MinerGate was founded by a dedicated group of crypto enthusiasts and it was the first public mining pool that was based on the CryptoNote protocol. It offers a variety of mining services with which users can mine a variety of coins, including Bitcoin.
MinerGate’s services can be accessed and used from all over the world. The platform has currently over 750000 registered users, with a majority of users being from the United States, Vietnam, Brazil, and Russia.
The platform first started out as a bitcoin mining pool, but since then it has included other coins. Below is a list of the available cryptocurrencies along with their respective hash rate.
- Bitcoin- 74.2 PH/s
- Zcash- 18.1 kH/s
- Bitcoin Gold- 2.0 kH/s
- Ethereum-18.3 GH/s
- Ethereum Classic- 3.6 GH/s
- Litecoin- 4.2 GH/s
- Bytecoin-1.7 MH/s
- Monero- 3.8 MH/s
- Monero-Classic- 2.3 MH/s
- FantomCoin-142.8 kH/s
- Aeon coin-170.3 kH/s
Types of interfaces
MinerGate enables users to mine either by downloading a GUI or a minor console. Both of them are compatible with windows (32 and 64 bit), Mac and Ubuntu.
How does MinerGate Cloud Mining Work?
The platform is based on a network of computers which pool together their resources that can be used by miners. MinerGate offers the following mining functionalities:
MinerGate enables one user to mine two cryptocurrencies simultaneously without compromising on the profit rates. This process is now as merged mining.
The smart mining feature identifies and mines the coin that is considered to be the most profitable at that time. Most miners lack a system which can be used to determine the most lucrative coins.
But smart mining employs an algorithm to select the coin that should be mined. But this does not mean that users are not allowed to select the coin they want to mine. There is the option to turn off the smart mining functionality and manually choose your coin.
Users are not required to download the GUI user interface, as they can mine from a web console.
Prospective per share (PPS)
A standard payout rate is given to the miner for each share finished. This method removes luck from the income, but the downside is that the total income can decrease by 5% per share.
PPS is a payment method that rewards you a number of bitcoins per share for the mining that you have done. PPS is more for those that want statistics to base their calculations on that they can later use to increase their mining power. PPS is not ideal for a simple due to its reduced long term mining profitability.
Pay per last N shares (PPLNS)
PPLNS is recommended as it has a higher payout. PPLNS will provide wide fluctuations in a 24-hour payout, which makes it ideal for people that are looking to mine as fast as they can.
PPLNS determines just how many coins you get your completed shares. Unlike PPS, this payout method includes a “luck” factor. PPLNS has a larger range for your payout per share, 30% more or less on your payouts, making it more profitable in the long run.
The PPLNS FORMULA: [ (BLOCK VALUE + TRANSMISSION FEE)/10) – POOL FEE (3%)]
In addition to the abovementioned mining tools, a calculator is also featured, which allows users to verify just how viable a certain coin is. The calculator takes into consideration various factors of the mining process such as bad shares, pool fee, transaction amount, network problems, and others to provide an accurate estimation of results.
Platform users can use the mining services by paying a subscription fee which is charged according to GH/S. The user rents hashing power from MinerGate for its mining operations, then the platform calculates the mining fee by using a linear function applied to the acquired hash power.
These are the following prices according to hash power rates:
- 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
For altcoins, a mining fee of 1% for Pay Per Last N Shares (PPNS) and 1.5% for Pay Per Share (PPS) are charged for miners.
MinerGate Security Features
The platform implements several security features:
- Two-factor authentication for users to confirms each transaction which occurs on their account.
- Its website is SSL certificated to encrypt all communication that takes place on the platform.
- The platform claims that it performs constant updates in order to incorporate the latest tech development as well as to remove or fix any bugs.
Minergate is a mining pool that provides cloud mining services for bitcoin and other altcoins. The platform is considered to be reputable and convenient service by most users.