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?
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 gold
- Ethereum Classic
- Monero classic
- Block producers
- TRON representative
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.
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.
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 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 .
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.