Minergate makes cryptocurrency mining affordable and profitable for anyone. They provide a possibility to join their pool for a low fee and mine 14 different altcoins. Bitcoin cloud mining is also available through their partnership with Hashing24. The hashing power is interchangeable between the coins with their smart mining contracts so the users always get the highest possible profit that can be achieved.
Minergate mining pool has been created by a group of cryptocurrency enthusiasts. They have started with bitcoin mining but soon expanded the pool for multiple altcoins and introduced the option to simultaneously mine different coins without the decrease in hashrate.
Minergate is not listing it’s owners and founders on their platform and the company’s location is unknown as well. Minergate CEO, Claude Lecomte is frequently appearing on cryptocurrency sites to share his view on bitcoin, altcoins and blockchain technology. However apart from crypto blogs, Lecomte’s professional background is not on the internet. Therefore it is not known who owns or who are running the company.
The hashpower for bitcoin cloud mining is provided by Hashing24 company. Hashing24 is a Scotland based cloud mining service provided which is using ASIC miner chips from the newest series to keep mining profitable. Their mining farm is located in Iceland and Georgia. They are using air and immersion cooling technology in order to keep costs at a low level.
The main function of Minergate is the multi-cryptocurrency mining pool. With their software, miners can join their pool and choose from the various altcoins or let the system choose for them. Due to the automine function that they call as smart mining contract, it is possible to automatically mine the most profitable coins from the hashpower purchased or ownerd. In order to use the service, Minergate charges 1%-1.5% pool fees. Payouts are based on PPS or PPLNS methods that is deducted from the daily earnings.
Minergate also offers cloud mining services for bitcoin through the contracts provided by their partner Hashing24. The hashpowers can be directly purchased from Minergate website after registration. On the Dashboard, clients can setup the mining plan by purchasing the amount of hashpower desired. After choosing the right package, on the payment details page a unique bitcoin address is provided where the price of the contract should be transferred to. Minergate only allows bitcoin as payment method, there is no option to pay by credit card or wire transfer for the hashpower.
The minimum purchase amount for bitcoin cloud mining is 20GH/s. The contract is not starting if the payment on the provided bitcoin account is below the price. Also, the maintenance fee is deducted from the account daily and if there is not enough funds on the account for 3 consecutive days the mining contract is cancelled. The earnings are starting 24 hours after the contract has started.
Users receive the earnings from cloud mining as soon as the block is found and added to the blockchain, the payouts are happening daily. In order to increase security, Minergate uses email confirmation for all transactions, including payouts and purchases.
The lowest threshold for withdrawals is set to 0.01 coins for each crypocurrency, including bitcoin as well. This withdrawal threshold is high considering the bitcoin price is much higher than the rest of the coins, so in order to cash out the invested money, clients have to wait until enough money is gathered on the account from the mining. And mining 0.01 BTC in these days either require a lot of hashing power of a lot of time.
The Google Play application lets the users monitor their mining activity on their smartphones from anywhere at anytime. Minergate offers various charts and tables to monitor the performance of the mining pool. They also have a detailed information sheet about altcoins, it’s specifications, strenghts and weaknesses that can help the clients to choose the optimal altcoin combination they this is the most profitable.
Fees and Pricing Schedule
Clients are able to purchase bitcoin cloud mining services starting from 20 GH/s. This minimum purchase is much higher compared to other cloud hashing companies, which usually offers cloud mining from 1 GH/s. At Minergate, clients can buy cloud mining contracts up to 1 million GH/s. Considering the size of the biggest contract, probably in that case the full capacity of Hashing24 miners are purchased all at once.
The price of bitcoin cloud mining is a linear function of the hashpower purchased.
- 20 GH/s bitcoin cloud mining costs 0.0034 BTC
- 100 GH/s bitcoin cloud mining costs 0.017 BTC
- 500 GH/s bitcoin cloud mining costs 0.085 BTC
While the cloud mining contracts are priced in bitcoins, the maintenance fees are set in US dollars. After each 20 GH/s power purchased, clients pay 0.0066 USD maintenance fee that is a relatively low fee compared to competitors.
Minergate User Experience
Although the main profile of Minergate is not cloud mining, they make the process of purchasing hashpower quite smooth. The FAQ section has all the details, although the prices are only disclosed after registration. The calculator showing the price of the possible contracts are easy to use and very transparent.
Minergate website is professionally built and easy to navigate on. Although the option to purchase bitcoin hashpower is hidden deep in the site, the FAQ section has very clear guidance how to find that specific ‘Buy’ button. Which eventually makes their sales revenue, so they better have it written clearly.
Minergate is a multicurrency mining pool that recently started to provide cloud mining services for bitcoin. Even though their main activity is not cloud mining, the FAQ section perfectly describes the process how to buy contracts and what are the conditions in a plain, transparent language. The pricing is very straight forward, although the minimum purchase threshold of 20 GH/s means first time users have to commit themselves in order to try the service. Overall Minergate would be a very promising cloud miner on the market, however the lack of information on the company should warns users whether the cloud miner is operating legitimately.
- 14 different altcoins are available in their mining pool
- transparent pricing structure
- low maintenance fee
- withdrawals are available from 0.01 coins, including bitcoins too
- only bitcoin cloud mining is available
- the minimum purchase is 20GH/s