How to

Learn how to mine cryptocurrencies in a few steps with MinerGate

Key facts:
  • MinerGate allows you to mine up to 10 different cryptocurrencies.

  • Through Smart Mining, MinerGate determines which is the most profitable crypto asset to mine.

MinerGate is an old familiar in the cryptocurrency mining sector. Founded in 2014, this mining pool offers the ability to mine from your PC in just a few steps, offering you good profitability and payments directly in the cryptocurrency you mine.

Con MinerGate The business of cryptocurrency mining is quite simple. After installing the program, you will see the Smart Mining option, which scans your computer hardware and allows you to identify which cryptocurrency is the most profitable to mine. However, the app allows you to manually configure the cryptocurrency you want to mine. Note that during 2021, MInerGate presented technical problems with cryptocurrency withdrawal, so you have to consider the fact that you can mine cryptocurrency and accumulate balance. But until the problem is solved, it is difficult to make payments.

Cryptocurrency Profitability on MinerGate

Talking about profitability in mining can be difficult, considering the volatility of cryptocurrencies and factors such as electricity consumption or the price of the equipment. MinerGate offers you two different ways to take your profits when mining in a mining pool, which depend on the chosen cryptocurrency and which may be relevant in terms of improving your cryptocurrency mining performance.

In a mining pool, the mining power or hash rate of a group of miners is pooled to increase the probability of solving the largest possible number of transaction blocks and thus making more profit. MinerGate has a mining pool for every different cryptocurrency.

Now there are two ways to make a profit when mining the mining pools of this platform: the first is PPS (Pay per Share) This payment method gives us dividends for every valid solution we find and share in the group. On the other hand, we have PPLNS (Pay per last N share) that pays us for a certain number of solutions found, plus a luck factor that gives us a bonus if the shared solution is the one that finally solved the block.

To choose the most suitable for mining, you need to consider two things: first, you need to know how long you plan to mine, because if we mine in the short term (less than a month), it is better to make a profit for each solution. If, on the other hand, your plan is to mine for a longer period of time, PPLNS will allow you to earn up to 30% more on average than PPS. Another factor is that not all pools within MinerGate have both options to choose from.

Now, while MinerGate makes the cryptocurrency mining process easier for us, it doesn’t free us from the risks that mining itself entails. Note that this process requires a computer with high computing power to make a better profit, which translates both with increased electricity consumption and with a critical increase in temperature. That’s why you need to consider both the electricity your equipment could use – which will help you calculate the profitability of what you’re mining – and its adequate cooling, to avoid irreversible damage.

Which cryptocurrencies can you mine on MinerGate

MinerGate currently has a catalog with 5 cryptocurrencies available for mining, among which we will find the following.

List of cryptocurrencies available on MinerGate. Source: minergate.com

This list is smaller than in previous years, when you could also mine litecoin (LTC), bytecoin (BCN), monero classic (XMC), aeon coin (AEON) and green (GRIN). Here we can see information about different factors of cryptocurrency mining.

  • Currency: the name of the cryptocurrency.
  • Swimming pool: the current mining power (hash rate) that the pool has.
  • The world: the total mining power (hash rate) that cryptocurrency has in the world.
  • Well the fees: the commission charges the pool.
  • Workers: the number of mining rigs running in this MinerGate pool.
  • Cup BTC: the current value of the cryptocurrency expressed in BTC.

Due to the complexity of bitcoin mining, it has not been possible to mine this cryptocurrency from MinerGate for several years.

Which operating systems allow MinerGate to be installed?

MinerGate is available for Windows, Mac OS and Linux operating systems. However, there is a application for Android devices which allows you to remotely monitor your miners (this does not include the ability to mine from your mobile device).

On the other hand, MinerGate is considered software that you can only use on your computer. However, note that a mining rig is basically a re-powered personal computer, on which you can install a commercial operating system such as Windows or Linux, and run MinerGate inside it without any problems. Additionally, the app itself will allow you to configure the different GPUs of your mining rig..

Likewise, MinerGate makes it available connections mining pool, When you’re online through Claymore or other specialized mining software.

What you will learn in this guide about MinerGate

In this MinerGate guide, we will use the Windows operating system as an example, although the basic configuration is the same for any other system. In addition, you will learn how to configure your rig and how to customize the way you can mine. Finally, you will learn how to use Freewallet, an online cryptocurrency wallet, in a basic way to withdraw cryptocurrency from MinerGate mining.

Download and install MinerGate

You can find the official MinerGate installer directly in your official portal. As a tip, always remember to go to the website or repository of the software you want to download, to avoid falling into fake apps that might affect you.

To start the download, you must first select the Downloads option in the top menu.

MinerGate is software that you download and run. Source: minergate.com

Here you will find the Download and Start Mining option which, when clicked, will automatically download the installer that matches your operating system.

As for installation, it’s pretty basic, just like any program you’ve previously installed in Windows. The only difference is that it will ask you for permissions to install MinerGate in the PATH variable, which allows all users to access the application. However, to avoid complicating your life, you can check the Do not add MinerGate to system PATH option and then proceed with the installation.

Create an account on MinerGate

With the app installed, this will be the first thing you see.

You must enter an email to get started. Source: minergate.com

Here you can provide your email to start mining. However, you need an account created directly from the website or from the app. Click on the option Create an account to begin.

You must enter a password or referral code. Source: minergate.com

In this form you will need to enter at least an email, password and confirmation to take the next step. Entering a referral link, whether provided by a friend or acquaintance, will allow you to opt in to the benefits MinerGate offers with its referral system. All you have to do is click on Register to complete the registration.

Join as a cryptonews referral from this link

Configure MinerGate automatically

Source: minergate.com

As soon as you click Register when creating an account, the application will launch and automatically start mining through the Smart Mining option, which pre-scans your equipment to determine the most profitable cryptocurrency to mine, according to hashrate. your computer or mining rig offers.

Here we will see information about:

  • Currency balance: Here we will see the cryptocurrency being mined along with the current mined balance.
  • CPU mining: Hashrate contributes to mining CPU.
  • CPU cores: Here we see the number of cores of our processor that are dedicated to the mining process of this particular cryptocurrency.
  • GPU mining: Hashrate contributed by GPU or video card.
  • Farm setting: Here we will configure the number of GPUs, out of the total number available to our miner, that will be dedicated to mining this cryptocurrency.
  • Stocks: Good, Bad/Recent: Good or good are the solutions accepted by the mining pool we shared. Bad or bad, are they solutions that are wrong or late because they don’t fit the current block being mined. The last time has passed since the last joint solution.
  • Share the difficulties: This variable is specific to MinerGate and is taken as a reference to know how complicated it is for our team to find a solution for the block being mined. The higher the number, the harder it will be to reach.
  • Unconfirmed status: refers to a mined balance that has not yet been confirmed and is not available for withdrawal.
  • Reward method: This is the payment type we are configuring, either PPS or PPLNS as we explained at the beginning. Later we will show how to configure this type of payment.
  • Merge Mining: This type of mining allows you to mine two cryptocurrencies at the same time. If you have this mining option enabled in MinerGate, we will see an indicator in this column.

For now, we will pause the mining process for a moment to make the relevant configurations. To do that we have to click on the following icon.

Manual MinerGate configuration

At this point, the SmartMinnig option has determined the optimal cryptocurrency to mine from your computer, along with the payment method. Now we will configure MinerGate for manual mining. To do this, we will return to the application and select the Miner option.

Here we will find all cryptocurrencies available for mining within MinerGate. In each of them you will see the Start Mining option which, when pressed, automatically starts the mining process. The interesting thing here is that you can mine different cryptocurrencies at the same time, but as long as your hardware allows it.

In this list you can also specify the amount of hardware for each mined coin. For example: in the CPU core column, You can set the number of physical cores of your processor to mine in that particular cryptocurrency. In the case of GPUs, in the Farm Setting option, you can indicate the number of GPUs you want to mine that particular crypto asset, as you can see in the image above.

Configure the pool payment method

As we mentioned at the beginning, Profitability within MinerGate depends on the hash rate you have and the chosen payment method. In this case, you must go to the MinerGate website where you logged in and then select the Desktop option from the top menu.

You can choose the payment method according to the cryptocurrency you are mining. Source: minergate.com

Here you will see a list of all cryptocurrencies available to mine. What you need to do is identify the cryptocurrency you have chosen or the one determined by MinerGate through the Smart Mining option and there you will look for the following options.

The software shows the commission percentage required for each payment method. Source: MinerGate

Here you will find PPS or PPLNS options with their respective mining commissions. These options will not always be available for all cryptocurrencies handled by MinerGate..

So depending on how long you want to mine, you can choose from any of these options. Remember that according to MinerGate, you will get up to 30% more profitability when mining long-term with the PPLNS option.

Withdraw funds from MinerGate

Withdrawals from MinerGate are quite specific, starting with the fact that withdrawals of mined cryptocurrencies are not made directly to the wallet of your choice but to Freewallet. Besides, During 2021, their website reads a warning about the technical difficulties users are facing to withdraw their cryptocurrencies. This does not prevent you from continuing to use the platform for mining cryptocurrencies and accumulating balances.

The statement said that due to increasing demand from miners, the platform is facing withdrawal problems. Source: MinerGate

Especially Withdrawals are commission-free and are made via email, via the email address associated with our MinerGate account.. Therefore, it is recommended to have a Freewallet account before withdrawing. So you should leave portal principal de Freewallet.

This is what the Freewallet home page looks like. Source: Freewallet

To start creating an account on Freewallet, You must first enter your email in the Enter email field y presionar Get started.

Registration of e-mail and password in the wallet. Source: freewallet.com

It will now be necessary to assign a password to your account. It is recommended to use uppercase, lowercase, special characters and numbers. After that, you must check the box I have read and accept the Terms of Use as proof that you have read and agree to the terms and conditions of Freewallet.

Source: freewallet.com

The next step will be to set a security PIN. Once set up, every time you try to connect to the Internet on your computer, Where the session is active, this PIN will be required to access the online wallet.

Source: freewallet.com

Once you’ve completed these steps, you’ll have a Freewallet wallet. Now you need to go back to the MinerGate app.

To withdraw cryptocurrency funds from MinerGate, you must select the Wallet option from the top menu.

Source: minergate.com

Now, as for the cryptocurrency you want to withdraw, select the Withdraw option.

You can also withdraw funds through the MinerGate website or Android app.

Source: minergate.com

The information you must enter here is as follows:

  • Amount: the amount you want to withdraw. Each cryptocurrency has a minimum withdrawal requirement.
  • E-mail: The email associated with the Freewallet account we created earlier.
  • Confirm email– You must re-enter your email address.
  • current password– Current password for your MinerGate account.

Now all you have to do is click on Withdraw to start the process and that’s it. The waiting time is quite fast, although MinerGate does not specify exactly how long it takes.

After the withdrawal is confirmed, you can see the available balance in your Freewallet wallet.

Advantages and disadvantages of using MinerGate

MinerGate offers a simple installation that allows you to mine without configurations, since with the account and download of the program you will automatically start mining. However, a number of adjustments need to be made to tailor mining to your expectations.

However, it’s not possible to get the most out of your rig if you don’t configure MinerGate, because you’d be using very generic mining that doesn’t allow, for example, overclocking your GPU at the software level, in such a way as to increase your hash rate.

You must also consider the fact that During 2021, MinerGate faced technical issues that prevent you from withdrawing funds from cryptocurrencies from the platform. You can mine, it’s true, but until your tech team fixes the issues you’ll find a lot of people complaining about this issue on different forums.

Recommendations for mining with MinerGate

From the beginning of this guide to mining cryptocurrency with MinerGate, we have discussed the care you should take when running your rig. Remember that the mining process consists of performing a large number of calculations to determine the hash solution that corresponds to a block of cryptocurrency transactions. These calculations require a lot of computing power, which translates into a lot of electricity consumption..

So the first thing to consider is to know if the profitability is sustainable. You can determine this with a tool like Whattomine, which allows you to know the approximate amount you would need to generate in relation to the hash rate your rig can offer, as well as the consumption it could have, be it a GPU or an ASIC miner, in order to determined operating costs.

You also have to consider the high temperatures your rig can reach due to the computational demands of mining, which makes cooling it vital. Whether it’s an Ethereum mining rig or your computer, maintaining them is essential to avoid irreversible damage to your equipment.

The maximum recommended temperature for GPU mining is 70°C.

Conclusions

In short, when it comes to ease of use, MinerGate stands out from the rest. With just one registration and a few clicks, you can start mining cryptocurrencies without further configuration, since the Smart Mining option makes the task much easier for you.

As for the negative points, you will find the fact that you cannot make direct withdrawals with the cryptocurrency of your choice, which is sometimes not comfortable for all users, and even more so for those who are not enthusiasts of online wallets like Freewallet. .

In conclusion, MinerGate is a great option for exploring the world of mining, especially since it doesn’t require much experience to get started. However, you need to be very clear about the power consumption, cooling of your rig, and drawdown issues before you put your rigs into mining.

Leave a Reply

Your email address will not be published. Required fields are marked *