There is a vast amount of services for cloud mining cryptocurrencies. Due to them, the average user has an opportunity of mining cryptocurrency.
MinerGate is one of such projects. To date, its number of users has exceeded the mark of 1 000 000, which is an excellent indicator.
Why choose this particular service and what is it better to mine it? Is it worth investing in it? We’ll give detailed answers for these questions further.
MinerGate, what is it?
Well, why is MinerGate worth drawing attention? The MinerGate project is the second after Hashflare, i.e., regarding the level of profitability.
But it is the first in reliability among the services the category “Cloud Mining.” It is the pool, which has been running since 2014 and allowed you to drop the cryptocurrency on a smartphone, in a browser, on a computer and the mining hardware.
It launched a cloud-mining service in early 2017 and immediately took the lead in profitability. It was set up by a group of crypto coins enthusiasts, who have begun by mining Bitcoin. But soon they extended personal estate pool for a few altcoins and provided the option to generate several types of coins at once.
For example, you can run both Ethereum and Monero mining simultaneously. So, here you can perform merged mining. Thanks to this, you can get the benefit of mining two coins at once, without decreasing the hash rate.
However, using this service, you can earn good money with your personal computer, without resorting to complicated settings of batch files and programs for mining.
Even if your equipment is outdated, you shouldn’t be upset, because you’ll always be available to purchase the capacities for mining on MinerGate.
Which cryptocurrencies can be mined through the MinerGate service?
Notably, MinerGate supports a total of 14 cryptocurrencies. Most cryptocurrency on the platform uses the CryptoNight algorithm, but other approved algorithms are also well represented.
Now let’s take a look what’s better to mine on MinerGate. It can be found in the Mining program with their list, where select the tab “View.” We, on our side, advise the following coins in this pool:
- Bitcoin (BTC) is a leading cryptocurrency with a market capitalization of 9 billion dollars. The price for one such coin today is several thousand dollars. That’s why the majority of miners are engaged in the production of bitcoins.
- Ethereum (ETH) is the nearest Bitcoin chaser. This currency is stable and shows good growth. That’s why it is actively mined by the miners not only in MinerGate but also in other famous pools.
- Monero (XMR), this coin appeared only in 2014, but by today it is included in the TOP 10 cryptocurrency, where it occupies the 9th place. It is profitable to extract it, as it is possible to exchange at a reasonable rate. This currency can also be used for online calculations.
- Litecoin(LTC) is fork bitcoin, which appeared in 2011. Such a coin is on the 4th place in the ranking of mining among the cryptocurrencies. The course of Litecoin is gradually growing while extracting such coins is much more comfortable than bitcoin. The formation of the block takes about 2.5 minutes, which is four times faster than Bitcoin.
- Dashcoin (DSH) is a currency with a high level of anonymity. Its mining on MinerGate brings a tangible benefit to the miner. This currency is steadily growing in price. That’s why many miners don’t hurry to exchange Dashcoin for other coins, such as ruble or dollars, considering that in the future they can get even more profit from it.
You can focus on one of them, and you can simultaneously run several coins at once without losing the overall performance of the equipment.
Cloud mining Minergate, in its turn, cannot boast such a variety. For a long time, only Bitcoin was at the disposal of clients. But today is also available to buy a few kiloshees for the Montero cryptocurrency.
What is the profitability of mining on MinerGate?
We’d advice calculating pure profit before to borrow in the extraction of using coins. The site has a calculator that will calculate the profitability from the mining of BTC, LTC, and other cryptocurrencies. You can also calculate the cloud mining of the original Bitcoin.
There is a single “Power” graph in the calculator. It is necessary to indicate the power of your or leased system in it to get an about profit per day, week or month.
There is a remark to the calculator, all the prices are indicated in the BTC, which can confuse the novices, who are used to thinking of fiat money as the dollar.
Estimated calculation of the profitability of MinerGate
What is the payback of cloud mining on MinerGate? 20 TH/s will cost 0.288 BTC or 2900 at the current exchange rate. On HashFlare, 20 TH/s will cost 4400. MinerGate offers to buy 1PH/s for 14.4 bitcoins.
You consider the profitability of 20 TH/s, on the calculator it turns out about 0.027 BTC per month. And in a year you’ll earn 0.324 BTC with the deduction of the fee for maintenance and the payment of a pool. For the purchase of capacity paid 0.288 BTC, net profit 0.036 BTC, which is one-third more than the average monthly benefit.
Own pool on the MinerGate
You need to merge with other miners into the pool to get a stable profit even with a considerable hash. The pool is responsible for allocating tasks during mining and increasing the chances of finding a block by a pool member.
The reward for the block is divided among the participants according to the rules of the pool: by the percentage of the capacity, by the power expended, by the number of the performed calculations.
MinerGate uses all available cryptocurrency in its pool for mining. Maybe that’s why the cloud mining on MinerGate is not very profitable.
A small pool won’t be provided stable and lucrative coin mining by the standards of the complexity of the BTC or XMR network.
Although, if you use MinerGate to mine the other cryptocurrencies as well, that will bring a notable profit, on the other hand.
There are three ways of landing cryptocurrency in the Pool:
- Cryptocurrency can be redeemed with the help of the program (miner) directly on your processor. Select the required power and launch the program after installation.
- Another way is minaret, using the browser. Everything is simple here; you go over to the site and start the landing from your account. The profitability is an order of magnitude lower than in other ways, but the load on the computer will be negligible.
- Owning a site through a video card is possible, but this method cannot be approached by everybody, as the list of graphics cards is limited.
All ways are possible, and this is the main feature of the service. Due to this, the miner can extract cryptocurrency from almost any computer and use a single program. The choice of method depends only on the characteristics of the device and user preferences.
Cashing Out of the MinerGate
After you get a cry out the currency, you will want to withdraw the profit or exchange it for other virtual money.
The current minimum payout is 0.01 digital coins (it does not matter whether bitcoin is either lightbox and so on).
To get your money, you should create a BTC purse. First, the customer sends the earned digital coins to his wallet. Further, with the help of exchange services, he changes bitcoin to any currency.
Here is an important feature! If you need to withdraw some amount of money, it is worth considering the fee and adding it to the total amount of withdrawal. Enter the total amount in the “Amount” field.
Advantages of MinerGate
Take a look at the pros of MinerGate cloud mining:
- low entry threshold (minimum contract price $4)
- miners receive daily payments;
- you can use one account to extract cryptocurrency on several devices;
- it’s even possible for a beginner to configure a mining program;
- an advantageous loyalty program is provided;
- there is cloud mining.
Disadvantages of MinerGate
And now the cons:
- seems to be “stealing” user Hashrate;
- support slow to respond;
- anonymous owners;
- low profitability.
Prospectivity and reliability of the MinerGate projectSumming up the review, MinerGate is a secure cloud-based service, offering competitive contracts and demonstrating the high return on investment. It will be attractive both to experienced miners and the beginner ones. This is evidenced by numerous MinerGate reviews in 2018 and the fact that its customers are more than 20 thousand miners.
This service has been working steadily since its inception. So, this platform can be advised for the mining of cryptocurrency. You can extract different types of coins in it.
Moreover, we voiced the list of those cryptocurrencies that are best for extraction on this site. Thus, it becomes an ideal option for beginners to engage in mining by providing simple interface and convenient control system.
It remains only to delve into the mining: to learn its basics and to understand aspects. The profit will come with the advent of skills. Finally, the pool fee is ridiculously low. It is 105% maximum.
We wish you successful mining with Minergate or any other service and let the coin you choose is necessarily growing in value.