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Minergate Reviews: Is It Legit Service Or A Cloud Mining Scam

Reviews are the best options for knowing whether or not an idea works. The ideal and wiser action is simply to check out users’ opinions about the product or idea, before patronizing the said product. Thus, you require Minergate reviews to know if Minergate is a scam or legit so you know whether or not to invest in it.

A plethora of users of the Minergate pool, continually raise concerns about the legitimacy or not of the platform.

Concerns should not be overlooked by smart investors like yourself. Consequently, this compels us to review the multicurrency mining pool, so you can decide whether or not you want to sign up with Minergrate.

Now, allow me to treat you to my reviews on Minergrate and its legitimacy or not in 2023.

This article will expose you to some very key information about the mining pool; how it works, and what users think about the software. This should enable you to make very informed decisions about subscribing for/unsubscribing from the platform.

Table of contents

What is Minergate?

MinerGate is a mining platform that provides users with a bitcoins mining platform and selected altcoins. mIt was released in 2014 and provides two mining options to its users.

The first choice allows you to mine one or more cryptocurrencies using the same algorithm.

Nonetheless, with the second choice, you can choose (with the aid of their algorithm) to mine the most profitable coin.

Although Minergate doesn’t endorse any cryptocurrency out there, you can use it to mine one of the 12 coins its supports;

  • Bitcoin BTC,
  • Ethereum ETH,
  • Litecoin LTC,
  • Bitcoin Gold BTG,
  • Ethereum Classic ETC,
  • Monero XMR,
  • Grin GRIN,
  • Zcash ZEC,
  • Bytecoin BCN,
  • Monero-Classic XMC,
  • Block Producer EOS,
  • TRON Representative TRX

The algorithm optimizes the mining capabilities of your laptop, PC, or server to produce the best mining performance.

However, you can also restrict how much computing or hashing power your hardware can have on mine. With just a few clicks, you can devote all or part of your laptop or desktop resources to mining altcoins or bitcoin.

Also, the beauty of MinerGate is how easy it is to fire up and start mining, with no “Matrix” terminals, and no complicated commands and parameters to set.

More so, the mining pool enables you to mine cryptocurrency via your PC and/or GUI. Mining software is available for Linux, Windows, MacOS, and Android operating systems.

Can I make money from Minergate?

As a mining pool for multiple cryptocurrencies, the Minergate website can help you earn money online in the form of a variety of cryptocurrencies.

You can mine the following MinerGate coins: Ethereum, Bitcoin, Gold, Zcash, Ethereum Classic, Bytecoin, Litecoin, Monero, and Monero Classic.

Nevertheless, the fees are not obviously above the top. The flat fee of 1% or 1.5% is quite favorable compared to some competitors.

Also, it is VERY IMPORTANT TO NOTE THAT minergate’s Bitcoin mining pool was shut down on April 3, 2019. So, there’s no bitcoin mining opportunity at Minergate right now.

However, the full schedule of fees can be accessed here.

Is Minergate any good?

There are allegations that MinerGate is not truthful about paying miners their due. A particular concern among Reddit users is that they install a “backdoor” or Trojan in their mining applications. They will take a portion of the crypts you’re receiving through the backdoor.

Some users indicated that you should be able to install anti-malware applications such as Malwarebytes. The app will be able to detect any loophole and will prompt you to uninstall it. Other than that allegation, MinerGate has so far shown that it can help users mine altcoins such as Monero profitably.

As in any investment venture, you can select a trial period during which you invest a small sum and closely track any returns you make against the investment you make.

Then you can compare what you’re getting with what you’ve been expecting. If you’re satisfied with your returns, there’s no reason why you shouldn’t raise your investment gradually. If you don’t, you can avoid the investment and invest in a mining rig or try another mining pool.

Is MinerGate legit and safe or a Scam?

Is MinerGate a scam or legit? Are users safe on the platform? These are key questions users continue to ask.

The mining pool was around for four years but it wasn’t all that rosy. Most user reviews have varying opinions; some say that they are pleased with the services offered on the site. However, a different segment raised concerns about the legitimacy of the platform.

Most of the concerns revolved around the fact that, in some instances, rewards were not awarded; some argued that their hashing powers were incorrectly rated, while for others, ownership of the platform remained unknown, something that did not fit well with a number of users.

Generally, mining platform users constantly worry about the level of protection their investments have. People want to be assured of top-level data security as well as mined properties.

Are there any Security Measures to Ensure the Safety of the Minergate Platform?

MinerGate has a dashboard calculator to predict how much you should be receiving while mining a specific coin. You can see statistics such as pool fees, network problems, poor shares, block incentives, and transaction amounts.

Also, the mining pool has been at the forefront of curbing uncertainty in the mining sector; a range of monitoring features have been placed in place to ensure the safety of its platform. Below are some of its security features:

  • Two-factor authentication ensures that the user authorizes any transaction that takes place on their account.
  • The website of the platform has a valid SSL certificate to prevent attackers from accessing any contact that takes place on the tool.
  • The platform is updated frequently to keep up to date with the latest technological advances and to correct any bugs.

How do I get started with Minergate?

There are two key ways you can start mining using the MinerGate algorithm. The first option is to use their software that comes with a Graphic User Interface ( GUI) and the second option is to use their console. For most users, the GUI provides a simple and intuitive interface.

However, if you are a more hands-on guy, you can prefer to use the console alternative. You can read more about each option on their FAQ page.

More so, Minergate software can run on Windows, Mac OS, and Ubuntu, making it suitable for users around the world.

To get started, follow these steps immediately below:

  1. Go to their homepage and click on “Download and Start Mining.”
  2. Register and download your mining software, based on your mining device.
  3. Install the mining software and activate it using your registration details.
  4. Click on start mining to complete the signup process and access the mining interface.

Can I withdraw my Earnings from Minergate?

To withdraw your income from Minergate, kindly follow the following steps;

  1. Click on the “Withdraw” button.
  2. Click on your balance to insert it in the “You send” Field.
  3. Insert your wallet address.
  4. Click on the withdraw button.
  5. Your transaction should now appear in the “Withdraw Section.”
  6. Wait for the transaction to complete.

Minergate Reviews: How Minergate Cloud Mining Works

The platform relies on the pool of computers under its network; essentially, it utilizes the power of any available device used by any user of the platform.

MinerGate doesn’t give you any hardware to mine any of the altcoins it supports. Instead, it gives you a simple algorithm that you can install on your computer and start mining.

In that regard, the hashing capacity of your computer restricts your mining efforts. Therefore, you will find that mining coins that are less competitive will turn out to be more lucrative than, say, mining bitcoin.

Furthermore, the main idea behind the platform is the ease of use and approachability for amateur miners, without any associated drawbacks for professionals.

With MinerGate, the user can use the following functions to mine cryptos:

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Merged Mining

One cryptocurrency could be mined by just one machine at a time in the past; things have changed for the better with MinerGate. As a hub for miners, the platform leverages the power of merged mining to generate two cryptos per user, without sacrificing output rates.

If you’ve set up your miner, your computer will be connected to a pool of other mining equipment. MinerGate measures how many altcoins you’ve won by taking into account the hashing power you’re adding to the mining pool.

Smart Mining

The smart mining role helps the platform to find and mine the most lucrative of coins, just as the name suggests. There is no mechanism for evaluating coins with promising values for the majority of other miners.

With smart mining, however, the machine is able to use an algorithm to select the coins to be mined. This makes them less subjective and more directional for method.

But this does not mean that users do not choose the coins to mine; the platform enables the smart mining feature to be switched off to allow a user to select the coin to mine manually.

Web Mining

Without having to download the GUI user interface, the framework also provides for mining.

Mining Calculator

In addition to the three mining tools listed, users are also provided with a calculator that allows them to see the feasibility of a certain coin being mined.

In order to provide a miner with a larger image of a certain mine, the calculator analyses different aspects of the mining operation, including bad shares, pool fees, transaction numbers, network issues, and more.

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MinerGate Charges

Minergate charges mining fees ranging from 0 percent to 1.5 %. If you’re a Litecoin mining venture, you’ll pay 0% of the fees.

Mining Bytecoin and Monero would cost you the most; 1.5 percent for mining using the PPS process, and 1 percent for using the PPLNS method. You can visit their fee page to learn more about their mining fees.

Mining based on a subscription fee paid in terms of GH / S is granted to users of the network.

Essentially, to mine cryptos such as Bitcoin, a user rents hashing power from MinerGate.

Using a linear function of the acquired hash power, the platform calculates the mining charge;

This is how it operates:

  • 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

Also, a mining charge of 1% for Pay Per Last N Shares (PPNS) and 1.5% for Pay Per Share (PPS) is payable by all Altcoins.

Minergate Reviews 2023: Is it Legit Service or a Cloud Mining Scam

A plethora of Minergates’ feedback comes from entrepreneurs who invest in Internet currencies. While most of them appear to have experience with other mining pools, some others are newer miners who say they consider MinerGate easy enough to use.

Notwithstanding, the Minergrate review has helped a plethora of intending users to stay clear of the platform.

MinerGate sticks out as one of the best places to begin your Altcoin mining journey. Much like any of the mining pools out there, they have a fair share of detractors and supporters. Our stand is that they are legal as far as mining pools are concerned.

They can seem less lucrative, however, because you pay for using their software with a percentage of your gross income.

Though, as any mining expert would have told you, mining with your own rig will always be more lucrative, particularly if you concentrate on newer coins. We, therefore, suggest that, if you’re in for a long time, you invest in a mining rig and start learning the ins and outs of cryptocurrency mining.

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What are the Pros and Cons of Minergate?

Users have severally asked if Minergate is a scam or legit because of some sad experiences had on the platform.

Nevertheless, like with everything else, Minergate has its pros and cons.

Pros of Minergate

If we equate MinerGate to other mining pools, the platform has the following benefits:

  • The website supports multiple languages;
  • There is a large number of coins available for mining (and you can mine them at the same time without losing the hash rate);
  • There are different types of rewards (PPS and PPLNS);
  • It is easy to connect to the network, therefore newcomers will find this resource especially useful.

Cons of Minergate

The cons of this mining platform, organically originate from users’ experience. Such users are not sure whether Minergate is a scam or legit.

As much as the platform has its cons, we can and should never underestimate the opinion of users formed from experience with the product. What then, are the cons of Minergate?

The cons of the platform are;

  • The service doesn’t have rental hardware;
  • Users say that the software often doesn’t work on a regular basis (but typically this issue arises due to improperly configured GPU drivers).
  • Users also claim that the platform attacks their devices with a virus; a Trojan horse.
  • Furthermore, users complain that the platform does not pay interest to users when due.

Alternatively, you can try out other cloud mining platforms splattered all over the internet. A majority of them are safe too.

Conclusion

For what it’s worth, external opinions are often more objective than manufacturers’ opinion; which is often influenced by the need to sell and/or increase the user base.

On the internet, there are other cloud mining pools, but most of them are more complicated than MinerGate and typically only mine one form of currency.

Bitcoin mining has been and still is one of the most lucrative ventures in the contemporary, and MinerGate is making this a reality for many miners. However, the Minergrate review gives another aspect to the supposed investment opportunity.

Nonetheless, we can say this, “forget Minergate” for the time being in force as it is none functional right now. It is advisable you focus on other worthy cryptocurrency investments.

We further reiterate that minergate’s Bitcoin mining pool was shut down on April 3, 2019. So, there’s no bitcoin mining opportunity at Minergate right now.

Finally, it is our hope that this review helps you make wise decisions about investing in cryptocurrency. Whatever you do, just keep reaching for the stars.

References

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I’m Queen Ojukwu, a professional SEO content writer at Silicon Africa Technologies. I'm also an on-page SEO technical expert with over 4 years of experience. I'm a fan of technology, reading, and writing, and also interested in web development. You can hit me up for business by clicking any of my social media handles.

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