There is lot of fee involved at various stages from mining and converting your ETH to USD in your bank account. As I have just started, I am using HiveOS (no fee for 1 rig) with Ethermine pool (it has its own fee) using NBMiner (development fee) and then Metamask (again a network fee / gas fee) to move the funds from Ethermine.org to my wallet which is Coinomi. I cannot move funds to bank directly from Coinomi, for that I transfer the ETH from Coinomi (again transaction fee) to Binance exchange. From Binance exchange I transfer ETH to USD (again a fee). Can someone help me find a better solution with less hops involved and less fee?
The FIRST thing I would do is get off of Metamask. Privacy nightmare with that utility! What I did to avoid all fees altogether is mine directly to a Ledger Nano X but I don’t convert my Eth to Fiat at all, I HODL it. If you must convert to Fiat, just mine to a Coinbase Pro wallet and then withdraw it to your bank account. I use T-Rex miner and HiveON Pool. No fees associated with these.
Thank you @Icona
So you mean I can directly mine to Coinbase Pro wallet, but I would still need ethermine.org right or is there a better way if you or anyone else can explain.
Also T-Rex miner has no dev fee? and is HiveON pool more effective than ethermine.org pool?
Yes, you can mine directly to Coinbase Pro which has better fees than the regular Coinbase app. If you use T-Rex miner with HiveON Pool, you won’t pay any fees at all and you won’t need ethermine.org. With this setup, you’ll pay a small fee just once when you convert the Eth to Fiat in order to deposit into your bank account. If you don’t need to convert to cash right away, I would simply mine to a hardware wallet and store your keys/coins there.
So I don’t even need the coinbase app. I can mine directly to Coinbase pro on the Coinbase Pro wallet address, right?
Just to clarify: trex miner has still dev fee, even if you mine at hiveon pool.
Normally I mine to my Binance ETH wallet, doing that you reduce fees to minimum.
I tried Binance pool yesterday with GMiner, BMiner, etc but i was getting lot of rejections. The same rig works flawless with ethermine.org what could be the reason?
You have to mine in hiveon pool, Binance is just for the wallet.
oh got it. Binance also has a mining pool hence I got confused with it.
But my question still remains, when I can mine directly to coinbase pro. Why do I need to mine to Coinbase and then transfer from Coinbase to Coinbase pro. Also as you have mentioned about Binance, which one is better in terms of fee… Binance or Coinbase pro.
My sole motive is to mine and convert the ETH to fiat currrency in my bank. That’s what I am mining for, I am not mining to HOLD the ETH.
I told you about Binance because I use it and I’m happy with it.
You are free to use the exchange you like.
Mining directly to an exchange wallet is the only way to bypass transfer fees.
Thanks @ramses and @Icona
But there is a problem. The problem is that you cannot request funds mannually for Binance. I tried it yesterday using Metamask and I was unable to do it. Because Metamask ask for Private key string and there is no way I could find a private key for Binance!
so… no one has answer to this and I am stuck forever
@say2paul , you need to find the cheapest way from your GPU’s to fiat. There are many ways to do that. All we can do, is to tell you how we do it.
Here is my solution.
I use HiveON pool. When I reach 0,1ETH they send it to Binance.
For me, I just leave the ETH there for time being.
I did get a Binance VISA-card, so if I like, I can just use the Crypto for shopping. No need to change to fiat first. Its always been, every time you move or change currency, there are someone in the middle, making money from you. Thats nothing new for crypto.
That is my way. I realize it’s not “fee-free” HiveON says they don’t charge, but the miner i chosen does mine 1% for the dev. And then Binance has there exchange rate. (No different than changing from EUR to USD and the back to EUR again would leave you about 10% short.)
I do not think there exists a free path from GPU to fiat?
What, you really can’t move your eth from metamask to Binance? Damn, that’s what I was hopping to do as I’m half-way through my 1st payout. What will I do with that 0.1 eth on my Metamask then?
As far as I know you can implement Metamask in Binance Smart Chain, then you can move your ETH to the the other Binance chain