How to Get Payouts for Ethereum Mining with out Fees
Spoiler: Now you will get day by day payouts from the Ethereum pool ranging from $1.75 with out charges.
Ethereum Miners Are Getting Less Profit after the London Upgrade
For the previous two months, there have been fixed points with transactions after the London improve within the Ethereum community. Transaction charges are too excessive, and transactions are sometimes late.
Main Issue: Say, a miner with one GPU earns $3.00 per day. To get his month-to-month payout of $90, he should pay $7.50, which is nearly 10% of his revenue. Not solely It’s an excessive amount of, however many miners additionally wish to get payouts every week or much more usually.
The Ethereum community has had a difficulty with excessive transaction charges between addresses for a very long time. It didn’t concern mining swimming pools earlier than: they might resolve for themselves which transactions and charges to incorporate of their blocks, and which to exclude. Now mining swimming pools don’t have a bonus. They are pressured to ship payouts to miners at market value.
At the time of writing, the Ethereum transaction price is $10 per transaction.
It occurs as a result of Ethereum community load. The London improve was supposed to unravel this difficulty, but it surely solely made the state of affairs worse. When there are numerous transactions in line, the bottom gasoline value rises. You can learn extra in regards to the “gas” idea within the devoted article: What is Gas in Ethereum? Ethereum Transaction Fees.
In the case of sensible contracts, broadly utilized by cryptocurrency exchanges and on-line pockets suppliers, every transaction prices much more: as much as $20–$30.
As a mining pool, all we will do is to restrict the max gasoline value we pay to ship payouts in order that our miners don’t waste a major a part of their income on payout charges. Currently, our max gasoline value is 100 gwei, so a miner pays not more than $7.60 to ship a payout to an ordinary handle.
Delayed Payouts to Ethereum Miners
High transaction charges in Ethereum result in the second drawback: payouts arrive late. They aren’t all the time delayed: solely on these days when the Ethereum community is overloaded. Sadly, the community is overloaded virtually continuous, and we don’t assume it’s going to change for the higher. The variety of energetic cryptocurrency customers is continually rising.
As a end result, it additionally hurts miners. The pool sends payouts solely when the transaction price reaches a suitable degree: underneath $7.60 per transaction. The remainder of the time miners have to attend for his or her payouts hoping that the gasoline value in Ethereum goes down.
Let’s have a look at final week’s gasoline value chart. Keep in thoughts that the pool set a restrict of 100 gwei. The chart may be roughly divided into two components: 3 days to the left (October 2–4) when the pool pays as common and 4 days to the precise (October 5–8) when the pool funds are delayed.
Users complain about it on a regular basis, however what can we do? We can solely increase the gasoline restrict much more. How a lot would a transaction price then? $20? $30? It’s unacceptable. Most miners gained’t admire such a call and should search for different sources of earnings. They can’t simply change the pool for mining, as all of the swimming pools are having the identical drawback.
2Miners Solves the Payout Problems
You are a small miner with one graphics card and also you wish to receives a commission at present, straight away, with out paying insane Ethereum Network fees. How are you able to do it?
A logical factor to do is to get payouts via one other cryptocurrency community that doesn’t have all these points. So we studied transaction charges and operation velocity of common cash. Nano (ticker: NANO) turned out to be essentially the most appropriate cryptocurrency. What is that this coin?
At the time of writing, Nano ranks 113th amongst all cryptocurrencies by market cap.
Nano’s most important benefit is instantaneous and fully free transactions.
Nano is traded on many cryptocurrency exchanges. The day by day buying and selling quantity is $15+ million. Once the pool pays you, you’ll be able to exchange Nano at any time for any cryptocurrency (even Ethereum). In the top, you should have much more Ethereum this fashion than by getting paid in Ethereum instantly. Pool payouts in Nano price you nothing.
Our Ethereum pool can now course of the payouts in NANO.
We perceive that you just could be shocked by our determination, as you don’t belief this coin. That is why we got here up with one other answer: payouts in Bitcoin. What may be higher? Unlike Nano, Bitcoin requires a transaction price, but it surely’s a lot decrease than Ethereum’s.
Free Payouts in Nano for Ethereum miners
Now you will get payouts within the Ethereum pool totally free day by day even when you’ve got just one graphics card. Also, Nicehash and different mining rental platforms are supported.
How does it work?
Once the payout threshold set by a miner is reached, the pool robotically exchanges ETH earned by the miner to NANO. We at present use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are all the time exchanged at market value.
Say, your payout threshold is 0.0005 ETH (approx. $1.75). You accumulate 0.0006 ETH ($2.1), which units the payout course of in movement. The pool sends your 0.0006 ETH ($2.1) and cash of different miners to exchange and converts them to NANO at market value. After the pool will get cash in NANO, it points payouts to every miner in NANO. As a end result, you get the equal of 0.0006 ETH ($2.1) in Nano to your pockets with out shedding a penny.
At first, we didn’t wish to set a payout threshold for funds in NANO. Say, you earn 0.0001 NANO in a day (lower than $0.0005 on the present exchange charge). We know that many customers mine on to an exchange. Exchanges usually have a deposit threshold. For instance, a minimal deposit on Kraken is 0.1 NANO. That is why we set a threshold for payouts in NANO within the pool: the equal of 0.0005 ETH (~$1.75). Even the weakest GPU that mines Ethereum can accumulate the required minimal in at some point.
- Get a desktop or cell NANO pockets or generate a NANO handle on a cryptocurrency exchange. The finest pockets is Natrium. The finest exchanges are Binance, Kraken, KuCoin.
- Replace your ETH handle with NANO pockets handle within the miner settings. A pattern bat file for mining with Gminer
miner.exe --algo ethash --server eth.2miners.com:2020 --user nano_3gyf7qnmkp4puzghqks8pn1rfxsubhpya4m5hohdeqkejdjtpwd4tkfxz6a9.RIG_ID
- Once mining begins, you’ll be able to go to your Statistics web page by coming into your pockets handle within the search subject on 2Miners.com. Your handle can be proven on the checklist of all pool miners together with common ETH addresses. For instance nano_3oxxxag4jj883zt7bdsdhym8qagsbk4rxw48chmy11xgi4mfxqda7o6ro1ct. You can set a payout threshold in your Stats web page. You don’t need to do it although. NANO transactions are free, so you will get paid as usually as you want with none losses.
When Nano Payouts Are Processed
Payouts are processed as soon as a day at 12:00 UTC. Payouts aren’t instantaneous. Considering that your ETH have to be transferred to an exchange, exchanged, after which transferred again, the entire course of often takes not more than two hours permitting for small delays. We plan to course of the payouts greater than as soon as a day sooner or later.
When miners receives a commission in NANO, they don’t pay any charges in any respect.
The entire course of is totally clear. After the pool points a payout (and even throughout the payout course of), you’ll be able to monitor the operation standing of an exchange system, examine an exchange charge, observe your cash from the second ETH is shipped to exchange to the second you get NANO. The pool doesn’t retain any extra charges: all exchanged cash is paid out to miners in full.
Is Bitcoin Mining on GPU Possible?
It sounds surreal: everyone is aware of which you can solely mine Bitcoin on ASICs. We made Bitcoin mining on GPU a actuality. You can mine Ethereum within the 2Miners pool and receives a commission in BTC.
Once the payout threshold set by a miner is reached, the pool robotically exchanges ETH earned by the miner to BTC. We at present use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are all the time exchanged at market value.
- Get a desktop or cell BTC pockets or generate a BTC handle on a cryptocurrency exchange. If you utilize Binance select the Bitcoin chain.
- Replace your ETH handle with BTC pockets handle within the miner settings. A pattern bat file for mining with Gminer
miner.exe --algo ethash --server eth.2miners.com:2020 --user 1HyyZxZAQjZenHf9TGsdUY9cxvMpbGjGBz.RIG_ID
- Once mining begins, you’ll be able to go to your Statistics web page by coming into your pockets handle within the search subject on 2Miners.com. Your handle can be proven on the checklist of all pool miners together with common ETH addresses. For instance bc1qrlpjqp2vvaan0ferh44z7tsevqzkcxrugm9g5n. You can set a payout threshold in your Statistics web page. It is all the time set in ETH. You can select any quantity from 0.005 ETH to 10 ETH.
When Bitcoins Payouts Are Processed
Payouts are issued as soon as a day at 12:00 UTC. Payouts aren’t instantaneous. The entire course of often takes not more than two hours permitting for small delays (like ready for exchanged BTC withdrawn from an exchange). We plan to course of the payouts greater than as soon as a day sooner or later.
When miners get payouts from our fee gateway, they pay solely part of the transaction price within the Bitcoin community. We group all miner payouts in a single transaction. The transaction bills are then divided between the miners in equal components. That is why the present price for every miner is lower than $0.5
All different charges are lined by the pool, together with the price for sending ETH to an exchange and the price for withdrawing BTC from an exchange. If you don’t wish to pay any charges in any respect, think about mining ETH and receiving the payouts in NANO.
The entire course of is totally clear. After the pool points a payout (and even throughout the payout course of), you’ll be able to monitor the operation standing of an exchange system, examine an exchange charge, observe your cash from the second ETH is shipped to exchange to the second you get BTC. The pool doesn’t retain any extra charges: all exchanged cash is paid out to miners in full.
Now you’ll be able to mine BTC on video playing cards by merely connecting to the twoMiners Ethereum pool together with your BTC handle as a substitute of Ethereum handle. The pool will maintain all conversions with minimal charges.
Conclusion: Cryptocurrency Auto-Exchange in Mining
If you mine Ethereum within the 2Miners pool, you’ll be able to select certainly one of three cryptocurrencies for payouts: Ethereum, Bitcoin, or Nano. The minimal payout in Ethereum and Bitcoin is 0.005 ETH (~$18) and in Nano – 0.0005 ETH (~$1.80).
Payouts in ETH are issued inside two hours after you attain your payout threshold. Payouts in BTC and NANO are issued as soon as a day at 12:00 UTC.
No particular setup is required to make use of auto-exchange. Just add the pockets handle of the cryptocurrency wherein you wish to receives a commission (ETH, BTC, or NANO) to your miner settings.
As of now, auto-exchange works solely in 2Miners Ethereum swimming pools (PPLNS and SOLO). We may also add auto-exchange for different cryptocurrencies in our swimming pools sooner or later. We are trying ahead to your suggestions in our Telegram chat and on Twitter. We need our customers to get payouts for cryptocurrency mining as simply as attainable. Thank you for selecting us!