How do I collect money from Ethermine pool?

[E-Waster]

hello, Iam new to mining.

I started mining 'ethash' yesterday and once I reach my 0.1 ether threshold on ethermine, it says it will automatically pay it into my account. 

What account will it pay the money into and how?

 

Do I have to set up a coinbase account?

 

Thanks

[tikker]

You did set up a wallet right? Ethermine pays out to your wallet. When that is depends on how much you mine.

Quote

• If your unpaid balance is greater than your configured payout threshold (Min: 0.1 ETH, Max: 10 ETH, Default: 1 ETH) your account will be paid out during the next payout round, usually after 5 - 10 minutes
• Unpaid balances above 0.05 ETH will be paid out every 7 days automatically
• Unpaid balances above 0.01 ETH will be paid out every second weekend automatically independent of your threshold. (Example 0.)

 

[LazyDev]

• You'll need a miner.
• You'll need an Ethereum wallet. I use MyEtherWallet.
• You connect to the pool, https://ethermine.org/start. The username is your Ethereum wallet, such as 0x8B73421903539C47511bdaF3ACf38A5c40749b7d 

To convert the Ethereum to other currencies, or to flat (That is, USD, GBP etc.) you'll need an exchange. Coinbase is a reputable example. Just be aware, that they require full verification before you can use the service.

 

With these steps done, you can mine crypto, and have it deposited into your bank account within 24 hours of reaching the thresholds of the pool of your liking.

 

In terms of choosing a mining pool, it's best to choose the one where the server's have the lowest ping to you. This will significantly reduce "stale shares", where the share took too long to get back to the server.

 

 

[E-Waster]

On 4/19/2021 at 7:37 AM, LazyDev said:

• You'll need a miner.
• You'll need an Ethereum wallet. I use MyEtherWallet.
• You connect to the pool, https://ethermine.org/start. The username is your Ethereum wallet, such as 0x8B73421903539C47511bdaF3ACf38A5c40749b7d 

To convert the Ethereum to other currencies, or to flat (That is, USD, GBP etc.) you'll need an exchange. Coinbase is a reputable example. Just be aware, that they require full verification before you can use the service.

 

With these steps done, you can mine crypto, and have it deposited into your bank account within 24 hours of reaching the thresholds of the pool of your liking.

 

In terms of choosing a mining pool, it's best to choose the one where the server's have the lowest ping to you. This will significantly reduce "stale shares", where the share took too long to get back to the server.

 

 

Thanks. I got MetaMask - is that a good wallet?

[E-Waster]

On 4/18/2021 at 2:39 PM, tikker said:

You did set up a wallet right? Ethermine pays out to your wallet. When that is depends on how much you mine.

 

I really don't understand ethermine's theshold policy. 

My threshold is currently 0.1eth. It will probably take me about 2 and a bit months to reach that. But apparently in some cases threshold doesn't matter?

[LazyDev]

18 minutes ago, WhatNot98 said:

I really don't understand ethermine's theshold policy. 

My threshold is currently 0.1eth. It will probably take me about 2 and a bit months to reach that. But apparently in some cases threshold doesn't matter?

The threshold is the amount of which you'll have to reach before it gets transferred into your wallet. This is a pool dependent feature in terms of amount. Nanopool, for example, goes as low as 0.05 Ethereum. It's not a critical feature, but you want as little crypto tied in the pool as possible. Your wallet is the safest place for your crypto to sit. 

 

You'll also want to balance the threshold to amount of mining hash power that you have, as some pools limit the amount  of transfers a day. Nanopool is 1 per day, and Ethermine only cashout on weekends.

 

I've not heard of MetaMask, but it can do as a wallet, as long as it is reputable. If you decide to dig into crypto in the long run, it could be worth investing into a hardware wallet.

[tikker]

1 hour ago, WhatNot98 said:

I really don't understand ethermine's theshold policy. 

My threshold is currently 0.1eth. It will probably take me about 2 and a bit months to reach that. But apparently in some cases threshold doesn't matter?

The threshold only applies for revenues above 0.1 ETH I believe.

[airborne spoon]

metamask is a good wallet, its what I've used for the last 4 years or so without issues.

for ethermine.org they have a payout system the min payout every 24 hours is 0.1 if you have between 0.5 and 0.9 you get paid in a week if you have between 0.01and 0.49 you get paid every 2 weeks. they payout policy can be seen on the ethermine website where it breaks this down for you.

[Psittac]

On 4/18/2021 at 4:21 AM, WhatNot98 said:

hello, Iam new to mining.

I started mining 'ethash' yesterday and once I reach my 0.1 ether threshold on ethermine, it says it will automatically pay it into my account. 

What account will it pay the money into and how?

 

Do I have to set up a coinbase account?

 

Thanks

Did you put your wallet address in the config file?  If not you're just mining into the default wallet.  You can check if you are paying to your wallet by searching for it in the search bar on ethermine.org and it will give client info, payout hashrate etc for everything going into your wallet.