MinerGate.com is a cryptocurrency mining pool that was allegedly created by a group of crypto coin enthusiasts. Launched into operation a little over 3 years ago on March 4th, 2014, MinerGate has served as a reputable mining pool destination amongst crypto-miners. Recent research though will reveal some shady business dealings being practiced by MinerGate. The chief complaints regarding MinerGate would be the theft of hashing power and taking portions of mined shares for themselves.
While these complaints may seem justifiable to MinerGate due to how inexpensive they offer their services, we still find it shady to say the least. With this in mind, the objective of our comprehensive review would be to provide you with all the information necessary to determine whether or not you believe this Bitcoin mining pool to be a trustworthy and promising mining destination.
About MinerGate
MinerGate is an online cloud mining site where investors can mine a variety of cryptocurrencies. Compared to most cloud mining sites where users can only mine a singular cryptocurrency, users at MinerGate are able to mine different coins simultaneously. Users are also enabled the ability to auto-mine coins with the highest exchange rate so that they can generate the most profit from their computing power.
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According to the site, if you choose to mine more than one cryptocurrency simultaneously, users shouldn’t suffer a decrease in hashing power. Contradictory to this claim though, many users have reported a decrease (or theft) of hashing power when they have tried to mine more than one cryptocurrency at one time. No conclusive research has been proven in this regard but numerous user-reports make this a difficult topic of discussion to overlook.
Regardless, MinerGate is still one of the largest and most reputable cloud mining sites currently hosting over 1.7 million miners world-wide.
Who is Behind MinerGate?
Due to how popular of a cloud mining site that MinerGate is, we were surprised to discover that the only identifiable information provided on the site would be their email address (contact@minergate.com). Typically operations of this magnitude don’t remain an anonymous operation for long, yet MinerGate has figured out a way to do just that. A Whois.com report will reveal that MinerGate.com was privately registered making it nearly impossible to acquire the registrar information.
Furthermore, no relevant ownership information can be discovered on their About, Contact or Terms of Use pages. Even their social media pages like their Facebook page (facebook.com/MinerGate) fail to churn up any evidence as to whom is responsible or operating behind this large cloud mining destination.
How does MinerGate work?
Users who wish to mine cryptocurrencies at MinerGate must first create an account at MinerGate.com. For novice users who are new to mining cryptos, MinerGate provides their own wallet so users without a wallet address are enabled to start mining. The incorporation of a 2 factor authentication is recommended so that even if someone figures out your password your funds are still in safe hands.
The next step you will need to complete after you have created your account would be to download the MinerGate software, then install it. If done correctly, the website should be able to detect the software on your operating system and verify that it is the most current and correct version. Once these steps have been completed the software should automatically be able to tell which equipment you possess, where users will be prompted to mine the most profitable cryptocurrency or whichever one they choose.
The last step would be to select Start Mining, then verify the quantity of cores you wish to use. Assumingely, the fewer amount of cores you wish to enact, the slower hash rate you will generate, but the less stress your hardware will have to endure.
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MinerGate Platform Features
MinerGate provides miners with a number of unique features that aren’t necessarily available on other cloud mining sites. Listed below are several features that you can expect to take advantage of at MinerGate.com.
Smart Mining
Another feature available at MinerGate enables miners to employ an algorithm to determine which cryptocurrencies will yield the highest profit to power ratio. Users have the ability to determine whether this feature be enabled, or if they prefer to mine a cryptocurrency of their own choice.
Profitability Calculator
MinerGate features a profitability calculator on their site so users can determine their profit at any time. Users can calculate their hourly, daily or weekly profit potential through their profitability calculator.
Versatile Mining
Besides having access to 14 cryptocurrencies, users are able to mine more than one cryptocurrency simultaneously. Allegedly, the site claims you can use this innovative feature without suffering a loss of hash power, but user-feedback argues otherwise.
MinerGate Reward Program
Miners have an incentive program where they are able to achieve badges for tasks completed. The more tasks you complete, the more badges you earn, which will ultimately earn you a free prize through MinerGate once all badges have been acquired.
Supported Cryptocurrencies
MinerGate supports a total of 14 cryptocurrencies. Now, dependent upon with cryptocurrency you choose to mine will reflect your profit to power ratio. This is where MinerGate’s smart mining features becomes quite valuable due to the fact it can check which cryptocurrencies are the most lucrative to mine to enable you to generate as much profit possible.
- Bitcoin
- Ethereum
- Ethereum Classic
- Zcash
- Litecoin
- ByteCoin
- Monero
- FantomCoin
- QuazarCoin
- DigitalNote
- MonetaVerde
- FashCoin
- Aeon coin
- Infinium-8
Is MinerGate a Scam?
MinerGate is not a scam, Ponzi scheme or pyramid operation. MinerGate.com is a legitimate and reputable cloud mining site for miners who are looking to accrue more cryptocurrencies for their Bitcoin wallets. Relevant and recent user-feedback will indicate to us that MinerGate appears to be skimming users hashing power when mining more than one cryptocurrency at one time, but other than this mishaps, there have been no reports of abuse which is rare across a cloud mining site that hosts over 1 million miners daily.
Community Feedback
I’ve noticed about 15% drop in hash rate when using them, and their miners go down a lot…They’re a great way to get your feet wet, but don’t waste a $4,000 mining rig hashing for them.
I’ve had no problem withdrawing my balances. I have have no doubt they are using some of my hash to benefit themselves. The definition of a scam is something one can argue over. Is this a scam because you could do way better on your own with little effort? Yes. Is this a scam because you will never see a dime of the currency you mine? No.
For more feedback regarding whether MinerGate is a scam, feel free to visit this Reddit thread.
Popularity
A SimiliarWeb report shows that MinerGate.com had a global rank of 2,345 as of November 8th, 2017, which makes them one of the most popular cryptocurrency mining sites. On average, this site receives a total of over 11 million monthly visits, which indicates to us that MinerGate is a popular cloud mining site. Most of MinerGate’s visitors consist of people from Russia, Brazil, the United States, Ukraine and Vietnam.
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MinerGate Review Conclusion
MinerGate is an authentic cloud mining site that enables hundreds of thousands of miners the ability to mine cryptocurrencies on a daily basis. An operation as reputable and widely-used as MinerGate doesn’t achieve their level of users by scamming individuals even though the allegations of them skimming hashing power does raise concerns. Until more feedback has been received MinerGate will not be classified as a scam. However, we aren’t also condoning the use of this cloud mining site.
Verdict: MinerGate is a recommended mining pool!
For legitimate mining opportunities, you’re welcome to visit our Cryptocurrency Mining Guide.
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From my perspective, MinerGate is a legit mining operation. I’ve never witnessed any suspicious actions with my (or anyone else’s) funds from the company’s side. No surprises.
Let’s set it straight: you may like MinerGate, you can hate it, you can don’t give a heck about it, BUT it’s obvious that this pool despite some flaws is not a scam. Thousands of people use it right now and they get rewards for mining because MinerGate is doing its’ mission.
I believe that the company that keeps on developing its’ services and paying people for mining for 4.5 years in the row can’t be a scam. My own experience is enough for me to have no doubts about that.
I think that scam accusations are the product of the inflated expectations of some angry people who didn’t figure out how MinerGate works and how much they can earn using their hardware. I spent some time to do the research and configured my mining process thoroughly. Now I get some profit from MinerGate without any troubles.
They scam me more then 4000 USD. They stopped payout BTC Cloud Mining at 18th January and dont answer any questions but begging for new customers with EOS actually. Why all guys go ahead and mine with them? Yesterday i tried also with my RTX2080 to mine ETH with their miner. After 3 Hours of Mining they dont wrote down anything in the balance. Looks like they also stole your Hashpower away. Tell all People to stop using their service!
I think that most of these people who believe that MinerGate has been cheating on them are simply didn’t get the right support from the support staff or didn’t bother to read FAQ section. The users who don’t know how to use the pool properly create a bad reputation for MinerGate.
I like the MinerGate miner very much. It’s really easy to use and the balance keeps on growing. I withdraw the coins to Freewallet without paying fees. That’s awesome.
MinerGate exists for almost 5 years. I use it since 2016. Despite the uncritical flaws of the MinerGate website work, the pool itself is profitable and quite stable. I have never had any issues with the company. My funds are protected and I’ve never seen confirmed actual cases of fraud by MinerGate.
If I’m not mistaken these ‘scam’ allegations against MinerGate started quite a long time ago and still there are no known cases when people really were scammed. More than that I myself use MinerGate without any issues. Sometimes I think that this myth was created by the competitors or fools.