I mine ETH. I have flexpool.io configured to pay me out after I accumulate 0.05 ETH which is about $140 right now.
They pay me out to my MEW wallet and the transfer costs me about $7.
I then have to transfer from my MEW wallet to my Coinbase wallet which costs me about $5 since I choose the MEW turtle speed which takes longer.
I then sell the ETH immediately because I realize how useless this crypto crap is for transactions or store of value. That costs me about $2.50.
So about $15 in fees to get my $140. You call that a great transfer of value network? I’ve mine cryptocurrency since you could use a GPU for BTC. There is no legitimate use for cryptocurrency today and I doubt there ever will be. It is structurally flawed in numerous ways.
I'm curious, why you don't just have the pool payout straight to your Coinbase wallet, especially since that is your consistent destination, so at least some of the transfer fees are avoided?
I could theoretically do that. But Coinbase says not to. And every single time I transfer ETH to Coinbase they give me a different wallet address to send the ETH to.
Bottom line, they say not to do it and I personally can't guarantee I'm sending the ETH to my Coinbase account with an old ETH address that I've remembered.
Mining profits are pretty low right now with EIP-1559 live, difficulty being so high and reduction in ETH price.
For example, one of my RTX-3070s is making about $2.10 per day after electricity costs. Before EIP-1559 on high volume days (ex: Shiba Inu launch) I was making $75 per day with just one card!
Supposedly Ethereum 2.0 is coming in June although that has been delayed repeatedly. So who knows when ETH will switch from PoW to PoS. I can't wait for that day to come because then there will be infinite used graphics cards readily available for sale. Everyone thinks they'll move on to Raven or ETC or other coins but those coins can't handle the hashrate that is current on ETH so I truly think PoW mining will not be profitable after Ethereum 2.0.
Let me know if you have any questions but basic setup I use is gminer on flexpool.io. It's dirt simple to set up if you have a 6GB+ video card (i.e. it has to have enough memory to fit the DAC).
They pay me out to my MEW wallet and the transfer costs me about $7.
I then have to transfer from my MEW wallet to my Coinbase wallet which costs me about $5 since I choose the MEW turtle speed which takes longer.
I then sell the ETH immediately because I realize how useless this crypto crap is for transactions or store of value. That costs me about $2.50.
So about $15 in fees to get my $140. You call that a great transfer of value network? I’ve mine cryptocurrency since you could use a GPU for BTC. There is no legitimate use for cryptocurrency today and I doubt there ever will be. It is structurally flawed in numerous ways.