promise" to pay one day when the fees drop.

Gotta say, I would much rather pay high fees, than have someone else simply keep my money.

You want to stay away.

https://i.ibb.co/85Z79wz/2miners.jpg" alt="2miners" border="0">

flip4flop

full member

Activity: 378

Merit: 135

If you do not need the crypto right away, there is no point in withdrawing until you need to or until you have enough where the gas fee is minimal. I would say that on average if you have a small rig 1 day is likely devoted to covering the gas fee. The time from then until any withdrawal should cover your electricity and then a decent amount of profit. The less you can do these withdrawals the better. If you are on a rebutable pool it should not be much of a concern letting it build up for a few weeks or a month.

Pendrak

member

Activity: 208

Merit: 46

Quote from: TheMimic1 on August 25, 2021, 01:35:11 PM

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

Put 20 gwei, in some moment of the night you will receive your payment.

miner29

full member

Activity: 1281

Merit: 141

Ethermine pays fees if you use matic network. So they have an option for small miners and its free at 0.005 eth and above.

TheMimic1

member

Activity: 252

Merit: 13

I've tried various mining pools before and I've ended up choosing flexpool over others but lately I use 80-95 gwei (5-6$) as withdrawal fee which isn't too much if you running a big farm but as for a small rig owner like me it matters, after few research I see other options like binance pool which doesn't require a penny for withdrawal, at this stage isn't binance pool a better option?

Topic: High withdrawal fee for small rigs owner (Read 177 times)