Mining cryptocurrencies is a complex undertaking and is often left to computing experts who know how to juggle hashing rates and consensus algorithms. Even with the techies, they are still required to acquire specific mining hardware for the process; it is really volatile for an average computer user.
To bring cryptocurrency mining to the average cryptocurrency enthusiast, some companies have crafted special applications that help to pool small-miners’ resources. These mining groups are referred to as mining pools. One great example is MinerGate.
This MinerGate review takes a deeper look into MinerGate to establish how the pool works and answers the question: Is MinerGate ideal for you? The review digs further into the persistent claims of scam to demystify whether MinerGate is indeed legit or not.
What is MinerGate?
MinerGate is a mining platform and a GUI pool started in March 2014 by a group of mining enthusiasts. The mining user interface is easily downloadable and helps people to immediately begin mining Bitcoin, Ethereum, or Monero, among other cryptocurrencies.
Though MinerGate is really quick to access and easy to use, you need to appreciate that there are complex algorithms operating in the background. With just a couple of clicks, MinerGate exploits the optimal capability of your hardware based on how much you have dedicated to it.
By mid-2018, MinerGate’s user base had grown to 750,000. Most of the users were from Brazil, China, Russia, the US, Ukraine, and South Korea.
Why MinerGate is a 3.2 Star Mining Pool
The beauty of MinerGate mining pool is its simplicity in access and use. The fact that anyone, including those with little computing knowledge on cryptocurrency algorithms, can participate in mining has won the pool great admiration.
Many people who use the platform find the dual-mining option highly rewarding because they can optimize the returns from the same hashing power. However, the persistent negative reports from users have painted MinerGate pool in a bad light and pulled the rating to only 3.2 stars. Some of these negative reports include delayed payments, taking over all user’s computer’s processing power, and direct threats to those who reveal it is a scam.
How Does MinerGate Work?
MinerGate operates by consolidating the hashing power of different users’ computers who have joined the pool. It allows you to use your computer hashrate to mine two cryptocurrencies using the following features.
MinerGate utilizes a special algorithm to identify the most lucrative cryptocurrencies to list for mining. A smart mining algorithm implies that the coin to mine is picked automatically by the system.
Users are allowed to turn off the smart mining feature if they want to pick the cryptocurrencies of choice manually.
In standard mining, the hashpower generated by one computer can only be used to mine one cryptocurrency. However, the merged mining model of MinerGate allows users to mine two cryptocurrencies without decreasing their hashrates.
To mine coins using MinerGate, you can also use web- mining without downloading the GUI user interface.
The Mining Calculator
The MinerGate dashboard provides users with a calculator that allows them to assess the overall mining profitability. This gives an estimate of the crypto coins that one will get based on factors such as pool fee, bad shares, network difficulty, transaction amount, and block reward.
The MinerGate Charges and Pricing Model
Users can buy MinerGate cloud mining services from 20 GH/s to one million GH/s. This involves renting hashing power from MinerGate to mine Bitcoin.
The Bitcoin cloud mining fee is calculated as a linear function of the purchased hashpower. Here is a demonstration:
- 20 GH/S BTC cloud mining for 0.0034 BTC
- 100 GH/s BTC cloud mining for 0.017 BTC
- 500 GH/s BTC cloud mining for 0.85 BTC
The mining fee for Altcoins is 1.5% for PPS (Pay Per Share) and 1% fee for PPLNS (Pay Per N Share). Here is a table showing the fee structure at MinerGate:
|Currency||PPS Payment||PPLNS payment|
NOTE: The cloud mining contracts are priced in BTC while the maintenance fee is priced in USD.
Many people joining different pools are greatly concerned about security. In December 2017, NiceHash was hacked and $75 million stolen while Hyundai Conglomerates was attacked in May-2018 resulting in halting of withdrawals from the pool.
To keep user information, their assets and MinerGate safe, the development team opted for a three-pronged approach:
- Valid SSL certificate for the website to ensure that communication is encrypted
- A 2-factor authentication feature to enhance the security of their accounts
- The MinerGate development team releases regular updates to fix bugs and gaps. In May 2018, MinerGate Version 7.3 was released only a few months after the release of the previous version, 7.2
User Experience at MinerGate
The user experience at MinerGate is highly divided. There are as many people who indicate they are satisfied with its service as those who lay serious claims of it being a scam.
A simple search on Google or a visit to top crypto forums such as Reddit reveal some people expressing the thrill of the user interface and seamless mining process. But the consistent complains from a large user base warrant a deeper look. Some key complaints include:
- Failure to remit the mining rewards
- Incorrect rating of users’ computer hashing power
- The mystery of the mining pool ownership
The MinerGate Review Summary
This review established that the platform was carefully thought of and articulately designed. By allowing users to join and mine a long list of cryptocurrencies without worrying about expensive equipment is really impressive.
- Allows users to mine multiple cryptocurrencies with the same computer.
- The platform utilizes multiple strategies that make it safe and reliable.
- The mining fee is relatively low compared to other mining pools in the industry.
- The pool is very easy to join and you can start mining the cryptocurrencies of choice.
- The pool ownership is shrewd in mystery.
- A lot of complaints have been lodged by users.
- The payment remains inconsistent.
- Incorrect rating of user’s computers hashpower.
If you want to join MinerGate, it is strongly advised to review personal expectations in line with the feedback about the platform from other users. You should particularly compare the pool with other top options in the market such as Genesis Mining and Hashflare. Even as the MinerGate team continues to enhance the platform services, it is prudent that they work harder to shed off the MinerGate Scam tag. Even as they report that close to one million users have joined the network, the negative feedback still leaves new users wondering: Is MinerGate legit?