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Minergate focuses on the affordability and profitability of cryptocurrency mining, granting access to their pool for a broader audience through the attractive pricing. With the service, 14 altcoins is available at a low fee, complemented with Bitcoin cloud mining, which is provided in the co-operation with Hashing24. Their smart contracts allow users to switch hashpower between currencies, thus giving them a nice opportunity to enjoy the highest yield.
About the Company
Minergate pool is a project developed by a team of cryptocurrency enthusiasts for mining Bitcoin. However, shortly afterwards they moved further and added the possibility of mining various cryptocurrencies simultaneously with no decrease in hashpower.
The service doesn’t list its owners on the official website, nor does it disclose its location. Claude Lecomte is known as a company CEO, since he is often invited by specialized online resources to share his view on cryptocurrencies and blockchain technology. Yet, his work history cannot be found online, and the same applies to the rest of Minergate senior management.
A little bit more is known about Hashing24, which is Minergate’s partner in Bitcoin cloud mining. It is a Scottish company with its mining farms located in Iceland and Georgia. It uses cutting-edge ASIC hardware to beat the bag out of mining opportunities and applies advanced cooling technology to protect the equipment from overheating, while reducing maintenance costs.
Corporate Social Media Pages
Minergate’s key service is providing access to its mining pool for users who can mine multiple cryptocurrencies, using their software. Users can select preferred coins at their own discretion or transfer this right of choice to the system. The service offers so called smart contracts, when user’s hashpower is automatically used to mine the most income-generating altcoins. To get this opportunity, the users are required to pay 1%-1.5% fees, routinely deducted from their everyday revenues.
In addition, the service makes available contracts on Bitcoin cloud mining offered by Hashing24. Users can buy the hashrate right on Minergate website upon signing in. All they need to do is choose the desired mining plan on their dashboards and then to proceed to the payment details page, where they are provided with a unique Bitcoin address for payment. The service accepts only bitcoins with no other payment options.
The minimum Bitcoin hashrate with cloud mining makes up 20GH/s. If there are no sufficient funds on user’s Bitcoin account, mining doesn’t start. Moreover, the contract can be terminated, if there are no sufficient funds on the account for maintenance fee deduction – the user has only 3 days to replenish the account. If the contract is concluded, the user starts receiving profits within 24 hours.
Once a block is added to a blockchain, users get their revenue, which is paid on a day-to-day basis. Both payouts and purchases are required to be confirmed by users via e-mail under Minergate security policy.
Withdrawals are allowed when the minimum limit of 0.01 coins is reached. This applies to all the crypocurrencies available, which is somewhat inconvenient, taking into account that currently bitcoins cost more than other altcoins. This keeps users waiting until they accumulate enough earnings from mining to withdraw them, and it can take quite a long time and plenty of hashpower to mine the required amount in BTC.
Minergate provides its users with multiple statistics for them to keep track of their mining performance, as well as with Google Play app that allows monitoring the mining process on mobile devices. Also, the statistics and detailed information about coins offered for mining come in handy, when users need to choose the best combination of cryptocurrencies for the highest yield.
Minergate sets the minimum purchase limit of 20 GH/s for its users interested in joining the Bitcoin cloud mining. This limit is much higher that offered by many similar services, which often allow purchases starting from 1 GH/s. On the other hand, the contracts with Minergate can amount to 1 million GH/s, which seems to be the full capacity of Hashing24.
The cost of mining contract directly depends on the amount of hashrate bought:
20 GH/s come at the price of 0.0034 BTC
100 GH/s costs 0.017 BTC
500 GH/s goes for 0.085 BTC
Minergate accepts payments for the mining contracts in bitcoins, but their maintenance fee is charged in USD. The fee amounts to $0.0066 for each 20 GH/s, which is rather advantageous when compared to other offers on the market.
In spite of their main focus on multi-currency mining, Minergate provides a nice possibility to buy hashrate for cloud mining. This is well described on the FAQ page of their official website, but users can have a look at the prices only upon registration. The cost of any desired contract can be easily calculated with the help of an online calculator provided for users.
Minergate website features intuitive navigation and professional design, but users might have to use the FAQ page in order to be guided right to the section where they can buy Bitcoin hashrate. Taking into account that the service makes money off the option, they should provide would-be buyers with an easier way of getting to it.
The company’s major profile is altcoins mining pool, which was lately expanded to Bitcoin cloud mining. All information about the contracts under this option can be found on the FAQ page, clearly explaining how to purchase hashrate. The pricing policy is simple and transparent, but the minimum purchase limit of 20 GH/s is rather challenging for novice miners. Having some attractive features in cloud mining, Minergate fails to provide any information on the company operation, thus making users wonder whether it runs legally.
User reviews for MinerGate
Surely the income is not huge, but the company has several years of experience. the minimum amount for withdrawal is large. Although for litecoin, monero, zcash still more feasible
I use Minergate for monero mining. Payments every day, all the info comes to the phone. Now it suits me. that\'s a pity the leadership isn\'t known, I would be invested more
Investing involves risk, including possible loss of principal.
In addition to the normal risks associated with investing and mining, cryptocurrency mining investments and related instruments may involve risk of capital loss from unfavorable fluctuation in cryptocurrency values, exchange-related risks, policy risks, liquidity, and market price fluctuation and demand.
All information on this web site are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase.