MinerGate.com is a cryptocurrency mining pool that was allegedly created by a group of crypto coin enthusiasts. Launched into operation a little over 3 years ago on March 4th, 2014, MinerGate has served as a reputable mining pool destination amongst crypto-miners. Recent research though will reveal some shady business dealings being practiced by MinerGate. The chief complaints regarding MinerGate would be the theft of hashing power and taking portions of mined shares for themselves.
While these complaints may seem justifiable to MinerGate due to how inexpensive they offer their services, we still find it shady to say the least. With this in mind, the objective of our comprehensive review would be to provide you with all the information necessary to determine whether or not you believe this Bitcoin mining pool to be a trustworthy and promising mining destination.
MinerGate is an online cloud mining site where investors can mine a variety of cryptocurrencies. Compared to most cloud mining sites where users can only mine a singular cryptocurrency, users at MinerGate are able to mine different coins simultaneously. Users are also enabled the ability to auto-mine coins with the highest exchange rate so that they can generate the most profit from their computing power.
According to the site, if you choose to mine more than one cryptocurrency simultaneously, users shouldn’t suffer a decrease in hashing power. Contradictory to this claim though, many users have reported a decrease (or theft) of hashing power when they have tried to mine more than one cryptocurrency at one time. No conclusive research has been proven in this regard but numerous user-reports make this a difficult topic of discussion to overlook.
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Regardless, MinerGate is still one of the largest and most reputable cloud mining sites currently hosting over 1.7 million miners world-wide.
Who is Behind MinerGate?
Due to how popular of a cloud mining site that MinerGate is, we were surprised to discover that the only identifiable information provided on the site would be their email address ([email protected]). Typically operations of this magnitude don’t remain an anonymous operation for long, yet MinerGate has figured out a way to do just that. A Whois.com report will reveal that MinerGate.com was privately registered making it nearly impossible to acquire the registrar information.
How does MinerGate work?
Users who wish to mine cryptocurrencies at MinerGate must first create an account at MinerGate.com. For novice users who are new to mining cryptos, MinerGate provides their own wallet so users without a wallet address are enabled to start mining. The incorporation of a 2 factor authentication is recommended so that even if someone figures out your password your funds are still in safe hands.
The next step you will need to complete after you have created your account would be to download the MinerGate software, then install it. If done correctly, the website should be able to detect the software on your operating system and verify that it is the most current and correct version. Once these steps have been completed the software should automatically be able to tell which equipment you possess, where users will be prompted to mine the most profitable cryptocurrency or whichever one they choose.
The last step would be to select Start Mining, then verify the quantity of cores you wish to use. Assumingely, the fewer amount of cores you wish to enact, the slower hash rate you will generate, but the less stress your hardware will have to endure.
MinerGate Platform Features
MinerGate provides miners with a number of unique features that aren’t necessarily available on other cloud mining sites. Listed below are several features that you can expect to take advantage of at MinerGate.com.
Another feature available at MinerGate enables miners to employ an algorithm to determine which cryptocurrencies will yield the highest profit to power ratio. Users have the ability to determine whether this feature be enabled, or if they prefer to mine a cryptocurrency of their own choice.
MinerGate features a profitability calculator on their site so users can determine their profit at any time. Users can calculate their hourly, daily or weekly profit potential through their profitability calculator.
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Besides having access to 14 cryptocurrencies, users are able to mine more than one cryptocurrency simultaneously. Allegedly, the site claims you can use this innovative feature without suffering a loss of hash power, but user-feedback argues otherwise.
MinerGate Reward Program
Miners have an incentive program where they are able to achieve badges for tasks completed. The more tasks you complete, the more badges you earn, which will ultimately earn you a free prize through MinerGate once all badges have been acquired.
MinerGate supports a total of 14 cryptocurrencies. Now, dependent upon with cryptocurrency you choose to mine will reflect your profit to power ratio. This is where MinerGate’s smart mining features becomes quite valuable due to the fact it can check which cryptocurrencies are the most lucrative to mine to enable you to generate as much profit possible.
- Ethereum Classic
- Aeon coin
Is MinerGate a Scam?
MinerGate is not a scam, Ponzi scheme or pyramid operation. MinerGate.com is a legitimate and reputable cloud mining site for miners who are looking to accrue more cryptocurrencies for their Bitcoin wallets. Relevant and recent user-feedback will indicate to us that MinerGate appears to be skimming users hashing power when mining more than one cryptocurrency at one time, but other than this mishaps, there have been no reports of abuse which is rare across a cloud mining site that hosts over 1 million miners daily.
I’ve noticed about 15% drop in hash rate when using them, and their miners go down a lot…They’re a great way to get your feet wet, but don’t waste a $4,000 mining rig hashing for them.
I’ve had no problem withdrawing my balances. I have have no doubt they are using some of my hash to benefit themselves. The definition of a scam is something one can argue over. Is this a scam because you could do way better on your own with little effort? Yes. Is this a scam because you will never see a dime of the currency you mine? No.
For more feedback regarding whether MinerGate is a scam, feel free to visit this Reddit thread.
A SimiliarWeb report shows that MinerGate.com had a global rank of 2,345 as of November 8th, 2017, which makes them one of the most popular cryptocurrency mining sites. On average, this site receives a total of over 11 million monthly visits, which indicates to us that MinerGate is a popular cloud mining site. Most of MinerGate’s visitors consist of people from Russia, Brazil, the United States, Ukraine and Vietnam.
MinerGate Review Conclusion
MinerGate is an authentic cloud mining site that enables hundreds of thousands of miners the ability to mine cryptocurrencies on a daily basis. An operation as reputable and widely-used as MinerGate doesn’t achieve their level of users by scamming individuals even though the allegations of them skimming hashing power does raise concerns. Until more feedback has been received MinerGate will not be classified as a scam. However, we aren’t also condoning the use of this cloud mining site.
Verdict: MinerGate is NOT recommended!
If you have any experience or knowledge concerning MinerGate, we encourage you to share your feedback in the form of a comment below!
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