Mining Bitcoin and other digital currencies can be challenging, unpredictable, and it's commonly left to the nerds who know what they're doing. To make mining easier for the common folks, a few specialized organizations offer mining tools that enable non-technical people to mine cryptocurrencies without technical configuration.
A tool a lot of people find early on is Minergate, and although it's popular, most people are asking themselves, “is MinerGate safe,” or is it a scam? To answer that question, we must first understand what MinerGate really is.
In this MinerGate review article, we will discuss the different functions of MinerGate, its primary features, and share with you our general assessment of MinerGate.
Hopefully, our insights will allow our readers to decide if MinerGate is the correct fit for their mining requirements and, more importantly, safe.
What is MinerGate?
MinerGate offers a complete suite of blockchain miner products and services for novice and home mining. The product has a simple yet powerful user interface that allows the miners to optimize computer resource usage and configure what coins to mine.
It’s that easy to start mining with MinerGate. Moreover, it is safe to use so long as you follow the recommended procedures.
They also offer an open mining pool service. An online collective where miners collectively mine blocks increases their chances of correctly hashing the new block and getting a block reward, which is shared among all the miners.
This service connects thousands of miners together, increasing its collective hashing power and augmenting its chances of writing the next block.
The interface and mining pools are preconfigured for a rapid start. This is perfect for older computers and people interested but not committed to mining.
What's Included in MinerGate?
MinerGate has one product and one service. The product is the mining program. It may lack some of the advanced features of other mining software but can easily be deployed. The layout is simple but configurable enough to test different mining strategies to become profitable.
The mining software also features a help center to help new users familiarize themselves with the Minergate software and other technical terms like hash rate, difficulty, block reward, and mining pools.
Minergate may not be the most featured filled mining software out there, but it can be used on custom-built mining rigs with an optimized housing location.
MinerGate has 2 features to explore. The first is Smart Mining, which reviews your systems settings and automatically mines the most profitable coin. The calculation used by MinerGate is not available, so it’s hard to see what they take into account for their prediction.
Second is the mining tab, which offers more freedom to choose what you think will be more profitable or simply mining the coin/project that you like. This section is where a new miner can experience what mining for profit can be like on a larger scale.
Tutorial on How to Use, Install, and Get the Most out of MinerGate
MinerGate is simple and easy to use. In the following sections, we will show you how you can set up the mining software. Please note that the instructions are for a Windows 10-powered system. Setting up on a different machine like those running Window 7 or OSX should be slightly different but follows the same general procedure.
Step 1: The fast sign-up process. You only need a verifiable email address. No verification or laborious KYC/AML forms. All you have to do is register using any email account you use.
Step 2: Verify your email and activate 2FA.
Make sure that you have verified your email address. If you don’t verify your email, you can’t set up 2FA. If you can’t set up 2FA, you cannot withdraw. Click on the “Email is not verified.” This will send a link to your email for verification.
If you can't find the email verification link make sure you check your junk mail or spam folder. Once verified, you can now activate 2FA, which in turn is a requirement for withdrawals.
Step 3: Turn off antivirus?
AVG removed the installer before it ran because it can be run on a computer or laptop where the owner has not permitted this activity (rogue IT technician). If you want to install MinerGate, turn off your antivirus. For some reason, mining software like Minergate is often tagged as dangerous software.
However, as long as you get the installer from the official site, you have no reason for concern. Just continue with the installation.
Step 4: Downloading the software. Once you have initiated the download sequence, the website should automatically detect your operating system and immediately start downloading.
Step 5: MinerGate Install.
Once the download is complete, head to the directory where the installation file is located and click on the install file to start the installation. Follow the instructions until the end of the installation process.
Just remember to click the box that asks for a desktop icon as it is unchecked by default. To run MinerGate, double click the icon on your desktop.
Step 6: Antivirus exception for MinerGate.
Please consult your Antivirus manufacturer for the step by step process on making Minergate exemption from being identified as malware. The prevalence of malware that uses computer resources to mine cryptocurrencies clandestinely might be the reason why mining software is generally considered malware.
Step 7: Use the Benchmark feature.
This tool allows MinerGate to analyze your hardware. It will let you know what can be achieved by your system in various settings. Benchmarking is an important tool to test the efficiency of your mining device. This will allow you to discover which among your equipment will give you higher returns and which will not.
Step 8: To start mining.
You have 2 choices. Either click “Smart Mining” for the most profit as determined by the program or manually select a cryptocurrency to start mining.
Users who are not familiar with cryptocurrencies are recommended to start mining using the “Start Mining” to automate the decision-making process of choosing which crypto will give you the most profit. More advanced users or users who want to specifically what crypto to mine should manually configure what to mine.
Step 9: Mobile app for remote monitoring.
The app serves to track/monitor your workers’/machines’ performance. It will let you know if one or more of your machines are not connected to the network (this could be a network issue or a power outage). The app breaks down the performance and expected earnings.
Cryptocurrencies and Fees
You can mine the following coins with MinerGate:
- Bitcoin Gold
- Ethereum Classic
- Monero Classic
MinerGate is a superb company in its own right, offering a simple and easy-to-use mining product. Unfortunately, they are not the most efficient at using system resources.
If you are looking into making to maximize profits in mining, you will have to look elsewhere. You could use Claymore, which is a lot more complicated to use and defeats the whole point of using MinerGate for small-scale operations like home users.
Another possible alternative is Nicehash, which may have more advanced mining features than MinerGate. Unfortunately, having more advanced mining features does not guarantee a more secure platform.
In fact, not too long ago, Nicehash was the subject of the whole crypto space where hackers were able to steal $64 million worth of cryptocurrencies from their mining platform.
MinerGate Review: Conclusion
It’s important to be aware that miners capitulate when prices go down. The whole mining sector experiences a downturn, and hash rates drop along with difficulty.
The reverse also happens when coins cost more; more miners will mine, increasing the hash rate and difficulty, and miners get less of the reward as it is shared out.
The risk of losing money in a cryptocurrency mining operation is genuine. However, this risk is not directly associated with the design or safety features of MinerGate. Overall, everything worked as intended, and for the most part, MinerGate is safe.
Losing money boils down to multiple factors. First is the electricity consideration. The electricity costs may not be worth the effort depending on your computer/laptop and the operation.
Electricity costs can be ignored by hobbyists or novices who need to learn the trade; the expense justifies the means in these cases.
Mining also shortens the lifespan of any device that mines extensively. In most cases, when a device breaks down due to excessive mining, the lifetime earnings of that device would not have covered the equipment's cost.
Various aspects determine the productive lifecycle of a mining rig: age of the device, when last a CPU paste was applied, the fans optimized in bios and physically cleaned of dust, the power supply used, hard disk drive, operating system, room temperature, RAM, lighting (can add heat) and more.
Could MinerGate shut down tomorrow? This is definitely a possibility. Care needs to be exercised with centralized services. As a whole, the crypto industry has been known to exit scam people by closing shop and absconding with users’ funds. This happens deliberately or unintentionally. Hopefully this MinerGate review guide has been helpful, if you have any questions, let us know in the comments below!
- Ease of use
- Fees structure
- Ease of use
- Security measures that are industry best practices
- Decentralized ownership for user protections
- Helpful Community
- Lack of minable coins
- Security measures that frustrate new users to crypto
- Decentralized ownership and lack of transparency with blocks mined
- Very quiet community
- Double transaction fees