If you mine it with the GPU right now you are wasting resources because the difficulty is so low, even with single core of a celeron CPU you can mine it. I say more, right now, it costs a lot more sending the solution than solving it, the diff is more or less at 5, unless it increasses to 1000 or something like that you still can mine it with CPU

The eth you need is to pay the "gas" because you are mining a token on the ETH network. Now i have 195K Kiwi tokens and spent like 25€ in eth but because i "burned" it more than was needed because i was doing some tests for myself. By the way, when pools become available you won't need to spend eth anymore