Welcome to my Minergate review!
Minergate has been one of the most reviewed mining platform on the internet, so today we’re also going to dive in and help you learn more about Minergate cloud mining.
First things first, I’m really happy for you that you’re willing to do your own research before joining any program as there are way too many online scams that can waste you a ton of time and money.
And this is the only way to stay away from scams and find the legitimate way to make money online!
Let me be completely honest with you, I’m not associated with Minergate in any form so I’m not here to sell anything to you.
So, if you’re doing research about is Minergate a scam or legit, rest assured that this is the right place.
In this review, I’m going to be giving you a thorough breakdown of Minergate and whether you should join this platform.
Product Name: Minergate
Price: Free to Join
Overall Rank: 30 out of 100
MinerGate was founded in 2014 by a number of blockchain enthusiasts, which is a multicurrency cloud mining pool enabling users to start crypto-mining from your computer, laptop, and even smartphone.
Throughout the years, Minergate has reached more than 3 million active miners and pay out 20 million dollars to them. Clearly, Minergate provides the easiest and the most accessible mining software so that everyone can start mining regardless of investment size, technical background, or experience in cryptocurrencies.
Currently, there are 10 supported cryptocurrencies for mining: Ethereum (ETH), Litecoin (LTC), Bitcoin Gold (BTG), Ethereum Classic (ETC), Monero (XMR), Monero-Classic (XMC), AEON, Zcash (ZEC), Bytecoin (BCN), and Grin.
To help you mine more effectively and efficiently, Minergate mining software also provide with 2 additional features:
1. Smart mining
Smart mining can be used to calculate the profitability accurately according to your current computing power and mined currency exchange rates, helping you to mine the most profitable coin on autopilot.
2. Benchmark testing tool
This feature will indicate your hardware’s performance in earning crypto coins in a fixed amount of time. You can also find the best hardware options for you by looking at the best benchmarks among the top 25 Minergate users.
In addition, they have 4 mining applications for users: Windows, Mac OS, Linux, and Android.
Why Should You Use Minergate?
One of the main reasons why you should use Minergate is that it is a cloud mining platform.
What is Cloud Mining?
Cloud mining is the process of joining cloud mining platforms and earn cryptocurrency via a shared mining pool of processing power.
To get started, all you really need is to purchase a mining contract with a specific amount of hash rate, which is the speed at which a miner operates. Once a block was mined by your pool, each participant can receive the block rewards in proportion to their hash rate. In other words, the more hash rate you possess, the more coins you are going to receive.
Apart from cloud mining, some mining companies will also sell mining hardware for people to start individual mining rather than joining a shared mining pool. The good thing about this option is that people can obtain all the rewards if a block was successfully mined. But there are also a number of drawbacks:
- More capital to purchase the equipment
- Prior experience and knowledge required to manage the equipment
- Cost of maintenance, monitoring, and electrical energy
- Excessive noise and heat produced
- Technical skills to maintain the equipment performance
These are just some of the red flags that were raised for individual mining, but they are more than enough for you to reject this option.
If you’re on a tight budget, cloud mining will work best for you because it doesn’t require any experience nor lots of money to get started. The only downside is that it can only generate a small income unless you bought a tremendous amount of hash rate.
How To Mine With Minergate?
MinerGate is very easy to use, here are the steps to take to get started.
1. Register a free account on their website
2. Set up the 2-step authentication to further secure your account.
Go to “Profile” and click the “Enable” Button in the 2-step authentication block. Then download the Google Authenticator application on your mobile device which is available both for Android and iOS.
Now you can link your app to your Minergate account and scan the QR-code with your mobile app (For browser plug-in users, you will have to enter the digital code manually).
Enter the verification code you’ve just received in the “Verification code” text-box, click “Enable” again and find the confirmation email to finish the 2FA enabling process.
3. After you sign in to the dashboard, download the Minergate software and install it on your device.
4. Once the software are installed, it will access your hardware and determine which equipment you should have in order to mine the most profitable cryptocurrency.
5. Choose the cryptocurrency you want and start mining.
There are 2 types of support a user can get at Minergate:
1. Live Community Support
Minergate provides a forum on the website where members can ask questions and interact with one another.
2. Ticket Support
Users can also raise their concerns to the support team of Minergrate via the “submit a request” section. However, don’t rely on this type of support because the support team always respond slowly.
If you want to learn more about the website, check out their FAQ page to get more comprehensive information.
The mining calculator is designed to help users estimate their earnings in various currencies.
Keep in mind that it displays your earnings based on a statistical calculation and strictly given conditions (the current pool fee, 0% bad shares, network difficulty, block reward, transactions amount and fee) so that your profit will normally even out progressively along the mining process.
There are four currency algorithm tabs on the Calculator page:
- Ethereum & Ethereum Classic calculator – Used to calculate your expected earnings in ETH and ETC.
- Cryptonote & CryptoNight calculator – Used to calculate your expected earnings in Bytecoin (BCN), Monero (XMR), Monero Classic (XMC), Fantomcoin (FCN), DigitalNote (XDN).
- Litecoin (Scrypt algorithm) calculator – Used to calculate your expected earnings in Bitcoin-like currencies.
- Equihash Mining Calculator – Used to calculate your expected earnings in ZCash and Bitcoin Gold currencies.
All of the calculators are built by the same scheme:
Input the hash rate amount that you plan to purchase to display your expected earnings. The results can be displayed in different currencies like BTC, USD, or EUR with time-periods of 1 hour, 1 day, and 1 week.
Every new user receives a unique referral link after they register an account.
When someone registers and starts mining via your referral link, you’ll earn a specific percentage of commissions from their total spending. Note that only active miners will be counted as your affiliates and bring you profit.
Here’s a quick breakdown of your affiliate profit:
- 1 – 10 active affiliates = 30% commissions of their total spending.
- 11 – 30 active affiliates = 50% commissions of their total spending.
- 31 or more active affiliates = 65% commissions of their total spending.
Who is Minergate for?
Minergate is for people who wants to start crypto-mining without having to spend a fortune.
Personally, I would not recommend ANYONE to try it out.
But if you’re okay with the low earning potential and don’t mind losing all your investment, then Minergate will probably work for you.
VERDICT: NOT LEGIT
Is Minergate a Scam?
Minergate looks pretty much the same pattern as other legit cloud mining platforms and it has everything you need to start crypto-mining, which is why it is not a scam as far as I’m concerned.
However, like most cryptocurrency business, it is hard to make a living while there are so much competition out there. You simply need too many things out of your control to really earn those big money.
If you’re looking for a much more legitimate way to make money online, you should check out affiliate marketing.
What is Affiliate Marketing?
Affiliate marketing is the process by which an affiliate promotes other peoples or companies’ products and earn a commission when someone makes a purchase via his affiliate link.
Here’s a simple diagram explaining the process:
Basically with affiliate marketing, you are investing your time and money to build a business that generates the consistent inflow of money into your bank account in the future without trading your time for it.
If you’re wanting to have more financial freedom to do all the things you want, affiliate marketing is truly something that can ensure your success if done correctly.
Don’t know where to start? To be honest, there are lots of quality affiliate marketing training courses available on the market. But I would recommend getting started with the best affiliate marketing training platform and mentoring community that I’ve personally tried.