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Minergate was launched in March 2014 and introduced the concept of mining public wells in the world. These mining pools interact by combining the processing power of all the computers on the network. So the profits are divided into equal parts. It's something that allows a person using a CPU or GPU to make money from home. As a result, the need to make a substantial investment in creating an expensive mining platform is eliminated.
Crypto coins that can be extracted using Minergate
The Minergate platform was initially launched as the first public mining pool for cryptos using the CryptoNote protocol. Currently, the platform operates a wide variety of coins. It is easy to extract some of the best cryptographic coins including Bitcoin, Ethereum, Monero, Zcash, Litecoin and Bytecoin.
Understanding of cloud mining
To understand Minergate first, you need to understand cloud mining. A shared hashing power process provided by remote extraction farms. At the start, all you need is a desktop computer, a laptop or even a phone. This allows you to get in touch with service providers. In addition, you can set up a wallet in which you will withdraw your mining prizes.
Thus, cloud mining offers miners a way to buy hashing power in remote data centers or mines around the world. A user can buy the mining power he can afford without the difficulties associated with effective mining.
How reliable is Minergate?
Minergate has existed for more than four years. It boasts over 3.3 million miners with nearly two thousand newcomers every day according to data from the website.
Cloud mining on the platform offers stable hash rates based on a plan chosen by a user. So, whatever happens, the method should continue to make you money regularly.
Payments are also daily and users do not have to wait days, weeks or months to receive payment. A user earns a bit of money respectively for his hash rate and daily impact.
Benefits of cloud mining
From what we have seen above, it is easy to understand why many people would choose cloud mining using their own hardware for mine. It is easier to use and an individual does not need to have expert technical knowledge to participate.
It is also cheaper and saves users time by not having to spend time planning and installing mining production platforms.
Another significant advantage is the fact that it is stable. It is because of specially designed data centers that have independent electricity and a thermal network that usually supports both the work of the equipment and the uninterrupted extraction process.
Thus, a cloud mining user does not have to worry about the cost of electricity. However, maintenance is deducted from profit.
Three forms of cloud mining that exist
- Mining hosted – this involves leasing a mining machine that is usually hosted by the provider.
- Virtually hosted virtual extraction – This is established by creating a virtual virtual server of general interest. Then you can proceed with the installation of your mining software.
- Hashing power rented – It is a contract that involves a quantity of hashing power. However, a user does not have to own a dedicated physical or virtual computer. (It is the most popular method of cloud mining that exists today.)
The process
Set up an account on Minergate
To get started, you must first create an account. This is possible by visiting the platform website and logging on. After setting up your account, you should be able to access your dashboard that will look like this;
So you can proceed to choose among the commissions that Minergate will carry out. There are two types of taxes; ie; PPS and PPLNS. The difference between the two is:
PPLNS – Pay Per Last N Shares is a method to determine how many cryptographic coins are obtained for their completed actions. Includes a fortune factor in the calculation of payments. Thus, for users who choose this method, they will experience a wide range of 30 percent more or less on their payments.
However, on average, PPLNS will earn more than PPS (around 5 percent) over the long term.
The other method is PPS also known as Pay Per Share. It's a more direct method where you get a more standard percentage of payment for each completed action. However, it eliminates the luck factor in the payment. As a result, this reduces total income per share by around 5 percent.
So, if your goal is to earn more from the cryptographic network, you're better off using PPLN because of the higher payment.
After creating your account, you should proceed to download the program to your computer. After downloading you should see an image similar to the image below;
Fit to mine
So you can proceed to choose how your smart contract will be set up. Mainly, set Monero by default, but you can change it. To do this, click on the MINER tab at the top. This will take you to a screen that looks like the picture below;
From this point you can choose the coin that you prefer to extract. In addition, you can choose how many cores you want to use on your computer.
