28 September 2020
If you’re interested in making transactions via bitcoin and other virtual currencies, you’re far from alone. According to recent numbers, about 8% of Americans have invested in some form of cryptocurrency.
One of the best ways to get cryptocurrency online is by mining, and there’s no better platform for amateur miners than MinerGate. Here, we’re going to give you a comprehensive MinerGate review, so read on for more information!
What Is MinerGate?
If you haven’t heard of cryptocurrency mining, it’s basically a process of adding transaction records to the blockchain. The blockchain is basically bitcoin’s public ledger and is used to record all transactions made with the cryptocurrency.
Those who mine bitcoin are essentially keeping track of transactions and ensuring that everyone receives fair and due payment, and therefore they’re entitled to a reward. Once a miner ‘seals off’ a blockchain and ensures that the transaction has been fulfilled, they receive quite a bit of virtual currency in exchange. It takes only about 10 minutes to mine a single bitcoin.
Like all technology experts, miners need to use appropriate tools to mine bitcoin. MinerGate is one of these tools.
It takes minutes to download and gives you access to simple, user-friendly mining technology. It is intended for amateur and hobby miners rather than pros who invest in specialized mining computers, so the platform is made with the complex algorithms that users would otherwise need to know. With just a few clicks, MinerGate users can begin the process of transaction record verification and earn cyber-currency.
Note that bitcoin isn’t the only cryptocurrency that you can mine when using MinerGate. You can also mine Aeoncoin, Bytecoin, Litecoin, and more.
How Does MinerGate Work?
It’s important to note that once MinerGate is installed onto a machine, it will help you break down the complex parts of mining into easy-to-use steps. There’s a simple ‘download and run’ process that you can follow on any machine. However, powerful and larger computers will be able to mine more quickly and make you more cyber-currency.
MinerGate has a few different functions that make it useful. Let’s take a look at what they are!
Before MinerGate came onto the scene, each cryptocurrency could only be mined by a single computer at a time. However, Minergate allows each user to mine two different types of cryptocurrency without making the production rates slow down.
It does this by using merged mining technologies that let a user secure multiple networks at the same time. You don’t need to do anything extra besides collect multiple types of cryptocurrency and exchange them for your preferred type of cyber-money.
Smart mining technologies are also built into MinerGate so that you can identify and mine for the coins that will give you the most bang for your buck. This immediately puts you ahead of other miners because only those who use MinerGate get access to intel on what the most lucrative currencies are.
Basically, smart mining means that the system uses a mathematical algorithm to pick the coins that it will mine. This makes the mining process much more directional and goal-oriented than it otherwise would be.
MinerGate provides all users with a calculator that lets you see how viable it is to mine each type of cryptocurrency. It analyzes the aspects of mining and the financial/time-based input and output of network problems, transaction amounts, and more.
Basically, this calculator will help you figure out the currency you need to mine to get the maximum yield possible! That way, you can live up to your reputation as someone with a coffee mug boasting that they ‘take sips and buy dips.’
While most MinerGate users choose to download and run the convenient GUI interface, this isn’t necessary in order to use the platform. There is a browser version of MinerGate that lets you mine without downloading anything onto your machine.
Many people prefer this because they don’t need to install anything new onto their computers and fear that it will slow their other applications down.
There is also a MinerGate mobile app. While you can’t actually mine from your mobile devices, it can help you to remotely manage the mining processes installed on your computer.
This lets you see the balances of your earnings and get notification about what’s happening on the cryptocurrency-mining device that it’s linked up to.
Is MinerGate Legit?
Despite online rumors stating that MinerGate is a virus or a scam, this is not the case. The reason people say this is because MinerGate was started by the same organization that previously ran ByteCoin scams. However, the MinerGate platform itself always has given fair payment to miners that use it, so there has historically been nothing to worry about.
Another thing that may give you pause before using MinerGate is that it’s a closed-source program. This basically means that safety audits can’t be performed on it and you therefore don’t know what exactly is running on your computer.
However, MinerGate is generally regarded as safe by cryptocurrency enthusiasts. As of now, nothing especially strange has happened to the machines of those who run it and no data has been stolen. It also is 100% NOT a virus, nor will it install malware onto your machine.
While you could get a special machine to mine bitcoin and invest in learning complex coding strategies, MinerGate is an easy-to-use and reliable alternative that gets you started making money faster.
Now that you know all about MinerGate, it’s time to get more expert knowledge on bitcoin and blockchain technologies. Interested in learning about similar coins and wallets? Join Dchained! Dchained subscribers get access to tons of great guides, expert analysis, and a community of passionate blockchain enthusiasts.