From 1 June, Ethermine will offer an additional payment method on the Polygon network. This addition allows small miners to receive payouts more frequently. (0.005 ETH/day) and make additional gains by using various DeFi products on Polygon while mining.
A simplified visual overview of the connection of both networks:
The Bridge is a tool to transfer funds between Ethereum and Polygon. Transferring funds from Polygon to Ethereum costs ~$12 (in current market conditions) or around ~0.005 - 0.01 ETH.
Please read the whole post before switching your payout method to understand what the entire process is.
Ethermine Discord Server: discord.io/ethermine
Misconceptions are floating around about this payment method, and for this reason, we will go through them one by one:
Q1: Will I receive the $MATIC token as a payout if I choose the Polygon payout method?
A: No, you will still receive ETH, just on a different network.
Q2: What are the requirements/What do I need to start?
A: MetaMask Wallet, and around 0.01 ETH on the Ethereum mainnet to cover transaction fees if you want to withdraw funds from the Polygon network to the Ethereum network.
Q3: Can I send my funds to an Exchange if I receive them on the Polygon network?
A: If you want to send your funds to Coinbase/Kraken/Bitfinex, you will need to move it through the Matic bridge first and THEN to an exchange. Currently, AscendEX is the only exchange that supports direct deposits on the Polygon Network.
Please do NOT send it directly to an exchange on the Polygon network that does not support Polygon deposits, or your funds will be lost.
Q4: “I mine directly to an Exchange. Can I still use the Polygon payout method?”
A: No, in order to change your payout method, you will need to change your payout option to Polygon by signing a message on Metamask on your mining dashboard on Ethermine.org.
In other words, you will need to have access to your private keys. Otherwise, this will not be possible for you.
Q5: “Am I making a worse deal if I have to cover transaction fees to transfer from Polygon to Ethereum? It costs quite a bit and will make it hard for small miners.”
A: It depends on a few factors.
Just because you pay fees doesn’t necessarily mean you just made a worse deal.
Imagine the following scenario:
You mine for 4 weeks to receive your payout, but the ETH price decreases in the meantime. So you essentially just lost a lot of money because you weren’t able to sell your earnings.
This won’t be an issue with Polygon payouts!
Small miners will receive daily payouts and can sell them for USD tokens on QuickSwap DEX, thus settling their mining rewards every day in USD.
The miner still needs to pay fees once it transfers the funds back to the Ethereum network, but that might be very little compared to the potential loss you could’ve made during an ETH price decrease.
In addition to that, by decreasing the frequency of (small) payouts, the Ethermine pool can fill blocks with transaction that have a (high) gas price and thus increasing the miner profitability!
Q6: "What can I do on Polygon?"
A: Look into DeFi products! You can potentially lock your funds into DeFi and make additional gains while mining.
Q7: “This is too complicated for me. Can I receive my payouts as usual?”
A: Yes! Simply keep mining. Payouts above 0.01 ETH will be sent out on the 28th of each month. Balances above 0.1 ETH are sent every day.
MetaMask is a tool to access your wallet by either creating a new one or importing an existing one!
(You cannot import exchange wallets)
Setting up Metamask video tutorial:
Change MetaMask language:
How to import your keys/wallet to MetaMask:
4. How to use Polygon & Ethermine.org
Changing your settings
1) Make sure your dashboard address matches the current wallet address and the Network is “Ethereum”.
2) Connect MetaMask with Ethermine.org
3) Change your settings and click "Sign & Save Settings
We have received our first Payout!
Let's access our funds with MetaMask.
1) Add "Matic Network" to MetaMask following this guide:
2) Head over to https://wallet.matic.network/login/ and login and add the ETH token to your MetaMask by clicking the three dots.
3) Transaction fees on Polygon need to be paid with the MATIC token. Only a very small amount is required for transactions (~0.0001 MATIC).
Claim free Matic tokens from the Matic Faucet https://matic.supply/
4) Optional: Swap your ETH to USD Tokens on Quickswap
First send a transaction to "Approve" then to "Swap"
5) Time to send our funds to one of the big exchanges like Coinbase/Kraken/Binance ...
Since most exchanges only accept deposits on the Ethereum network, we will need to send our funds to the Ethereum network first.
This process consists of 2 transactions. One on the matic network, the other one on the Ethereum network.
Head over to the Bridge user interface and make sure to have the following settings:
MetaMask Network: MATIC
FROM: MATIC NETWORK
Transfer Mode: PoS Bridge
*Wait ~1 hour for the checkpoint on Matic*
If you mistakenly have closed this page, you can go back to the Bridge interface and press
(It takes a minute for the button to appear!)
5) Final transaction to withdraw your funds back to the Ethereum mainnet.
Switch your Metamask Network to "Ethereum".
Make sure your Wallet has ~0.01 ETH on the Ethereum chain to cover these transaction costs!
As you see, this is the most expensive part of the whole process. Withdraw wisely by accumulating some ETH on Polygon to save yourself costs.
Depending on the current market conditions this transaction costs ~$20.
Once this transaction went through, the withdrawed funds will appear in your Metamask wallet on the Ethereum Network. (Change your Metamask network accordingly!)
You can now send the funds to your Exchange.