MinerGate Review – Is It Legit?
By: Ofir Beigel | Last updated: 5/4/20
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.
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
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:
- What is MinerGate?
- How to Use MinerGate?
- MinerGate Features
- Cryptocurrencies and fees
- Public Opinion and Community Trust
- Frequently Asked Questions
- Conclusion – Is MinerGate a Scam?
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.
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.
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.
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 2019, 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.
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.
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.
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.