Many of you must know the enormous cost a miner has to bear while mining cryptocurrencies. Usually miners set up a mining rig which costs a huge fortune.
Expensive hardware with seldom rewards has been one of the major problem for crypto miners but, it has been taken care of with the introduction of MinerGate.
An online public mining pool where a group of people can pool their resources to make mining less expensive.
MinerGate was the first mining platform to launch public mining pools. This allows a user to mine using their home CPU or GPU without having to set up expensive mining rig.
We have created a comprehensive guide to MinerGate. Questions answered here are:
- What is MinerGate?
- How does MinerGate work?
- How to use MinerGate?
- Fee Structure of MinerGate.
- Is MinerGate a scam or legit?
- Is MinerGate safe?
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What is MinerGate?
MinerGate is a mining platform that allows its users to mine cryptocurrency in two ways- the first option allows the user to mine cryptocurrency using the existing algorithm while.
The second option allows the them to mine the most profitable cryptocurrency (according to the recommendation of their algorithm)
Launched in 2014, this mining platform allows it’s users to mine one cryptocurrency from a range of 12 different coins, which are
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin gold
- Ethereum Classic
- Monero
- Grin
- Monero classic
- Block producers
- Bytecoin
- TRON representative
- Zcash
The best part about MinerGate that it is easy and simple to use. This is because all the complex algorithms have been taken care by the platform developers.
This means, even a beginner with no sophisticated hardware can easily mine cryptocurrency using their platform. Yes, the interface is that simple!
MinerGate a simple ‘download and run’ application. This application has a simple algorithm that makes full use of the mining capability of your device.
However, you can limit your system’s capability. With a few changes in the settings, you can decide whether to dedicate your device fully or partially in order to mine cryptocurrencies.
In simple words the weaker your device is, the lower amount of coins you will generate.After setting up the miner this application automatically adds your device to a mining pool.
The amount of alt coins you earn is directly proportional to the amount of hash power your system contributes towards the mining pool.
MinerGate also provides a mobile app through which you can constantly review your mining process.
How does MinerGate work?
1. Merged Mining
Merged mining implies mining two cryptocurrencies simultaneously on the same algorithm.
The best part about merged mining is that though the mining process of both coins is active but the system does not reduce hash rate for either of them.
This increases your chance of gaining at least one of them. MinerGate is a fan of coins that support merged mining.
2. Smart Mining
MinerGate offers smart mining function to it’s miners. The application calculates the current network hash rate and your PC’s power level to determine which alt coin will be most profitable for you.
This is a unique function that many mining applications fail to deliver. Users can also choose to turn smart mining off if they dislike the application’s choice of coin.
3. Web Mining
Minergate provides its users to mine directly from its website without having to download any software.
However, there are certain risks to web mining. Also due to past situations, it is clear that earning a significant amount through web mining is almost impossible.
Mining Calculator
This mining application allows its users to calculate mining profit in different currencies before mining any coin. Currently, there are four currency algorithm tab on the calculator page:
Ethereum and Ethereum classic Calculator – to calculate your profits in ETH and ETC
Cryptonote and CryptoNight Calculator – to calculate your profits in BTC, XMR, XMC, Fantomcoin (FCN), and DigitalNote(XDN)
Litecoin Calculator – to calculate your profits in Bitcoin-like currencies
Equihash Mining Calculator – to calculate your profits in Zcash and Bitcoin Gold currencies.
The amounts calculated as estimated amounts which are based on current pool fee, 0% bad shares and does not account for orphan blocks or uncles.
How to Use MinerGate?
Minergate, as mentioned earlier, is known for its simplicity and user-friendliness. Following are the steps you need to follow in order to make an account on MinerGate.
Step 1: Visit the official site of MinerGate click on sign-in on the top right corner of your screen. You only need you to give your email address on this page and set up a strong password.
Step 2: Download the software and install it on your system.
Step 3: After initializing the application for the first time allow the application to run a benchmark test and analyze your hardware.
Step 4: That’s it, you can start mining. You can either select ‘Smart mining’ for getting the most profitable coins, or you can select any coin manually.
Affiliate Program
An interesting feature provided by MinerGate is the affiliate program. It allows the account holders to invite people via an affiliate link.
And the company gives you 65% of the profit made on the pool fees paid by your invitees.
MinerGate Charges
Minergate Pool fees are given below.MinerGate does not charge for withdrawals.
As soon as you reach the minimum withdrawal amount (which is different for different currencies) you can withdraw your funds without paying any charge.
Is MinerGate a Scam or Legit?
Well if you look into the reviews of MinerGate you will receive some polar opinions.
Some are fan of the excellent services provided by Minergate while others are quick to call them bogus and scammers.
From what we’ve researched, most of the negative comments are from frustrated users who did not wait for resolving their problem by co-operating with the support team of MinerGate.
Or had the imagination of becoming Richie rich by installing CPU/GPU rigs in their home and pooling resources for mining.
Either way, MinerGate seems to be the biggest loser as these negative reviews hurt their business and this is why we think MinerGate is quite underrated.
A big stereotype about Minergate is that it usually has a newbie-miners base, that’s not at all true! This application provides a great option for experienced miners, too.
Is MinerGate safe?
In this age where hackers are hungry to crawl into your system and take away all your assets.
MinerGate provides a pretty good security system as long as you follow all the standard procedures the company asks you to follow.
This application allows its users to set up a google two-step Authorization which gives an additional layer of security to your account.
Every time you log in to your MinerGate account a time-sensitive code is sent on your mobile phone to check if it is really you who is logging in.
According to the support team, no account with two-step verification has ever been robbed. Also, it is evident that MinerGate has never been hacked till now.
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Conclusion
That’s it. With this, we finish our review of MinerGate. We hope that you must have gained a good insight into MinerGate and its services.
This application is pretty simple to use and even newbie miners can use it without any issue.
Because all the complicated work of mining has already been taken care of by the application builders, this is a must-use application if you are looking for secure yet simple mining software.
Also before joining any application it is always best to do your own research on it, try to find as many reviews about the application you could.
And lastly try to contact any person who has actually used that software in order to know the real deal. It is always better to be safe than sorry.
Frequently Asked Questions About MinerGate
1. What is MinerGate?
MinerGate is a cryptocurrency mining pool and platform that allows users to mine various cryptocurrencies using their computer’s CPU or GPU. It supports a wide range of coins and provides both novice and advanced miners with easy-to-use software for mining. MinerGate also offers cloud mining services for users who do not want to invest in hardware.
2. How does MinerGate work?
MinerGate works by connecting miners to a mining pool, where users can combine their computing power with others to mine cryptocurrencies more efficiently. It supports both CPU and GPU mining, and its software automatically adjusts to mine the most profitable cryptocurrency based on current network conditions. Users can mine solo or pool their resources to increase the likelihood of earning rewards.
3. What cryptocurrencies can you mine with MinerGate?
MinerGate supports the mining of various cryptocurrencies, including:
- Bitcoin (BTC) (via cloud mining)
- Ethereum (ETH)
- Monero (XMR)
- Litecoin (LTC)
- Zcash (ZEC)
- Bitcoin Gold (BTG)
- Ethereum Classic (ETC)
And several other altcoins. The list of supported coins may change over time as new cryptocurrencies are added or older ones are removed.
4. Is MinerGate easy to use for beginners?
Yes, MinerGate is designed to be user-friendly, making it accessible to beginners who are new to cryptocurrency mining. The platform offers a “Smart Mining” feature, which automatically selects the most profitable cryptocurrency to mine based on the user’s hardware and network conditions. MinerGate also has a simple interface and provides detailed tutorials to help new users get started.
5. How does MinerGate’s Smart Mining feature work?
The Smart Mining feature in MinerGate allows the platform to automatically mine the most profitable coin for the user’s hardware at any given time. It calculates factors such as mining difficulty, hash rate, and profitability, then switches to the coin that provides the best return. This feature is particularly helpful for users who want to maximize their mining profits without having to manually select which coin to mine.
6. What is cloud mining on MinerGate?
Cloud mining on MinerGate allows users to mine cryptocurrencies without having to purchase and maintain their own mining hardware. Instead, users can rent hashing power from MinerGate’s data centers and mine coins remotely. Cloud mining is ideal for those who want to participate in mining without the technical complexity or cost of owning mining equipment.
7. What are the advantages of using MinerGate?
The advantages of using MinerGate include:
- Ease of use: The platform is beginner-friendly and offers features like Smart Mining.
- Wide coin support: Users can mine multiple cryptocurrencies from a single platform.
- Cloud mining options: Users can mine coins without hardware by renting cloud mining power.
- Solo and pool mining: MinerGate allows users to mine on their own or join a mining pool to increase the likelihood of earning rewards.
- Cross-platform support: MinerGate offers software for both Windows, macOS, and Linux users.
8. How do MinerGate mining pools work?
MinerGate mining pools allow users to combine their computational power with other miners to improve the chances of finding a block and earning rewards. Once a block is mined, the rewards are distributed proportionally among all participants based on the amount of work they contributed (their hash rate). This method helps miners earn more consistent payouts compared to solo mining, where the chances of mining a block can be lower.
9. Can you mine Bitcoin with MinerGate?
While you cannot mine Bitcoin directly using CPU or GPU on MinerGate, the platform offers cloud mining for Bitcoin. This allows users to mine Bitcoin by purchasing cloud mining contracts, where MinerGate handles the hardware and electricity costs.
10. What are the fees for mining with MinerGate?
MinerGate charges a mining pool fee for users who participate in pool mining. The typical fee ranges from 1% to 1.5%, depending on the cryptocurrency being mined. For cloud mining, fees depend on the hash rate and contract type. The platform also charges a withdrawal fee when users transfer their mined coins to an external wallet.
11. How are rewards distributed in MinerGate pools?
MinerGate uses a Pay Per Last N Shares (PPLNS) reward system for its mining pools. In this system, rewards are distributed based on the number of valid shares a user has contributed to the pool over the last “N” shares when a block is found. This method rewards miners based on their contribution to the pool’s success in finding new blocks.
12. Can you use MinerGate on mobile devices?
Yes, MinerGate offers a mobile app for Android devices, allowing users to monitor their mining activity and manage their accounts on the go. However, mobile devices are not ideal for mining due to their lower processing power and high energy consumption compared to dedicated mining hardware.
13. How does MinerGate compare to other mining pools?
MinerGate is known for its ease of use and wide support for various coins, making it a popular choice for beginners. It also offers cloud mining, which many other pools do not provide. However, some advanced miners may prefer other platforms with lower fees or more granular control over mining settings.
14. Is MinerGate profitable?
Profitability on MinerGate depends on several factors, including:
- The cryptocurrency being mined.
- The hardware you use (CPU, GPU, or cloud mining).
- The electricity costs in your region (for those mining with their own hardware).
- The current price and mining difficulty of the cryptocurrency.
- Using Smart Mining can help optimize profitability, but mining profitability fluctuates due to market conditions and can vary significantly over time.
15. Is MinerGate safe to use?
MinerGate is generally considered safe to use, but users should take standard precautions:
- Download the software only from the official MinerGate website to avoid malicious versions.
- Use strong passwords and enable two-factor authentication (2FA) to secure your account.
- Monitor your device’s performance and ensure proper cooling if you are using CPU or GPU mining to avoid overheating.