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Minegate.biz Review: Is MineGate a Scam or Should I Invest?
MineGate Review: Scam or legit investment platform? Mine Gate is offering enticing investment plans. Is minegate.biz legit? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams. In this review we provide you information based on our investigations and user experiences to help guide you make the proper decision.
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MineGate HYIP Review: Is minegate.biz Paying?
Though this site might appear legit to a newbie, the truth is that it is just a wishy washy HYIP designed in such a way to convince unsuspecting investors. Most of this scam quick-profit investment schemes are HYIPs. What is a HYIP?
It is a just a type of ponzi scheme. Initial investors only get paid when new people sign up and invest, what this means is that you are under pressure to bring in new investors so that you will get paid. As soon as the amount of new investor drops, the owners do away with the money invested, and the site is closed down since there is no longer enough money to pay initial investors. Those that benefit most times are the first investors. The system is not sustainable because it will surely shut down abruptly leaving your money trapped in the hands of the scammers that set it up initially.
Most of them provide a registration certificate and so-called evidence of payments. Don’t be deceived, anybody could get a sham address and certificate most especially from the Company House in UK which most of them use, for just £5. These companies claiming to be located in the UK or similar countries are not in actual sense located there.
Sometimes these platforms might pose as an investment platform, doubler platform or even a mining platform. Often times they might run an ads through the google ads academy or even get a youtube ads making them look legit. But the truth is that they do not have the equipment that make them what they claim to be. Rather what they do is circle the funds of investors, and when they have made a lot of unsuspecting investors trust them, they stop paying.
How To Know a SCAM HYIP
It is true that most of this high yield investment platforms look like the real deal, thus confusing us.However, there are various ways to find out if an investment platform is a lackluster HYIP or if it a trusted investment platform. Below are ways you could find out-
- ROI- The returns offered. Are they sustainable? Can the funds be shuffled round and get to every investor? are the offers realizable?
- History- Does the platform have a history? Can the company behind it be found online?
- Transaparent– How transparent is the information on the website?
- Contact– Can you reach them? Is the address made available on the platform?
minergate.biz is not a sustainable investment platform. Don’t be deceived by their promises.
Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. .On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.
They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.
MinerGate Review – Is It Legit?
By: Ofir Beigel | Last updated: 11/14/19
Mining Bitcoin and other cryptocurrencies can be complex, and it’s generally left to the techies who know what they’re doing. Some companies are, however, bringing cryptocurrency mining to the average user.
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In this MinerGate review, you’ll find out about how MinerGate works, what its main features are, and what users think of their mining software.
MinerGate Review Summary
MinerGate is a “download and run” mining program that can run on almost any machine. The software allows you to mine cryptocurrencies like Ethereum, Monero and more from your PC or laptop.
While being easy to use, it seems to be quite inefficient in terms of profitability when not operated on dedicated mining hardware. Additionally, public opinion regarding the company is undecided.
That’s MinerGate in a nutshell. If you want a more detailed review e keep on reading, here’s what I’ll cover:
1. What Is MinerGate?
MinerGate is an open mining pool where people use their computers to add hashing power to that of thousands of other miners. The user interface is openly downloadable and allows people to quickly start mining Ethereum, and a selection of other altcoins.
It helps users to break down the usual complexities found in mining to a simple “download and run” process.
MinerGate allows anyone to grab their program and run it on their computer. A large, powerful machine can, of course, add more power, but even smaller, amateur miners can use a normal PC or laptop.
It sounds great, but in reality, the weaker your device, the less you can earn. The average laptop will put a little more starch in your pants, and it can make it fun to get involved, but returns will still be minimal. It also depends a lot on the coin you mine.
Additionally MinerGate has a mobile app which helps you to manage the mining processes remotely. The MinerGate mobile application is a control app through which you can monitor your devices. It shows you the balances and you can receive push notifications about the mining process.
Note, it is not possible to mine cryptocurrencies with a mobile phone with the MinerGate mobile app.
While MinerGate is quick and simple to use, there are complex algorithms running in the background. In just a few clicks, it exploits the maximum capability of your hardware, based on how much you want to dedicate to the process.
The MinerGate team will reward you based on how much hashing you are committing. You can put your computer to work while you aren’t using the hardware. But be aware – sometimes the money you’ll make won’t even cover the electricity cost of running your computer while you sleep.
There are lots of other mining pools around, but many require more knowledge to run and can only mine one cryptocurrency.
MinerGate has the distinct advantage of working from both the CPU and GPU to mine multiple cryptos for maximum profit. For example, you can mine both Ethereum and Monero simultaneously.
2. How to Use MinerGate
The beauty of MinerGate is how easy it is to fire up and start mining. Here’s a quick run-through to show you the steps.
Step 1: Swift sign-up process
Head over to MinerGate and sign up. You only need an email address—no verification or laborious forms.
Step 2: Download the software
The website should detect your operating system.
Step 3: Install MinerGate
Install and open MinerGate like any other program on your operating system.
Step 4: Use the Benchmark feature
This allows MinerGate to analyze your hardware and let you know what you can achieve.
Step 5: Start mining
Either click “Smart Mining” for the most profit or manually select a cryptocurrency.
3. MinerGate Features
You’ll see that there are a few different options and functions built into MinerGate.
The first page will encourage you to start Smart Mining. Smart mining automatically mines the most profitable cryptocurrency for you.
How much this takes market prices and difficulty into account is hard to tell, nonetheless, it’s an enticing feature if you want to get started with no complications. All you need to do is select your core output and let it do its thing.
You’ll also see a Benchmarking tab, which might be a good place to start before you do anything. In a few minutes, the software will analyze your hardware to see what you can achieve.
I ran this on my Surface Pro, which is ideal for writing and content work. It’s a hybrid laptop-tablet, so it’s not really geared toward mining. The result was a $25 earning potential over a year. Not super inspiring—but maybe better than expected.
The Mining tab is probably the most complicated, but it’s pretty easy to get your head around. You can quickly select which crypto to mine with the CPU and which to mine with the GPU. Again, you can designate different amounts of power to each mining process.
I tested this on my laptop, putting all four cores to work on mining. Very quickly I could hear the power output from the hardware, and after checking the task manager, I found that it was indeed giving the system a complete workout.
4. Cryptocurrencies and Fees
You can mine the following coins with MinerGate:
- Bitcoin Gold
- Ethereum Classic
- Monero Classic
MinerGate’s Bitcoin mining pool was shut down on 3 April 2020, so there is no bitcoin mining opportunity on Minergate now.
The fees don’t seem over the top either. The flat fee of 1% or 1.5% is pretty favorable compared to some competitors. The complete fee schedule can be seen here.
5. Public Opinion and Community Trust
The court of public opinion wavers quite heavily on the subject of MinerGate. Word of mouth is the driving force behind any brand, and MinerGate seems to be littered with poor experiences—with some even labeling it a scam.
Many report deposits into their cryptocurrency wallets elsewhere not appearing, with records of failed transactions on the blockchain. Others simply say they never saw their money.
That being said, there are some who use the software with success often, although these scenarios are a little harder to find.
Furthermore, most people who praise MinerGate usually attach their affiliate links to their reviews, so it’s less trustworthy in my opinion.
It’s very worrying to hear from so many frustrated users who are trying to withdraw funds. There’s plenty to see and love about the simple functionality of MinerGate, but if you can’t get your money, then it’s a waste of time.
Another issue is that many users are complaining about the lack of transparency of the MinerGate mining pool.
They claim that MinerGate is displaying lower hashrates for your hardware than what is actually being used. This means that the platform is effectively telling you that you earned less than you actually did and keeping the difference.
Very little is known about the company as a whole, with its About section just stating that it’s run by a group of cryptocurrency enthusiasts—always a red flag where scams are concerned.
It’s a common misconception that the team behind MinerGate is also the team behind Changelly, which builds trust. However, after speaking with representatives from Changelly, I can now confirm that these are two different companies.
I’ve asked our mining expert, Ian, to compare MinerGate’s performance to one of the alternatives – Claymore miner. Here’s what he had to say:
Here are two pics from the same rig running 4 Rx 470’s:
Minergate running @ 985H/s and
Claymore at 2499 H/s (meaning 2.5 times faster)
Now the question is whether that delta is malicious and they are “stealing” or redirecting hashpower somehow when using their interface vs. Claymore’s. I lean towards not and here is why:
When using Claymore on Monero I was still mining directly to my Minergate dashboard and wallet, getting the full yield of Claymore’s power. If they were really stealing I would think they would not actually give you the coins.
People pointing to the platform itself saying it’s not as good is rubbish because there are few developers in the world that can build a miner to run as well as Claymore.
Genoil is good and he can’t beat Claymore – is he stealing too? I think that for what they built – a GUI miner interface that can CPU and GPU mine at one click of the button it is very good. It’s just not highly tuned and optimized like Claymore’s.
6. Frequently Asked Questions
How do I Withdraw from MinerGate?
MinerGate withdrawal are done through Freewallet.
- On MinerGate’s dashboard Go to the currency tab
- Click on ‘Withdraw’
- Fill in the ‘You send’ field
- Click ‘Enter e-mail’ near the Freewallet logo
- Fill in all the fields.
- Fill in the ‘Verification code’ input field.
- Click ‘Withdraw’ again
What is the XMR Pool on MinerGate?
The XMR pool is the mining pool for Monero which mines the Cryptonight algorithm. You can mine to this pool with a CPU or GPU.
7. Conclusion – Is MinerGate a Scam?
The great news is that you can download MinerGate, install it, and start mining within five minutes. That’s pretty cool even if you have no technical experience or just want to try it for fun.
The user interface is easy to get on with. It’s all neatly laid out, and it hides all of the complicated mishmash associated with cryptocurrency mining.
One rather large problem relates to the ability to access one’s funds. The wallet function has recently been moved from the software to the MinerGate website. If withdrawals were a technical issue, then maybe this has been fixed. The jury is still out though.
Finally, nothing can hurt a company more than a bad reputation. In this case, it seems that MinerGate hasn’t proven itself enough to be a reliable source of income. At the moment this is the most important thing to consider, in my opinion.
I actually ran MinerGate through our Bitcoin Scam Test, and the company came out legit, but the test isn’t 100% accurate. Use it at your own risk.
Minergate Review 2020: Is It Legit or Scam?
Minergate reviews are at the top of all searches nowadays, people seriously want to know more about the minergate cloud mining. so today here at BlockchainBiome we going to share a complete in-depth Minergate review with you and will make sure to cover all of your questions like what is minergate, is it safe, how to use minergate, how does it work, minergate fees etc so keep reading this guide till the very end.
Minergate is a blockchain based decentralized platform which would provide consultation to the investors based on their queries. On 24 th March 2020, the first mining pool for cryptonote based currencies was found known as minergate, which supports PPS and PPLNS payment modes. Overall, it is a mining platform and alongside functions as a GUI Pool too, which sure is one thing to fall for.
What is Minergate?
Miner Gate provides their users with two types of mining services:
- Merged Minning: it is a process which allows two different Cryptocurrencies that are based on same algorithms so that they can be mined simultaneously without decreasing a user’s hash.
- Smart Minning: It is that process which provides you to mine the most profitable crypto coin with the help of smart algorithm at the time.
Miner gate offers there these services all over the world, currently, they are having over 750000 users, from which most of the users are from united states, Vietnam, Brazil, and Russia.
And so, in order to mine these different types of Cryptocurrencies supported on miner gate user is having an option of downloading a GUI or a minor console. And for bitcoin mining users can rent hash rate also.
Prospective per share (PPS): It is a method in which the user gets a standard payout rate for each share completed. This method doesn’t work on luck it totally eliminates luck from it for users to pay out but it can decrease your total income per share by 5%.
Using PPS provides you to get a number of bitcoins per share for the work that you have solved.
Pay per last N shares (PPLNS): This method helps the user to determine how many bitcoins a user will get for their completed shares.
The weather this method includes a luck factor with it. Using PPLNS for your payout per share will have a large range that is 30% more or less on the user’s pay-out, but on average PPLNS earns more than PPS that is by 5% or so, in the long run, it could be a Month or more than that.
[ (BLOCK VALUE + TRANSMISSION FEE)/10) – POOL FEE (3%)]
MinerGate is having two types of miners:
They are available on the windows (32 and 64 bit), Mac and Ubuntu.
There is an admin version also for the windows, the edition of admin miner allows the users to launch the application on numerous computers with the background mode.
Minergate Review: Supported Coins
And many more other altcoins too.
- It mines the most profitable currencies
- It is the easiest platform for multiplatform mining, the user can choose from 8 Cryptocurrencies to mine.
- It supports the merged mining for their users, that users use simultaneously
- It is also having a feature of supporting alternative miners.
- A smart algorithm is used by minergate so that the most lucrative crytocoin to mine, the algorithm switches between two crytocoins so that it is easy for the user to find the most profitable crypto coin to mine. If the user doesn’t want to use the feature that the user can simply opt out from it.
- It allows a user to mine with their GPU that is the graphical processing unit or CPU the central processing unit. The user is allowed to select how many cores the user wanted to use for the process.
- It is not necessary for a user to download GUI mine console to mine the coins. It provides you with the site directly to use minergate Cryptocurrencies.
- It is having a tracking feature too which allows a user to track their profits on hourly, weekly and on daily basis by using the minergate’s
- They are having a reward system in which they are providing the users with the prizes who collects the miner gate badges.
How to Register for Minergate?
Moving ahead with this minergate review lets see how we can register for it.
It’s been coming across about the customer complaints regarding that they are facing difficulties while logging in.
And it’s been seen that this difficulty has been raised because of the minergate verification code that is the users are not having a verification code with them.
While Registering on the account it should be noticed that, before the users are able to login minergate account they must have been verified their emails. And to register the user must provide their email address and a strong password.
After this, the user is going to receive an email having a link with it.
Click on that link so that you verify and can activate your account.
One must go ahead to enable the 2FA security feature. Whereas this is optional but the users are strongly recommended to enable the 2FA security so that the security of the user’s account can be increased .
The user will be needed to use Google authentication so that they can generate a 6 Digit code that is to be used for login.
It’s been observed that the users who do not opt for enabling 2FA security those users experience the trouble in logging into their account.
This could mean that the user will be going to need the verification code if the user is able to login into their account.
Which means that it is having an obligation of enabling 2FA security to avoid such troubles in logging in.
Miner gate charges a 1.5% for PPS payments AND 1% fee for PPLNS payments. Let’s see a chart of minergate pool fee.
|Currency||PPS payment||PPLNS payment|
Is Minergate Safe or Not?
Minergate is a site that is a cloud mining site that makes sure that the user is mining in on two Cryptocurrencies without letting you reduce your hash rate.
The setup process Minergate cloud mining having is straightforward and does not include any complicated steps in them.
The user just needs to download the appropriate miner console for the user’s OS so that the user can start mining on their favorite Cryptocoins.
When a user visits the Minergate FAQ page the user will find all the information they needed such as:
- How can a user open their account?
- How to mine on minergate
- How to set up the wallet of the user
- How can a user deposit or how to withdraw from minergate
- How can the user earn rewards?
Is Minergate trustworthy?
Most commonly people are reading a review of Minergate to find the answer to this question only like is minergate legit or scam? So let’s see what we found!
Minergate is providing users with the option of mining the most valuable crytocoins in the cryptomarket Including bitcoin, Ethereum, dash, Litecoin etc.
The offers like merged-mining where you can mine two Cryptocoins at the same time is the most appealing offer about the minergate.
It allows its users to mine the most profitable coin through using the smart-main system.
It’s been noticed that minergate has gained some negative feedback too , that is a little worrying thing as some of the users has complained that the whole site is a scam that always leads to the failure of the transactions , some of them complained that their deposits are not been getting shown in their wallets, even they have complained that they are having zero balances after some months and some of them claimed that they are facing difficulties in withdrawing their crypto coins .
These kinds of feedback have been given so it will be difficult for one to determine that is minergate safe or not?
Through some recent researches, it was revealed that some shady business dealings were being practiced.
Minergate is having a valid SSL certificate on their website. Which means that all the communications of a user to and from the web server and the browser they all are encrypted. Which surely tells the user that al their mining activities are secure and safe.
Minergate is also offering a 2FA security with that is optional for the users but the users Should opt it because this feature is an addition to the security which makes it more secure and safe.
Customer support of Minergate
The user of minergate can reach to their support team with the help of ticketing system. One can get the comprehensive information on their FAQ page.
The site also provides users with a forum on the main website where users can interact and raise their concerns easily. The user can also communicate to the user support team on the social media like Facebook, Twitter, Instagram etc.
It was reported by a web that the global rank on the 8 November 2020 was 2345 which makes it the most popular cryptocurrency mining sites. On an average, the sites receive a total of over 11 million monthly visits. Which indicates that miner gate is a popular cloud mining site. Most of the visitors are from foreign countries like Russia, Brazil, the United States etc.
Overall one can observe this easily that the minergate is having good customer support for its users so that the user can have easy access.
How does Minergate works?
With these steps, you can easily understand how to use minergate,
- The person who wants to create an account first has to create an account on MinerGate.com
- For the users who are new to mining crypto options, minergate provides them with their own wallet so that the users who are not having a wallet address can start mining without interruption.
- Then 2FA is optional there but it is highly recommended to opt it so that if someone figures out the user’s password their funds are still in the safe hands.
- In the next step, the user will need to complete after they have completed their account to download the minergate software and to install it on the device.
- If it is done correctly then the website would get able to detect the software that which is being operated on the device is a correct version or not.
- Once these steps are completed the software will automatically become able to tell the users that which equipment a user should possess, where a user will be prompted the most profitable cryptocurrency or the mine whatever they choose.
- The last would be to select start mining then user Should verify the number of cores that the user is wishes to use. It’s been noted that the fewer number of cores a user adds the slower the hash rate will be generating but less stress the hardware will have to tolerate.
- 2FA security include.
- Offers combined and smart mining.
- Low network fees.
- Gives day in and day out help.
- Rewarding affiliate’s and reward badge Framework.
- Problematic and poor support System.
- Deposit and withdrawal times are really miserable.
Wrapping up Minergate Review
It is being concluded that minergate is an authentic site of cloud mining. That enables the users in a number of hundreds and in thousands the ability to mine the Cryptocurrencies on a daily basis.
With miner gate, users are having an option of mining the most profitable crypto coin by the use of a smart algorithm system. The users in this are also having an option of mining more than one Cryptocurrencies at the same time without reducing their hash rate
And until more feedback or reviews comes out it cannot be declared that minergate is a scam.
The site eventually makes their sales revenue, and that’s they are better when they are Written more clearly. And this can be downloaded too and can be installed easily from which mining can be started within five minutes. But nothing more can hurt a company more than its bad reputation and it seems like that minergate hasn’t proved themselves yet because of the negative feedback they are getting.
So that’s all for today but if you still have any doubts regarding Mintergate then do comment below and we will try our best to help you out as soon as possible.
And also, if you like this minergate review then don’t forget to share it with your friends.
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