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With the bear market reaching the point of exhaustion, many cryptocurrency enthusiasts are trying to accumulate digital resources at the lowest prices they have been throughout the year. This can be seen as a move to increase the overall value of their portfolios, maximizing gains when the market moves upward.
However, there is a group of enthusiasts looking to support the ecosystems of their favorite coins and profit from them. This can be achieved by engaging in the process of minitute cryptovalute extraction, which is added to the hashrate of the network by providing users with newly minted coins for trade or savings.
Many mining tanks have recently tarnished their reputation, which comes after a catastrophic fall of the hrhrate, and therefore of mining difficulties, of the best cryptocurrencies. This opens up the market so that a player offers easily accessible, simple to use and innovative solutions to engage in the extraction process. Enter MinerGate.
MinerGate is a mining pool created by a group of cryptogames enthusiasts and is the first pool that provides services for the combined extraction of multiple cryptocurrencies. This means in effect that users can simultaneously extract several coins without the hashrate decrease on the primary currency. This ensures that users can extract the currency they want, with an additional profit from the secondary currency.
The service supports Zcash [ZEC], Ethereum [ETH], Bitcoin [BTC], Litecoin [LTC], Bytecoin [BCN], Monero [XMR], Original Monero [XMO], Bitcoin Gold [BTG], DigitalNote [XDN], Quazarcoin [QCN], Fantomcoin [FCN], MonetaVerde [MCN], AEON Coin [AEON], Dashcoin [DSH], Infinium-8 [INF8]. The service supports the miners Nicehash, Silentarmy and Claymore for ZEC, EWBF-miner and miner Claymore for BTG, and the customer Ethereum Ethminer and miner Genoil for ETH.
The service has an application that offers a benchmark function that is designed to determine how users' computers are adjusted by measuring their extraction potential. Using calculations based on a revolutionary algorithm, the benchmark can predict the possible annual result based on different variables. Some of these variables include currency fluctuations in the last year, their exchange ratio for the time of benchmarking and the difficulty of the network.
The pool also introduced the xFast miner with their recent update, which significantly increased the extraction speed for each of the 10 cryptos supported by the service. This is also full of usability and user interface improvements, with both CLI [Command Line Interface] and GUI [Graphical User Interface] version available for download. It has also increased hardware support to maintain compatibility with the ever-changing GPU market.
MinerGate also offers users the ability to protect their accounts with 2 Factor Authentication, which offers maximum security for fans who want to use the service. The service offers payments in two ways, namely PPLNS [Pay Per Last N Shares] and PPS [Pay Per Share] to allow users the freedom to choose between the two methods.
PPLNS calculates payments also including a "luck" factor, which means that users can have a wide range of payments on the service. PPLNS earns more than PPS on a long-term basis, which is defined as a month or more. PPS is simpler and allows users to get a standard payment fee for each completed action in the mining industry. While this method does not include the "luck" factor that is present in the other method, it is 5% less profitable per share and a fixed number of coins for each workload resolved.
The pool has over 3.6 million users, with 400,000 active users. They also have 99.7% uptime and the best mining conditions, including withdrawals of up to 0.01 coins. In addition, their automation capabilities ensure that users get the most out of their extracted coins.
They also offer users a mining profitability calculator for Ethereum. Cryptonote, Scrypt and Equihash algorithms. It also has commissions starting at 1% for the pool confirmation fee, along with the ability to merge multiple coins to get an additional profit.
While the service has now dropped support for XMR mining mining with XDN and FCN due to recent ASIC-resistant changes made in the coin mining algorithm, it is now possible to extract XMO. This means that 2 currencies are extracted at the same time, without affecting the hashrate on the main chain and therefore on the extra gain for the user.
They also recently announced the support for cryptocurrency n. 1 with a newly opened mining pool for BTC. This uses a revolutionary feature known as dynamic variation of difficulties, which allows the change of computational complexity according to the exact hardware possessed by the user.
This pool is also compatible with Nicehash and is based on highly secure pool servers located in Europe, China and the United States with 99.99% uptime.
The pool gained prominence thanks to the adaptability of CPU mining, which allowed thousands of hundreds of cryptocurrency enthusiasts to effectively extract coins on decent home PCs. MinerGate effectively decodes and restores the power of extraction activities to people in an effective and privacy-oriented manner, effectively subverting the domination of powerful mining companies.
AMBCrypto contacted Claude Lecomte, CEO of MinerGate to clarify doubts about the service.
Q: What was the most difficult aspect to face in the mining industry? How did you deal with this?
I think we are all witnessing an incredible moment in mining history. We all learned that every industry had to experience this kind of moment in which it evolved from wild and spontaneous to become stable and professional.
With traditional markets, it is a time when players start forming associations, establishing internal rules and signing global agreements. We see examples in the blockchain sector as a whole (with institutional investors and governments increasingly involved). And also mining, being a basement of the entire blockchain industry, must go through this moment. But we are decentralized, so what should we do? This is the main challenge.
Keep this sector alive and vibrant as it was, make it professional and remain decentralized. I have reflected rather on the forces that will transform the market and who will lead these forces – and I believe that Minergate will play a significant role.
Q: Given the current downward conditions, and the general decline compared to where the cryptomarket was this time last year, do people keep digging? And what are the costs that miners are looking at today?
That encrusted species of gold rush that we could observe a few years ago now becomes much more stable. Mining activities reflect the most important trends in the entire cryptography market: we see that the absolute number of newcomers on the market is lowering. But at the same time we see a fairly stable loyalty trend, which the number of participants constantly involved in the mining sector remains relatively the same. We also see a steady increase in the hashhrate of the network which means more hardware involved. In short, the major currency network has grown by around 30% over the last six months. Because of the protocol design, the difficulty is adapting to the total hashrate maintaining the constant block rate. Which leads natively to lower income per hashrate. On average, the profitability of XMR mining decreased by 38% in the last six months to 0.6 USD for 1 Khash / s, the profitability of the mining BTC decreased by 60% in the last six months to 0.22 USD for 1 Thash / s. It certainly depends on other conditions – price of electricity, rent price, hardware design, other costs and it could fluctuate a lot.
So yes, people are mining, and I'm absolutely sure that people will be mining. And I think that at the moment there is much more room for market growth.
Q: Who is in charge of the package in terms of cryptic mining companies?
It is not surprising that the companies that dominate this market are those that offer the best service and those that drive innovation. I see that innovation is based on three key factors: user experience, optimization of calculation and collaboration.
A great user experience is about simplifying the process of interaction with your product. Our customers only make three clicks to start the extraction, which is much lower than any other data mining application.
The optimization of the calculation is the second factor. We do a lot of research to find ways to use the hardware more efficiently. We maintain our mining test environment with over 100 different hardware devices to test all corner cases. Last week we released our brand new xFast miner that provides the best hashrate on the market for Cryptonight-based coins like Monero or Bytecoin on all major hardware devices [both CPU and GPU].
The third key to success lies in collaboration. Those who will be able to rectify their users' journey, the way in which customers interact with cryptocurrencies, will win. Recently we have reached an excellent agreement with Freewallet, the digital portfolio of cryptocurrencies. This partnership allows our users to transfer coins to the Freewallet ecosystem at no additional cost – so offchain – that could save a lot for our customers, especially those at retail.
Q: Do you think it is necessary to reach the laity – those of us who do not have ASIC, or have a basic understanding of mining techniques – and involve them in mining? How can you do that?
Mining is about decentralization and, of course, we have to involve retail customers in the mining sector. As I said, mining is profitable, and since retail miners usually do not have any hardware costs, for them it is just the cost of electricity.
If the hardware remains unloaded from time to time, what is the reason for not contributing to the overall idea of financial freedom and independence by obtaining some coins as a reward? I keep saying that the mining sector is about people – from those who started it many years ago, to those who recently joined. From those who continue to support and keep the mines to those who work hard to develop products, both hardware and software. What could we do for retail customers? The main idea is to lower the barriers, adapt to customer needs – for example, allow the customer to extract a program, spend coins without network costs by offering off-chain solutions.
Q: Overall, how would you describe MinerGate as a company? How many ministers are you serving guys right now?
Minergate is one of the largest and oldest mining basins – we have over 3.6 million users worldwide using our software to extract cryptocurrencies like Bitcoin, Monero, Zcash, Ethereum or FantomCoin. We have been working on this market since its early days and we have witnessed its development, as it was becoming mature and growing up to its current state. As a Minergate service you diversify the risks of the user associated with the time it takes to find a block with a relatively low hashing power. The aggregation of hashing powers of multiple users allows the pool to find a block much faster. The reward for the block found is then divided among all participating miners. Pool receives a small commission to take risks in delivering blocking solutions to the network on time.
Q: Tell AMBCrypto readers several words about you and your way of mining?
My way of mining began on a balcony of my apartment and in the basement of my friend's house. We started in 2011 to follow that spirit of financial freedom and independence – and, of course, to make money. As for the idea of a mining pool – well, I think it has always been there since we bought our ASIC in 2013. This time it looked like a promising business and a lucky chance to make history. I almost got excited about the concept of security that was embodied by Monero, so Monero became my passion. Here's how I founded Minergate in 2014.
