Ethereum L2 Payments to reduce fees

TransAmDan

Forum Admin
Staff member
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.
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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.
 
Last edited:

Nelly

New member
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

Forum Admin
Staff member
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.
 
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