We are launching a new payout system on Ethereum pool 2Miners in order to give our users an opportunity to not pay ETH network fee when receiving transfers from the pool and even to mine Bitcoin on video cards. In this article, we will tell you more about how the new system works and what settings you need to use.
Spoiler: you can now get payouts from the Etherium pool starting at $1.75 with no fees every day. Pretty cool, huh?
Ethereum miners started earning less after London update
For the last two months after the London update, there have been constant problems with transfers on the Etherium network. The price of transfers is too high, in addition, they are often delayed.
The main problem: For example, a miner with one video card a day earns about $3. This means that he has to pay $7.5 – which is almost 10% of his earnings – to withdraw his monthly reward of $90. This is a lot, and many miners want to get money every week, or even more often.
There has long been a problem in the Etherium network with high commissions for transfers between addresses. Previously, it did not affect the mining pools in any way, because they could choose which transactions and with what commission to include in their blocks and which not. Now mining pools have no preferences and are forced to send payments to miners at the market price.
If we go in and look right now at the transfer price on the Ethereum network, we see that it is $10 per transaction.
The reason is the congestion of the ETH network. The London network update, which among other things made it impossible to include payouts with any value in blocks, as well as reduced the total income of miners, was supposed to solve these problems, but in fact the developers of the coin have only made things worse. More transfers are waiting in line, raising the base price of gas. You can read more about the concept of gas in a separate article “What is gas in Etherium?”
In the case of smart contracts, which are often used by cryptocurrency exchanges or online wallet services, each transfer costs even more – up to $20-30.
All we can do as a mining pool is to limit the maximum price of gas at which we send payments, so that our miners don’t lose most of their revenue to commissions on payments. Right now, our maximum price for gas is 100 gwei, which means that a miner pays no more than $7.6 when receiving a payment to a standard address. That’s a decent amount, isn’t it?
Delays in payments to Etherium miners
The high price of transfers in the Ethereum network gives rise to the second problem – payments are delayed. This happens not always, but only on days when the Ethereum network is too busy. Unfortunately, lately the network is almost always busy, and we don’t think anything will change for the better in the future. The number of active cryptocurrency users is only growing.
As a result, miners also suffer. The pool only pays when the transfer price drops to a sane value of less than $7.6 per transfer. The rest of the time, miners have to wait for their payments in the hope that the price of gas in the Etherium network will drop.
Let’s take a look at the table with the historical gas price for the last week. As you remember, the limit on the pool is set at 100 gwei. The table can be roughly divided into 2 parts: on the left 3 days (October 2-4) the pool paid without problems, on the right 4 days (October 5-8) the pool paid with regular delays.
Support receives constant complaints, saying “you don’t pay,” and what can we do? Only raise the gas limit even higher. But then how much will the transfer cost? $20? $30? This is unacceptable. Most of miners will not understand such a decision and will be forced to seek other sources of income, as a simple change of pool will not solve the problem, and it is the same story everywhere.
Resolving payment problems from 2Miners.com
Let’s say you are a small miner with one video card and you want to see the result of your work on the wallet today, without paying a cosmic commission of Ether. What to do?
The logical solution would be to receive payouts in another cryptocurrency network, where there are not all these problems. We studied popular coins in terms of transaction price and speed. The most attractive currency turned out to be Nano with the ticker NANO. What is it?
Nano is around 100th place among all cryptocurrencies by capitalization – 113th place at the moment.
The main advantages of Nano are instant and absolutely free transfers.
Nano is present on many cryptocurrency exchanges, the daily trading volume exceeds 15 million dollars. Once you receive a payout from the pool, you can exchange Nano for any other cryptocurrency at any time – and even back to Ethereum. And in doing so, you’ll have more Ethereum than if you were getting paid in Ethereum. Isn’t that cool? After all, a payout from a pool in Nano costs you zero.
We made it possible to receive payouts in NANO on our Ethereum pool.
We understand that you are surprised by the choice of Nano and maybe you don’t trust this coin. And we have another solution – payments in Bitcoin. What could be cooler? Unlike Nano, you will have to pay a small transfer fee, but the amount of commission is still much lower than in Ether.
By the way, a review of the innovation of the 2Miners mining pool is already available in the form of a video. You can watch it for additional convenience.
Payouts in Nano without commissions for Ethereum miners
Imagine, now you can get payouts from the Etherium pool without commission every day, even if you only have one video card. Cool, isn’t it? In addition, the system supports NiceHash, which means you can do without cards.
How does it work?
When the pool reaches the payout amount set by the miner, it automatically exchanges the ETH coins that the miner has earned into NANO. For the exchange at the moment we use the cryptocurrency exchanges Kraken and Binance. The exchange always takes place at the market rate.
For example, you set your payout to 0.0005 ETH (about $1.75). You have gained 0.0006 ETH ($2.1), then the payout process starts. The pool will send your 0.0006 ETH ($2.1) together with the coins of other miners to the exchange, it will exchange them at the market rate to NANO, then it will receive back NANO and pay to each of miners in NANO. That way you will get the equivalent of 0.0006 ETH ($2.1) to your Nano wallet without losing a penny.
Initially, we wanted to withdraw NANO without setting a minimum amount of payment. That is, earned 0.0001 NANO per day (3 kopecks at today’s exchange rate) – you got it. However, we realized that many users will want to mine directly on the exchange, and exchanges have minimum deposit amounts. For example on the Kraken exchange, the minimum deposit is 0.1 NANO. That’s why we have made the minimum payout in NANO on the pool – the equivalent of 0.0005 ETH, about $1.75. Note that any even the most “dead” video card that mines Ethereum will be able to gain the minimum payout in a day.
- Start a local or mobile NANO wallet, or generate a NANO address on a cryptocurrency exchange. The most convenient mobile wallet option is Trust Wallet. Of exchanges we can recommend, for example, Binance, Kraken, Gate.io.
- Specify NANO wallet address in the miner settings instead of ETH address. An example of bat-file for mining with Gminer:
miner.exe –algo ethash –server eth.2miners.com:2020 –user nano_3gyf7qnmkp4puzghqks8pn1rfxsubhpya4m5hohdeqkejdjtpwd4tkfxz6a9.RIG_ID
- Once you start mining, you can go to your stats page by typing your wallet address into the search bar at 2Miners.com. Your address will also be displayed in the list of all pool miners, along with the usual ETH addresses – for example, here. On your stats page, you can set the payout amount you want. However, this does not make much sense, because NANO has no transfer fees. You can receive payouts as often as you want without any losses.
When Nano Payouts Happen
Payouts are made once a day at 12:00 UTC – that’s 15:00 Moscow time. Payouts are not instant, because you have to transfer earned ETH to the exchange, exchange it and withdraw it back. The whole process usually takes less than two hours, but some delays may happen. In the future, we plan to make payments more often than once a day.
When receiving payments in NANO Miner does not pay any commissions. Absolutely no commissions.
After the payout and during the payout process itself, you can track all the status of the exchange system, check the exchange rate, follow the movement of your funds from the moment you send ETH to the exchange to the receipt of NANO by you – we are for full transparency. The pool does not earn anything extra from this process: all exchanged funds are paid in full to the miners.
Autocurrency exchange for mining. Total
If you mine Ethereum on the 2Miners pool, choose one of the three currencies to make payouts: Ethereum, Bitcoin, Nano. The minimum payout for Ethereum and Bitcoin is 0.005 ETH (about $18), for Nano it is 0.0005 ETH (about $1.8).
ETH payments are made within two hours after you reach your payment limit. BTC and NANO payouts are currently made once a day at 12:00 UTC.
You don’t need to do any special settings to use the auto-swap feature. Just set the wallet address of the currency in which you want to receive the payment – ETH, BTC or NANO – in the settings of your miner.
At the moment the auto exchange system works only on Ethereum pools of 2Miners – the collective PPLNS pool and SOLO pool. We are considering the possibility of launching autoexchange for other coins and on our other pools.