How to set up Ethereum Layer 1 payouts on Cruxpool?
Today, Ethereum Network gas fees are expensive, so we can no longer pay the transaction fees. To solve this problem, we have chosen a Layer 2 payment solution: zkSync.
With zkSync, the exchange and transfer of cryptocurrencies are faster and cheaper than on the Layer 1 Ethereum Network. But you may want to stay on Ethereum Layer 1 anyway.
But how to set up the right payout options for information like gas price limit with Ethereum Layer 1?
Focus on Ethereum Layer 1 payouts on Cruxpool.
How to set up Ethereum Layer 1 payouts when I am an anonymous miner or with a Cruxpool account?
I want to set up Layer 1 payouts as an anonymous miner
No need to add an Ethereum crypto wallet address, you are paid on the one you are mining with.
There are different crypto wallets that exist on the market, we have made several tutorials on the use and creation of crypto wallets.
If you are an anonymous miner, you have two solutions: use an IP address or sign with a MetaMask Wallet.
Go to your dashboard, then “Earnings” and click on the “Set my payout” button. A window opens:
You can select your payout options like payout threshold or even gas price limit. You must stay on “Mainnet” for Ethereum Layer 1.
For information, the minimum threshold for Ethereum Layer 1 is 0.01 ETH.
For the gas price limit, we will see how to choose the right gas fees in the second part of this tutorial. The amount of these fees will be automatically deducted from your balance and you will not have to worry about it! To give you an idea of the estimated cost of your gas price, we have set up a gas fee calculator available under the “Limit gas fee” insert. For example, if your payout is 0.01 ETH – which is about 10 $ today – you will have the amount indicated on the gas price limit to pay. If the gas price is 1 $ or 0.001 ETH, you will have to subtract 1 dollar (0.001 ETH) from your payout. You will receive the equivalent of 9 $ in ETH.
Then, you should connect your MetaMask Wallet or you will need your IP address associated with your worker. You can find the IP address at whatsmyipaddress.com.
If you choose a MetaMask Wallet, a MetaMask window will open. You have to select the crypto wallet you want to connect, click on “Next”, then “Connect”.
The connection will take place and you can click on “Save my changes” to confirm payout options for Ethereum Layer 1.
A last MetaMask window will open, it will ask you to sign to update the configuration.
I want to set up Layer 1 payouts with a Cruxpool account
If you are mining on Cruxpool with an account, the process to set your crypto wallet is the same as adding another crypto wallet.
Go to “Settings”, “Payouts” and click on “Add a wallet”. The “Setup your payout address” feature opens:
You can stay on “Mainnet” which represents the main Ethereum Network (Layer 1).
Write out your payout threshold and gas price limit. Then, you can click on “Save my changes”. For the estimation of the gas price, we invite you to discover the second part of our tutorial to know how to choose the right gas fees.
Then, your payout preferences have been updated. It will take 24 hours for your crypto wallet address to be validated.
How to choose the right gas fees for Layer 1?
We can ask why Ethereum Network has set up a gas system on Ethereum Layer 1.
On many cryptocurrencies, transaction fees are fixed and depend on the value of the cryptocurrency. If Ether is worth 10 dollars and you have to pay 0.1 ETH to make a transaction, then it would be 1 dollar per transaction. But if Ether is 1000 dollars, then the fee would be 100 dollars. Not many people would be willing to pay that much.
With its gas system, Ethereum has decoupled the price of transactions from the value of ETH. Users are therefore guaranteed to pay roughly the same for every transaction they make on the network, regardless of the value of ETH.
Gas can be considered as a fuel that is used to pay miners whose price depends on the complexity of the transaction. A simple transfer of Ether does not require too much work, but the realization of a smart contract requires more resources. An analogy can be made between a cab driver and a moving truck. The fuel budget is not the same in these two cases.
On the Ethereum Network, the gas limit is the maximum limit you are willing to pay to complete a transaction. It is important to set the limit neither too low nor too high. So if you want to keep receiving your Ethereum payouts on Layer 1, you should make sure to configure appropriate gas fees.
If the limit is too low, there is little chance of the transaction being processed. If the limit is too high, it can be problematic if a bug appears or if you make a wrong manipulation. In this case, you may spend too much money or the transaction may fail. The money would then be lost.
The gas price is the price you are willing to pay for a unit of gas. It is measured in Gwei, which represents 1 billion Wei. To make Ether, it is necessary to have 1 billion Gwei.
On Cruxpool, the gas price is automatically limited to 10 Gwei to avoid potential mistakes. However, it is always possible to decrease or increase these values as you wish, but we advise you to be careful and not to risk making mistakes that could prove costly in case of wrong manipulation.
For those who are not sure how many Gwei it is recommended to insert to make a transaction, it is possible to consult Etherscan.io or you can join our Discord to use our gas tracker. It is recommended to make a transaction in a fast, normal or slow way. If you are not in a hurry to make a transaction, you should use the number of Gwei for a normal transaction.
You can use the bot @GasTracker to open a private conversation that will allow you to use commands such as:
- !help : To get the list of commands
- !fees : To get the cost for each transaction type
- !gas : To get Ethereum gas prices
You now know how to set up your Ethereum Layer 1 payouts on Cruxpool! We hope that you understand a little bit how the payouts on the Main Ethereum Network work on Cruxpool and that the gas fees settings will not be a problem for you anymore.
If you are a new miner, do not hesitate to join our mining pool Cruxpool!
Happy mining on Cruxpool!