Cheapest Way to Cash out ETH?

Hi all,

I have received a 3080 and am mining ETH.

I'm in it for the short term only, until end of year, so don't want a hardware wallet.

What's the cheapest wallet/exchange (including referrals?) to turn my nicehash ETH into AUD?

I'm totally new to this so please explain clearly.

Thanks

Comments

  •  

    EIP 1559 is coming. Selling ETH now for short-term gains is a mistake.

    https://watchtheburn.com/

    •  

      Could you explain further please?

    •  

      as a forced ETH hodl-er , i sure hope EIP1559 helps the price…

  • +3 votes

    This is why these cards are so overpriced

    •  

      This was the only way to get a 3080 at time of purchase. I succumbed to the pricing, now I gotta make it back so I'm not financially screwed by the purchase.

      Original purchase reason is 4k gaming, sad reality is being forced to mine due to the inflated 3080 pricing.

      • +3 votes

        Needed to buy a top of the line graphics card? But can't actually afford it unless you jump into mining which will have dubious returns at best.

        Sounds like better advice is you should sell the graphics card and buy something more affordable/not jump into 4k gaming as it's not within your budget.

        Love the sob story about being forced to mine and financially screwed over because… well your own poor choices actually.

        • +1 vote

          Hyperbole, cakehole. Put your internet glasses on. It's called embellishment.

          Quite clearly I could suck up paying hundreds extra (and increasing) than the LHR price, or I could make it back. No brainer really.

    •  

      Nope not even close.
      TSMC shortage was due to the pandemic, water shortages at the Taiwan fab and car manufacture demand at an all time high.
      Sure people bored at home during the lock down demanding entertainment, thus wanting to source a new card hasn't helped.
      Thus people only believe like yourself the miners are to blame. It's much deeper.

    • +1 vote

      GPU selling above retail price had little to do with mining. It was a popular and convenient narrative used by mainstream media for click baits.

      People were stuck at home for most of last year with nothing to do. Anything that could be used as therapy for boredom exploded in price.

    • +3 votes

      This is why these cards are so overpriced

      GPUs are overpriced because some dude with one 3080 who would have bought it anyway is choosing to mine…?

      What are you on about?

  • +2 votes

    btcmarkets or binance AU would do

  •  

    Mine straight to a metamask account and sell for cash on FB marketplace/gumtree.

    Or you could mine straight to an exchange wallet and sell that way, but that leaves a paper trail.

    •  

      A better option would be to lock the ETH in a CDP, take out a 1% loan, spend the loan on a latte and keep mining. Then rinse and repeat.

      •  

        Some people want to see some form of ROI in tangible assets, and hodl/stake the rest.

  • +5 votes

    Transactions on the Ethereum Network are quite expensive.
    Fortunately Ethermine.org offers the ability to payout your mining funds on the Polygon Matic Network, saving on fees.
    So to maximise your gains you could create a metamask (browser based) wallet, and a Binance account.

    You Add the Polygon Matic Network to your metamask wallet, Set ethermine to payout to polygon matic.
    When you receive Eth, trade it to matic on quickswap*, then you can send it to your binance account, then you can trade it to AUD on Binance, then you can withdraw it to your bank account.
    Note when you do your first transaction on Matic, you will need some Matic in your wallet to pay the gas fee. Matic Gas fees are usually around 0.001 Matic (less than a cent). You can either buy a small amount of matic on binance and send it over, or get some free matic from a matic faucet.

    A simpler but less profitable method would be to simply set your miner to deposit ETH directly to your binance (or other exchange) account over the ETH (ERC20) network. However you would make less due to ETH fees, and the deposits would be less frequent as there are higher minimum payout limits for ETH.

    Also, Rektrading makes a good point. There is a possibility that the value of ETH could increase significantly after the upgrade, so it may be in your best interests to hold some for future speculation. But for guaranteed returns, just sell it into AUD as you receive it.

    *You need to trade eth to matic because binance only accepts deposits of matic from the matic network. It is very important to understand that the matic network and the ethereum network are not directly cross compatible. You can not send ETH from an ETH wallet on the MATIC network, to an ETH wallet on the ETHEREUM network. You would need to use an ETH-MATIC Bridge to transfer ETH between networks. Binance is good because it is one of the few exchanges that natively supports the Matic network.

    Sources:
    Creating a metamask
    Adding Polygon to Metamask
    Getting started mining
    Polygon Matic Faucet
    Quickswap exchange
    Binance (with random OzB referral)
    ETH-Polygon Bridge

    WhatToMine estimates $7 revenue per day with a RTX 3080 ($5.50 profit after power costs). But don't forget to declare it as income as it will be visible to the ATO.
    Good luck!