MinerGate has had its fair share of controversy. A software with a user-friendly interface that enables anyone to mine using their PC, regardless of their background or technical skills, was never going to go unnoticed.
MinerGate was the first to introduce the concept of public mining pools. It puts together the processing power of all the PCs on the network and splits the profits from mining.
Currently, MinerGate is one of the friendliest pools in the crypto ecosystem, with over 3.7 million active users worldwide.
A one-size-fits-all mining platform
For much of the crypto community, mining is a huge business. Miners today invest serious cash in hardware and use mining rigs to make profits. These are more efficient than a regular computer.
Moreover, huge mining facilities have been taking over. These facilities include thousands of mining rigs and implement cost-effective power solutions to supply the necessary energy for these machines.
For anyone looking to mine coins for fun or even to make some money, it’s now impossible to keep up with the market. There’s barely any room left for individuals to mine crypto from their laptops.
MinerGate enables users to mine without investing in hardware just by using their home CPU or GPU.
Built on the CrytoNote protocol, the platform allows its clients to mine for various coins, such as Bytecoin, Litecoin, Bitcoin Gold, Zcash, Ethereum, Ethereum Classic, Monero, and GRIN.
The software comes with an informative FAQ page and, according to its users, good customer support. At the same time, users can withdraw as little as 0.01 of a coin and safely deposit it in their wallets.
Software for newbies
MinerGate is easy to set up even for non-technical users. All you need to do is download the software and install it on your computer. It will do the rest for you.
MinerGate analyses the network hash rates and your PC’s technical features and determines the most profitable coins for you to mine. It automatically switches to a new cryptocurrency when the one previously selected is no longer the top choice for mining.
For beginners who don’t have the knowledge or technical skills to make profitable decisions, it’s an excellent way of learning more about different cryptocurrency ecosystems and how to operate with different coins.
Moreover, the platform comes with an integrated digital wallet where users can store their coins if they don’t have hardware wallets yet.
Thanks to its two-factor authorisation feature, the platform guarantees that your digital assets are safe until you find more appropriate storage solutions.
Thanks to its characteristics, MinerGate ranks among the top ten mining software worldwide. However, the community continues to see the platform as a good choice for beginners, rather than a trustworthy mining partner in the long run.
The downside?
Despite the platform’s high usability, the crypto community has been spreading the news that MinerGate isn’t as simple as it looks. There’s no doubt it makes mining accessible to everyone who owns a computer and has an internet connection. But most miners with some experience in crypto are looking for more than a pretty UI.
Moreover, some miners question MinerGate’s credibility. This is because some of its features lack transparency, and also because the community often associates the platform with the 2018 Bytecoin scam.
Even though the platform has a good reputation for paying the right amounts on time, there are plenty of rumours about its inefficiency. Some even say that MinerGate is stealing hash power from its users. Its fees are also relatively high, compared with its competitors.
Another pain point arises from the fact that the software is a closed source programme. For people who aren’t tech-savvy, this means that it can’t be audited for safety. In other words, when you decide to run the MinerGate programme, there’s no guarantee of what is running on your computer and whether it collects data stored on your device.
If you keep your passwords on your computer, a closed source programme can turn into a serious risk to your privacy.
Final thoughts on MinerGate
An easy-to-use and install software that enables newbies to mine is an excellent way of capturing the attention of new people, as well as encouraging them to try investing in cryptocurrency.
At the same time, it helps to keep blockchains decentralised – since mining has become an activity reserved for a limited number of facilities that control the networks.
MinerGate makes mining accessible to everyone. More than 3.7 million users are a good indication that the platform is a reliable choice for miners. However, more transparency on how the software runs on personal computers could help MinerGate gain more trust inside the crypto community.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.