In this article, we will be speaking about MinerGate. The best platform for mining pool available in the market which helps you mine up to 15 different altcoins with a basic fee. MinerGate is simple and easy to use, and in this article, we will unravel the things that make it the commonly used websites for miners to mine available cryptocurrencies.
What is MinerGate?
MinerGate is a medium for miners to start mining with PCs. It is a cryptocurrency open mining pool where miners use their computers to add hashing power to thousands of other miners. MinerGate is among the oldest of crypto mining pools that are still into existence. The user interface is openly downloadable which lets people to quickly start mining different cryptocurrencies such as Ethereum, Bitcoin, and a selection of other altcoins. It helps out in easing the process of mining.
A group of blockchain enthusiasts started MinerGate in the year 2014. And in its 4th year, it welcomed its 3,000,000th miner and is just growing at a rapid rate. As of the report released in 2017, MinerGate has paid $200 million to miners.
In addition to this, It provides miners the support of mining coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Gold (BTG), Monero (XMR) and other ALT coins. It also promises on releasing new Proof-Of-Work coins by supporting algorithms like PoS, PoC, etc.
MinerGate has its own GUI miner and console based version. As a free to use the platform, you also get a super mining tool that once enabled can automatically detect and mine the most profitable coin. Or you can also choose your coins manually. MinerGate has another type of mining service which lets you mine two type of cryptocurrencies at the same time without deteriorating your hash rate.
MinerGate has over 7,50,000 miners. It garners users from all over the world, but most of those originate from The United States, Brazil, Russia, Vietnam, and Ukraine.
MinerGate’s Cloud Mining and the Pricing Structure
What is cloud mining?
Cloud Mining is the process of enabling users to purchase mining capacity that of hardware in data centers. It is in a way convenient to escape from the necessity of buying expensive ASIC miners and paying for the electricity and configuring for the system. It enables miners to mine bitcoins and other alternative cryptocurrencies without having to manage the hardware.
MinerGate’s cloud mining is exciting for first-time miners as it gives them the most advanced mining hardware and only newly mined Bitcoins, Ethereum and Monero.
Here is how MinerGate’s Cloud Mining process works:
It offers Pure Coins(Bitcoins, Ethereum and Monero) to clients to mine. The mining rewards come directly from the unlocked BTC, ETH and XMR blocks as the data centers here are hashing for 24/7. The Payouts option lets you track your rewards as the cloud mining contract of MinerGate brings you substantial profit and also clear contract history.
The Hardware it is equipped with comes with innovative ASIC miner, which are currently the most effective in the market. The pricing structure for MinerGate’s Cloud Mining is as follows:
Here is the cost of Bitcoins and Monero. And MinerGate is working on bringing the cloud mining soon for Ethereum. You can submit your email address to be the first to know about its latest updates on Ethereum.
- For 20 GH/s Bitcoin cloud mining costs 0.00044828 BTC
- For 100 GH/s Bitcoin cloud mining requires 0.00224100 BTC
- For 500 GH/s Bitcoin cloud mining requires 0.01120500 BTC
- For 16 GH/s Monero cloud mining costs 0.1126720320 XMR
- For 100 GH/s Monero cloud mining costs 0.7042002000 XMR
- For 500 GH/s Monero cloud mining costs 3.5210010000 XMR
MinerGate withdrawal Charges
Under the Pay Per Share(PPS) structure, it charges 1.5% fee and 1% fee for PPLNS( Pay Per Last N Shares) payments. The MinerGate pool fees are as follows:
Features of MinerGate
MinerGate offers many features to the miners. Some of them we’ve listed before, while some might seem new to you. The list of features include:
- Smart Mining: The moment you enter into the MinerGate page, you can start Smart Mining. Smart mining automatically mines for you the most profitable cryptocurrency and also automatically switches between coins. It is an alluring feature that helps miner get started with zero complications. If you wish to carry forward without this feature, you can simply turn it off.
- Benchmarking Tab: It includes a Benchmarking tab that will set you up with mining instantly. This tab will help recognize the hardware and work according to with it to set you up with the results. And as per the score, even though it might not seem surprising to you, but you can still make extra $25 of earning in a year.
- Reward System: One of the fascinating features of MinerGate is that it offers felicitates users with badges as per their achievements as a miner. In order to receive all the prizes, you have all of the badges.
- Calculator: A profitability calculator that will let you figure out your profit at any point in time. As a miner, you can calculate hourly, daily or weekly profit potential of Ethereum, Cryptonote, Scrypt, Equihash, and Cloud Miner.
- Security of Funds: The 2-factor authentication(2FA) also known as “multi-factor authentication”makes it harder for hackers to steal miner’s personal data or even identity. Thereby, it ensures the safety of funds.
- Mining with CPU or GPU: MinerGate allows you to mine either with CPU or GPU(Graphical Processing Unit) or both. It also enables you to mine select the number of cores; you want either of your CPU or GPU to use.
- Multi-Pool: Choose from nine different cryptocurrencies to mine.
Coins it supports
It sports the new GeForce GTX 1060 and 1070s which are suitable for mining purposes although the best ones are Radeons Rx 470/480/580, it still makes up for it by downloading the appropriate mining console for your operating software.
The list below shows the number of coins MinerGate supports,
- Bitcoin (BTC)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
- Monero Original (XMO)
- Bytecoin (BCN)
- Zcash (ZEC)
- DigitalNote (XDN)
- MonetaVerde (MCN)
- AEON coin (AEON)
- Dashcoin (DSH)
- Infinium-8 (INF8)
- QuazarCoin (QCN)
- Fantomcoin (FCN)
Is MinerGate safe?
MinerGate is the first of the services which offer merged mining. And this only means that MinerGate allows you to mine simultaneously without decreasing the hash rate. MinerGate is as reputable as other cryptocurrency mining platforms present in the market.
MinerGate is legit enough, and we have worked on the research part of discovering whether or not it is really safe. Our team of crypto experts worked on different mine- pooling sites that offer to bring out the fact that MinerGate is a legit site, to begin with, the mining process. MinerGate’s website gives you ample amount of evidence that it is the best bang for the buck with FAQ page providing you with all the relevant question and answers.
However, there are some who claim that MinerGate is not safe enough, while some seamlessly enjoy the process of mining. Although MinerGate fees are on the higher side, it is pretty handy in performing operations like profitability calculator, cloud mining, etc.
Some people are stating it as a scam, but we believe it to be authentic enough. We recommend you to try it yourself, rather than just taking opinions.
Security practices and scamming accusations
Even though MinerGate’s profile is not actually cloud mining, they succeed to make the process look simple and comfortable. To prove that MinerGate is a legit platform, its FAQ section will provide you with all the necessary details. What draws negative feedbacks from users is the deposits not displaying in their wallets.
Users in large numbers have complained about the difficulties they face while withdrawing. These complaints might resist you from mining on this platform but here are a few security practices that MinerGate has put into force.
Apart from the FAQ section which provides you with all the relevant question and answers about the website, the MinerGate support team is quick to reach out to you with all your queries through their ticketing system.
Also, you get a dedicated forum on the website to discuss all your problems with other users.
The security system here is a valid SSL certification. This means that communications taking place on your web server and browser are encrypted.
It also offers users a 2-factor authentication that adds an additional layer of security to your account.
How to get started mining with GateHub
You are in the right place if you are first time miner and want to enjoy their services. Here are the steps that you need to follow –
- Go to Downloads-> Select “Console Miners”.
- Download either the 32 or 64-bit version and install it on your Windows, Linux or Mac OS device.
- Create an account by entering your email address and a strong password along with it.
- You will now receive a confirmation link via email. Click to Confirm your email. You can now enable the 2FA straight from your Profile Page.
- Once you login to your account, you can start with the mining process. Once this is done, MinerGate automatically detects the most money-making cryptocurrency depending on your hardware.
- To begin with, Mining, click on Start Mining Tab, select the number of cores you want to start mining and then hit on “Start.” MinerGate now creates DAG file for every single user to start with mining and it hardly takes a few minutes.
Once the DAG file is created, you can start mining coins immediately.
Concluding thoughts about the review
All in all, MinerGate is a top-notch multi-currency pool that offers cloud mining services for bitcoins and various other alternative cryptocurrencies. We have said it before, and we’ll repeat it, the smart mining tool it has will benefit you in mining the most valuable of cryptocurrencies. Although the prices are a bit downright which give you a minimum purchase limit of 20 GH/s for bitcoins.
There are claims made in the past about MinerGate being a scam, but lack of information about this indeed is not a sign of warning. Some complaints surround the failure of transactions on the MinerGate, making it clear to you that caution must be taken.