Howto: From Ethermine Payouts to Binance Wallet

This post is for miners who have configured their Ethermine to payout to Metamask via L2 Polygon(MATIC).

With Ethermine able to deposit payouts to Metamask via L2 Polygon (MATIC) network, miners don't have to pay the expensive Ethereum Mainnet gas fee. 

However, if you prefer to see your ETH in your exchange such as Binance instead of Metamask, then it'll be a long road. This post has all the steps required.

I'm writing this post because I hate to watch time-wasting tutorial videos. Most of the tutorial videos can be replace with a few screen shots easily, and takes less than 3 minutes to read. Also it's much easier to follow screen shots than videos. Hope you enjoy it.

What's In This Post

The whole steps are:

1. Convert wrapped ETH token in Metamask to MATIC token
2. Send MATIC token to Binance wallet via Polygon network

Then, for those who wonders:

"Hey, what I want to HODL is ETH, not MATIC!", 

They can simply do one step further, such as one of the steps below in Binance:

• Convert of MATIC to ETH with Binance's Convert function, or
• Sell with MATIC/ETH pair, or
• Sell MATIC to BUSD, then buy ETH with BUSD

Let's Do It

So now you have received the 0.005ETH payout from Ethermine in your Metamask:

The first thing you need to do is to convert all WETH to MATIC so you can do sending in Polygon. 

However, you'll need to pay gas fee in MATIC to do the conversion - which you don't have. Kind of chicken and eggs, right? Fortunately, Polygon provides "Swap for Gas Token" tool. 

From your browser, navigate to https://wallet.polygon.technology/gas-swap/:

Click the "Connect to a Wallet" button on top right of the page, then select "Metamask":

You'll see Metamask popped up, click "Sign", then you're ready to the tool.

Select "1 MATIC" (this should be way much more than required to send a Ethermine payout 0.005 of ETH) , then click "Select Token", you'll see a token list popped up:

Search for ETH, and select the "Pos-WETH" (not other ETHs). Then the tool will show how much ETH it'll cost to swap 1 MATIC.

Since we've got ETH in our wallet so you shouldn't have problem in "Approve" and "Swap". Please note that the exchange rate between ETH/MATIC varies. Fortunately, we're only swapping for 1 MATIC so let's not worry about the exchange rate here.

Once it's done, we go back to Metamask, you'll see now you have 1 MATIC and 0.004 ETH (display truncated) in your assets.

Next, we convert ALL your ETH to MATIC (so we'll be able to send them in Polygon network). Click "Swap" button to reveal the Swap screen:

Under "Swap from", select "ETH", then click the little "Max" on top right of the amount field. You'll see exactly how much ETH will be swapped.

Select "MATIC" for "Swap to". Then "Review Swap" to see the quotation screen:

Have a look at the network fee here. This fee changes a lot every hour, and is based on how much you're going to swap. The more you swap the more the network fee. If you're not happy about the fee now, check back one or two more hours later (or even tomorrow).

IMPORTANT: If you're using Metamask mobile app, you'll see the network fee is way more expensive then web plugin. So don't use Metamask mobile app unless you don't have the choice.

Click "Swap" to confirm the swap. You'll see all your assets becomes MATIC, and ETH becomes 0.

Now you're ready to send them to Binance. Click "Send":

The address in "Send to", please paste your Binance Wallet address IN Polygon Network (if you're not sure what does this means, check section "Find your Binance Wallet address IN Polygon Network" below). 

💣 Important Notice: Your tokens will go into a black hole and you won't be able to claim them back if you incorrectly provide a non-Polygon wallet address here.

Click "Max" under "Amount" so every cents of MATIC will be sent. 

IMPORTANT TIP

Always leave 0.1 MATIC in the wallet so next time you don't have to do swap for gas token steps. For example, you click "Max" then it's 7.70346, you just change it to 7.60346 so you'll keep 0.1 MATIC in the wallet.

Click "Next" to confirm the sending, then it's done.

It'll take a few minutes to arrive your Binance Wallet.

Find Your Binance Wallet Address For Polygon Network

In your Binance app, go to "Wallets", then click "Deposit". Search for "MATIC":

Then in "Deposit MATIC" screen, select "Polygon":

You'll see the address screen. Make sure the network is "Polygon". Copy the address.

Loss During Swapping And Sending?

Let's break down the costs

• Swap for gas: No fee.
• Swap ETH to MATIC: For 0.005 ETH payout, it varies a lot. However I can always find a quote between $0.02 ~ $0.1 USD.
• Send MATIC to Binance: Polygon Network gas is so inexpensive for sending, usually far less than $0.01 USD. (Most of the time I see it's displaying $0.00 because display truncated)

The total cost is far less than $0.2 USD, which is around >1% of 0.005 ETH. I'm quite happy about the cost for these small amount payouts.

The only risk would be the exchange rate changes between MATIC and ETH because you end up with MATIC in your Binance wallet, and the value trend of MATIC is not in sync with ETH. So I used to exchange to ETH as soon as I received MATIC to minumize the exchange rate change. However, who can be so sure that HODL MATIC is not as profitable as ETH?