Minergate was launched in March 2014, and it introduced the concept of public mining pools to the world. These mining pools work together by combining the processing power of all computer on the network. Then the profits are split equally. It’s something that allows a person who is using a CPU or a GPU to profitably mine from home. As a result, the need to make a substantial investment in setting up an expensive mining rig is eliminated.
Crypto coins that be mined using Minergate
The Minergate platform was initially launched as the first public mining pool for cryptos that utilise the CryptoNote protocol. Currently, the platform handles a wide variety of coins. It’s easy to mine some top crypto coins including Bitcoin, Ethereum, Monero, Zcash, Litecoin, and Bytecoin.
Understanding cloud mining
To understand Minergate first, you need to understand cloud mining. A process of shared hashing power that is provided by remote mining farms. When starting, all you need is a desktop computer, laptop or even a phone. This allows you to get in touch with service providers. Also, you get to set up a wallet where you will withdraw your mining rewards.
So, cloud mining offers miners a way to purchase hashing power in remote data centres or mining farms around the globe. A user gets to buy the mining power they can afford without the difficulties that are associated with actual mining.
How reliable is Minergate?
Minergate already has been in existence for more than four years. It boasts more than 3.3 million miners with almost two thousand newcomers every day according to data from the website.
Cloud mining on the platform offers stable hash rates according to the plan a user chooses. So no matter what happens, the method should continue to make you money regularly.
The payouts are also daily, and users don’t have to wait for days, weeks or months to receive payment. A user gets to earn some money respectively to their hash rate and impact daily.
Advantages of cloud mining
From what we have seen above, it’s easy to see why many people would choose cloud mining over using your hardware to mine. It’s easier to use, and an individual doesn’t need to have the expert technical knowledge to participate.
It’s also cheaper and saves users time by not having to spend time planning and setting up mining rigs.
Another significant advantage is the fact that it’s stable. It’s because of specially designed data centres that have independent electricity and a thermal network which will usually sustain both equipment work and the mining process uninterrupted.
So, a cloud mining user doesn’t have to worry about the cost of electricity. However, maintenance is deducted from the profit.
Three forms of cloud mining that exist
- Hosted mining – this involves leasing a mining machine which is usually hosted by the provider.
- Virtually hosted mining – This is established by creating a general purpose virtual private server. Then one can proceed to install his/her mining software.
- Leased hashing power – It’s a contract that involves an amount of hashing power. However, a user doesn’t have to own a dedicated physical or virtual computer. (It’s the most popular method of cloud mining that exists today.)
Setting up an account on Minergate
To get started, one has first to set up an account. This is possible by visiting the platform’s website and sign in. After setting up the account, you should be able to login into your dashboard which will look something like this;
Then you can proceed to pick between the fees that Minergate will make. There are two types of fees; namely; PPS and PPLNS. The difference between the two is:
PPLNS – Pay Per Last N Shares is a method of determining how many crypto coins one gets for their completed shares. It includes a luck factor in the calculation of payouts. So for users that choose this method, they will experience a broad range of 30 percent more or less on their payouts.
However, on average PPLNS will earn more than PPS (by 5 percent or so) in the long run.
The other method is PPS also known as Pay Per Share. It’s a more direct method where one gets a more standard payout rate for each share completed. However, it eliminates the luck factor in the payout. Consequently, this reduces the total income per share by about 5 percent.
So, if your goal is to make more money off the crypto-coin network, you are better off using the PPLNS due to the higher payout.
After making your account, you should proceed to download the program to your computer. After downloading you should see an image that looks like the picture below;
Setting up to mine
Then you can proceed to choose what your smart contract will be set up as. Mostly, it sets up for Monero by default, but you can change. To do this, click on the MINER tab on the top. That will bring you to a screen that looks like the picture below;
From this point you can pick the coin you prefer to mine. Also, you can choose how many cores you would like to use on your computer.