IMPORTANT: London Hardfork Payout System Changes. Action Required!
Tags: Cryptocurrency, Ethereum, Ethereum Blockchain, Ethereum London

Hey miners!

As you know Ethereum London hardfork is coming in less than 24 hours. This major network upgrade contains four Ethereum Improvement Proposals (EIP) which will activate a mechanism that would burn a portion of Tx fees paid to miners. Once it takes effect, increased network usage will result in a higher amount of ETH being burned.

Which means that Ethereum mining pools will have to revise their current payouts mechanisms. As you know, up until now Ezil had been paying network fees when sending daily ETH payments to miners. The pool was able to send out very low cost transactions and mine these same transactions to minimize the withdrawal costs. When Ethereum London upgrade is live, the pool will no longer be able to do this.

So Ezil as well as many other ETH pools will have to introduce a new system where the transaction fees are paid by miners. Therefore transaction costs will be deducted from your balance.

We realise that miners might have different priorities and some will prefer to pay a higher gas fee while others will choose to wait for the lower network fees. That is why starting from 5 August 2021 (after 12 pm UTC) miners will be able to set up the desirable transaction fee based on their personal priorities.

IMPORTANT: You have to go to your account and set up the Gas price suitable for you (in Gwei units). We will not be processing your payout until you do so.

Click on Unblock Payouts to set up your Gas price. Fill in all the fields and confirm changes by entering the external IP address of your rig.

If you are not familiar with the Gas fees and can’t figure out which limit is appropriate here’s a link to the website to help you calculate the transaction fee suitable for you. As of now we set up a reasonable (in our opinion) maximum limit of 40 Gwei for all the miners to prevent you from overpaying for the Gas. However, if you are willing to pay more than 100 Gwei please contact us.

Again you have to set up your Gas fee in order to receive your next payout. The higher Gas price will make your payout faster but more expensive.

Other changes to payouts scheme:

After the hardfork we will stop automatic 0.01 ETH payouts every 14 days since miners will be able to set up 0.01 ETH min payout manually and receive them daily.

The minimum payout for ETH by default will be 0.05 ETH unless you manually set up otherwise (note that you can still set up 0.01 ETH payout if you wish).

There will be changes to the payouts schedule as well. From 5 to 8 August 2021 payment schedule will remain the same — daily from 6 am to 12 pm (UTC). Starting from 9 August 2021 we will be processing miners’ payouts on an hourly basis (provided that you’ve reached your min payout limit and your desirable Gas fee matches the current ETH network fee).

payment schedule will remain the same — daily from 6 am to 12 pm (UTC). we will be processing miners’ payouts on an hourly basis (provided that you’ve reached your min payout limit and your desirable Gas fee matches the current ETH network fee). Your payment will be sent out within 1 hour once those 2 requirements are met (min limit + Gas price).

Pool will be sending no more than 1 payout per account within 24 hours (even if you reach your minimum payout more than once a day). But this is a trial feature, we will be gathering feedback from miners to make it more convenient for you.

ETC and ZIL payouts will stay the same, you don’t have to do anything.

Later we will develop a fully manual payouts system where you will be able to process your own payouts by yourself regardless of the pool’s payments schedule and your previous settings.

Please make sure you set up your min payout limit and max Gas price to ensure uninterrupted payouts.

Our team will be happy to help should you have any questions.

Ezil team