Minergate.com Review 2018
Reasonable and favorable cryptocurrency mining for anyone? Yes, it is true. Where? At Minergate. How? For a low fee and mine 14 different Altcoins. This is the way in which they make joining to their pool possible. Moreover, because of their partnership with Hashing24 bitcoin cloud mining is also available! The hashing power is exchangeable between the coins with smart mining contracts so that users will always get the highest probable profit that can ever be reached.
This platform was created by a group of enthusiasts. And, actually, not surprisingly, those cryptocurrency aficionados have started with bitcoin mining. But very soon they expanded the pool for multiple altcoins: Zcash, Ethereum and Ethereum Classic, Bitcoin, Litecoin, Bytecoin, Monero, Fantomcoin, Quazarcoin, Digital Note, Moneta Verde, Dashcoin, Aeon coin and Infinium-8, which in total makes 14. Sounds good, right? And after that, they introduced the option of simultaneous mining of different coins without the reduction in hashrate.
What else can be said? Unfortunately, the location of Minergate Company is unknown. Even more, there is no list of the platform’s owners and founders to be found. So, the question who owns or who is running the company remains a mystery. What is known is that Claude Lecomte, Minergate CEO, is a frequenter at cryptocurrency sites. He often shares his view on such topics as bitcoin, altcoins and blockchain technology. However, Lecomte’s professional background apart from crypto blogs is not on the internet.
What about previously mentioned Hashing24– it is a Scotland based service, with the help of which the hashpower for bitcoin cloud mining is provided. It mostly uses ASIC miner chips from the newest series to keep mining highly profitable. Another confirmed information is that their mining farms are located in Iceland and Georgia. Hashing24 use air and immersion cooling technology in order to keep costs at a low level.
Minergate On Social Media
Minergate keeps in touch with their users through four largest social networks:
It is obviously and already clear that Minergate’s main function is the multi-cryptocurrency mining. With the help of their software, miners can join their pool and choose what appeals them from the diverse altcoin variants represented in several passages above. Or, they simply can let the system choose something for them. According to the automine function that is called as “smart mining contract,” anyone can automatically mine the most advantageous coins from the hashpower either purchased or owned. In order to use the service, Minergate charges from 1% to 1.5% pool fees. Payouts are based either on PPS or PPLNS methods, deducted from the daily income.
Through the contracts given by partner (Hashing24), they suggest cloud mining services for bitcoin, too. After registration, the hashpowers can be easily purchased directly from Minergate’s website. On the Dashboard, clients can set up the mining plan by purchasing the amount of hashpower desired. After the right package was chosen, there will be a unique bitcoin address. It is provided where the price of the contract should be transferred to. All of this will be displayed on the page of payment details. Minergate only allows bitcoin as a payment method, which means that there is no way of paying by credit card or wire transfer for the hashpower.
The minimal acquisition sum for bitcoin cloud mining is 20GH/s. If the payment on the provided bitcoin account is below the price, the contract will not start. Also, the maintenance fee is deducted from the account daily and in case that there are not enough funds on the account for 3 consecutive days the mining contract will be canceled. The earnings are starting 24 hours after the contract has started.
Users can receive the earnings from cloud mining as soon as the block is found and added to the blockchain, the payouts are happening daily. Minergate uses email confirmation for all the transactions, including payouts and purchases in order to increase the security level.
The lowest threshold for withdrawals is 0.01 coins for each cryptocurrency, including bitcoin. This withdrawal limit is high considering the bitcoin price is much higher than the rest of the coins. In such way, clients have to wait until their accounts gather enough to cash out the invested money. And mining 0.01 BTC in these days either require a lot of time or a lot of hashing power.
The Google Play application makes monitoring of mining activity on smartphones possible for all the users from anywhere, anytime. Various charts and tables for monitoring of the performance of the mining pool are also offered here. Also, they have a detailed information sheet about altcoins, their specifications, strengths, and weaknesses. All that information can help the clients to choose the optimal altcoin combination that will be the most profitable for them.
Fees and Pricing Schedule
As it was already mentioned, the clients of Minergate are able to purchase bitcoin cloud mining services starting from 20 GH/s. They can buy cloud mining contracts up to 1 million GH/s. Bitcoin cloud mining’s price is a linear function of the hashpower purchased. For example, here are the relative correlations between GH/s and BTC:
- 20 GH/s bitcoin cloud mining worth 0.0034 BTC
- 100 GH/s bitcoin cloud mining worth 0.017 BTC
- 500 GH/s bitcoin cloud mining worth 0.085 BTC
Nonetheless, the cloud mining contracts’ price is shown in bitcoins, the maintenance fees are set in US dollars. After every 20 GH/s power purchased, clients pay 0.0066 USD maintenance fee. Compared to competitors, it is a comparatively low fee.
Minergate User Experience
Even despite the fact that the main Minergate’s profile is not actually cloud mining, they succeeded to make the process of hashpower purchasing sleek and comfortable. The FAQ section deserves separate attention as, far as it has all the details, although the prices are open only after registration. All the information is given in understandable and easily comprehensible language. Another plus in their carma is the calculator which shows the price of the possible contracts is very transparent and easy to use.
Even though Minergate was firstly created by enthusiasts, its website is built by professionals. That it is why it is quite easy and pleasant in its navigation. Although bitcoin hashpower purchasing option is hidden somewhere deep down in the depths of the site, the FAQ section has very clear instruction on how to find that specific button with the word “BUY.” This side eventually makes their sales revenue, and that’s why they better have it written more clearly.
In short, all the above suggests the following conclusions about Minergate:
- It is a multicurrency mining pool that provides cloud mining services for bitcoin.
- Its FAQ is ideal at describing the process of contracts buying and the conditions in a simple and understandable language.
- The pricing is very outright, although the minimal purchase limit of 20 GH/s is the reason why first time users have to be quite adventurous to try the service.
In general, Minergate seems to be really promising cloud miner platform on the market. But the lack of information about the company should obviously and not for nothing warn users whether it is operating legitimately or not.
Pros and Cons
- There are 14 different Altcoins available
- Transparent pricing structure
- Low fee for maintenance
- Available withdrawals start at01 coins, including bitcoins
- The only available bitcoin mining is cloud mining
- The minimum purchase is 20GH/s
Read also our February Hashflare.io review here.