Minergate Review

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Minergate Review

This article represents a Minergate review, upon which we investigate the platform’s cloud mining services. The main aim of the guide is to uncover just how attractive the Minergate really is in terms of security and cloud mining profitability.

Stay tuned as we go over the platform’s history, ownership, security and cloud mining programs. We create a financial analysis based on the contracts offered by the platform and the current crypto mining difficulty. Throughout the review, we compare the Minergate with other, similar companies, such as MiningRigRentals, Hashing24, Hashnest, and Nicehash.

About Minergate

When dealing with cloud mining companies it is always a good idea to understand their background. This is especially true for those organizations that are either new to you or even new to the market. Minergate is a mining pool that is operated by the cryptocurrency enthusiasts, with its operations launched in 2014.

Since its launch, nothing more is known about the owners of the platform. This might be a weakness when compared to other platforms, were it not for the platform’s popularity in recent years. Other cloud mining service providers, MiningRigRentals, Hashing24, Hashnest, and Nicehash, list out their mining farms, office locations, and company name.

The mining pool website had grown its customer base to million people and offers a variety of services, cloud mining included. This is quite important, as it shows that company holds stable business and provides a safe environment for you to invest in their cloud mining contracts.

The platform offers suitable support page, with FAQ and ticket system available for use. You also have a chat window, where you can communicate with other investors as well, as shown below.

minergate review chat window

Available Programs

At this very moment, Minergate offers two programs for cloud mining, with the third being in development. The available contracts are concerning bitcoin (BTC) and Monero (XMR). Ethereum (ETH), on the other side, is the one being planned in the near future.

The BTC contract uses GH/s, with the minimum power available standing at 20 GH/s, while the maximum is 1.000.000 GH/s. Cost per 1 GH/s stands at 0,00001521 BTC, which is approximately $0.14 per GH/s. There is also a maintenance fee that you should be aware off, evaluated at $0.0066 per day.

Monero uses H/s, with m minimum power being 10 H/s and maximum 126.000 H/s. The price per H/s stands at 0,02386811 XMR (approx. $6.56) while maintenance fees stand at $0.0067 per day. Payouts and maintenance fees, in both cases, are expressed in digital coin deposits on a daily basis.

Fees and Payment Methods

The interesting thing about the Minergate cloud mining service is the fact that there are no fiat deposit/withdrawals available. Rather, you have to deposit the bitcoin as a measure of payment. The contract is paid for once only and you get daily payouts for an indefinite time. Or at least as long as the company deems them acceptable for that particular time.

Profitability Analysis

For our profitability analysis, we are using 10.000 GH/s for BTC. The coin prices are derived from Bitfinex at the moment of this report’s writing and they are $10.200 for BTC. We use equal payouts for all days to get the number of days needed to break even with the invested funds. We also propose ROI for 1 year.

 

BTC

 

 

BTC

Hash Power

10.000 GH/s

 

Hash Power

10.000 GH/s

Program Cost (BTC)

0,1408

 

Program Cost (BTC)

0,1408

Program Cost (USD)

                    $1 436,16

 

Program Cost (USD)

                    $1 436,16

per day

                            $3,93

 

Maintenance Fee

                            $3,30

Maintenance Fee

                            $3,30

 

 

 

Total Daily Fee

                            $7,23

 

Daily Payouts (BTC)

0,000747059

Total Yearly Fee

                    $2 640,66

 

Daily Payouts (USD)

                            $7,62

 

 

 

  

Daily Payouts (BTC)

0,000747059

 

Difference (daily)

                            $4,32

Daily Payouts (USD)

                            $7,62

 

Breakeven period (days)

332

Year-round Revenue

                    $2 781,30

 

  

 

 

 

  

Profit

                       $140,64

 

  

 

Results are not so flattering for Minergate to boast about at this moment. Granted, since you purchase lifelong contractual rights, one whole year to earn back ROI of 9.79% under ideal circumstances is very problematic. When compared to others, it is evident that industry as a whole needs more competitive programs. Hashing24, for example, has a negative ROI of -3%, also under the best of circumstances.

Additional Services

Apart from contracts, you also have the ability to use cloud mining profit calculator, as shown in the picture below.

minergate review mining profitability calculator

The tools itself is simple enough, providing daily payouts that include maintenance fee as well. It is very simple yet powerful tool to have, as you can check what you have planned in contrast with what you will really get.

Apart from cloud mining, there is also regular mining system and exchange services due to the partnership with Changelly.

Security

The tools itself is simple enough, providing daily payouts that include maintenance fee as well. It is very simple yet powerful tool to have, as you can check what you have planned in contrast with what you will really get.

Apart from cloud mining, there is also regular mining system and exchange services due to the partnership with Changelly.

Reputation

Recently, cloud mining companies came under fire due to their low returns and Minergate is not an exception. Although many agree the platform is a legit website to work on, its cloud mining payouts are very small.

One of the clients using the program went public on Bitcoin Talk, even went as far as saying that: “Initially the price seems pretty good… but the result is very different. At the moment I’m not happy … it [payouts] should be at least double or triple.”

While regular mining operations enjoy a good reputation, cloud mining can be seen as disadvantageous. It is important to mention that such development can be seen for all platforms engaged in cloud mining, not just with Minergate.

Conclusion

Recently, cloud mining companies came under fire due to their low returns and Minergate is not an exception. Although many agree the platform is a legit website to work on, its cloud mining payouts are very small.

One of the clients using the program went public on Bitcoin Talk, even went as far as saying that: “Initially the price seems pretty good… but the result is very different. At the moment I’m not happy … it [payouts] should be at least double or triple.”

While regular mining operations enjoy a good reputation, cloud mining can be seen as disadvantageous. It is important to mention that such development can be seen for all platforms engaged in cloud mining, not just with Minergate.

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