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The revolution of cryptocurrency mines is no longer just for pale-looking nerds who have ridiculously expensive hardware configurations. While some cryptocurrencies like Bitcoin can only be extracted profitably using specialized equipment, others like Monero can be extracted using the CPU in your Android smartphone and the right app.
In this guide you will learn how to master the MinerGate app to make money with mining. After performing the simple setup process, you can use the built-in calculator to see how much you can earn each day. While this will not make you rich overnight, it's a great way to make small amounts of money if your Android smartphone has some spare processing power.
1. Install MinerGate
To extract the cryptocurrency with the MinerGate app, a compatible device is required. Fortunately, MinerGate's requests are not too tiring. You need a smartphone with at least Android 4.1 (Jelly Bean). You will also need about 30 MB of free space on your device.
Remember that anyone with physical access to the Android smartphone can change mining settings and / or steal your cryptocurrency. You can reduce the chance of this happening by encrypting your Android device. See our guide on how to do it here.
To proceed, open the Google Play Store and search for "MinerGate". This will take you to the installation page for the mobile app. Click on & # 39; Install & # 39 ;. Once the installation is complete, choose "Open" to start the program.
2. Create a MinerGate account
When the application starts for the first time, you will see the options to start mining or login. If you do not already have a MinerGate account, click "Register". MinerGate will request access to your contacts. In the "email" field, enter a valid email address. Enter a strong passphrase in the "Password" field. Be sure to keep these details safe as they can be used to change mining settings. Click "Sign up and start mining" to continue.
The MinerGate app will now ask you to create a four-digit passcode. You will need it to authorize withdrawals and transfers. Enter a memorized PIN and then repeat to confirm it.
3. Start extraction
MinerGate will now take you to the main screen. From here you can start mining right away on your smartphone. The amount you will get from this will depend on the processing power of your Android device and the electricity costs in your country. Some cyrptocurrencies are easier to extract than others, e.g. Monero can be extracted using a simple CPU. But Bitcoin mining requires specialized equipment to be profitable.
Use the drop-down menu on the main screen to select your cryptocurrency. Your Hash Power devices will appear (eg 32.48 H / s). You can choose the amount of CPU resources to allocate to mining using the "Low, Medium, High" buttons at the bottom of the screen.
4. Check the mining profitability
The MinerGate app includes a handy calculator to help you understand how much you can derive from mining on your Android smartphone. Although these amounts do not take into account the costs of electricity, the calculator can still be useful to give you a rough idea of what you are doing.
To start, select the menu at the top left and then "Calculator". Choose the Hash Power of your smartphone. If you've already started mining, you should have a rough idea of what it is. So, choose the cryptocurrency that you are going to extract using the drop-down button on the right. The calculator provides daily, weekly and monthly profits for you.
5. Check the mining pools
While you can theoretically extract cryptocurrencies alone, the chances of finding the solution for the complex calculations required for mining are very low. Instead, most miners combine their hash power in various mining wells.
You can read more about pool mining on the Bitcoin Wiki. But for now it is enough to know that each pool has a different way of charging fees for services. Using the MinerGate app means that you will use your pool to extract cryptocurrencies. More information on the minerGate rates for the pool here. To view pool statistics for your chosen cryptocurrency, select the button at the top right of the MinerGate app page, then select your specific currency.
6. data mining chat
The MinerGate app has a very useful chat feature, which allows you to get in touch with more experienced users. This can be very useful if you need assistance to understand which cryptocurrency is mine and / or if you can do it with profit on your Android smartphone.
To get started, open the menu at the top left of the MinerGate app page and choose "Chat". To join the conversation, start typing in the text box at the bottom of the screen. If English is not your first language, you can switch languages using the options at the top of the screen.
7. Earn free cryptographic coins
If your Android smartphone does not have enough Hash Power to make you a millionaire overnight, consider signing up for your friends in the MinerGate Affiliate Program. This will allow you to receive a percentage of all the virtual coins you extract.
To get started, go to the menu on the top left, then select & # 39; Free Coins & # 39 ;. The MinerGate app will generate a referral link for you. Choose copy to paste it into a text or e-mail document. Alternatively, select the Share button to send via chat / social networking.
The percentage of profits you will receive is divided into three levels based on the number of people who sign up through your personal referral link. See here for a complete summary of how it works.
8. Cloud mining from your smartphone
Cloud mining involves the use of powerful hardware to extract cryptocurrencies. You can read more about this Bitcoin Wiki. There are a number of cloud mining companies that rent Hash Power in their facilities so they can extract without buying expensive equipment. The MinerGate app lets you start cloud mining via its data center. Currently only Bitcoin and Monero are supported.
To get started select BTC or XMR from the drop-down menu on the main page and select "Buy cloud mining". Use the slider to choose the amount of hash power you wish to purchase. Then select "Buy using XMR".
9. Cash out
If you are ready to convert your cryptocurrencies into cash, access the menu at the top left of the MinerGate app. Select "Dashboard". From here, you can view the exact balance for all mined cryptocurrencies.
To withdraw funds you will need a paper portfolio or software for the relative cryptocurrency. If you've pulled out a number of different currencies, you can use MinerGate's Changelly service to convert from darker currencies to traditional currencies like BTC.
Click on the "Withdraw" tab when you're ready and select the currency from the drop-down menu. Enter the amount you wish to withdraw. You will need a minimum balance before the withdrawals are processed. If you have not achieved this goal, simply continue with mining.
10. See also …
MinerGate is one of several Android apps that can perform mining operations. Currently the most popular Monero mining app in the Google Play Store is Coinhive. The app has a number of great features including support for public keys, which allow you to extract to multiple devices using the same Coinhive account.
Even the mining app of Tony Monero is worthy of mention as it supports a variety of cryptocurrencies and mineral pools. This is in contrast to MinerGate which requires the use of its pool with the related software. The Monero Miner app also incorporates a practical "fitness test" for your Android smartphone to make sure you can use it to take advantage of profits.
