Sirwin
Sirwin
MinerGate, be careful!

BE CAREFUL with MinerGate!


Most of you will have probably heard about MinerGate. Looking like a efficient cloud mining platform, it offers its own GUI mining software which is attractive especially to new miners. As written on their website, "Mining has never been faster and easier" with MinerGate. I have to admit that they have achieved to make a product look very professional and attractive, which made me join them.

As you can imagine, I started with the free GUI, thinking that it was the 'fastest and easiest' to mine XMR with couple CPUs I have. I quickly realised that the hash rate shown on the dashboard was fluctuating between 20% and 50%. This already seemed weird but not shocking to stop mining with them. I switched to XMR-Stak-rx to mine, but stayed in the MinerGate pool. While seeing that the hash fluctuation decreased, I became more and more suspicious of the mining company as I heard that people had only negative experiences with them. Another thing that I noticed, was that they inflate your earnings in the calculator, in order to put your hopes up and make you stick with them. In my personal experience, I received daily 30% less coins than 'predicted' by MinerGate. I do understand that it is not possible to accurately predict earnings, but a 30% difference seems relatively high for me. They also seem to deflate the hash rate (noticed once changing to a different pool), in order to use their clients hash power for their own benefit.

After a couple of days of mining (reaching approx. 0.1 XMR) I decided to withdraw my funds as I couldn't trust MinerGate anymore. As you may have guessed from the title, it was impossible to withdraw my funds. They told me that my account was 'locked', and in order to access my funds I had to make and verify a account on HitBTC or a freewallet on Changelly. I was unable to choose any other address and was forced to go through their service. It looks a lot like MinerGate and HitBTC work together..

So not only do they lie about your hash power, earnings, and under-report their hash rate (which effectively means they 'steal' computer power from their clients for their own benefit) but they only hold your funds and make you only choose between two possibilities that are in their interest... In short, MinerGate has some shadowy business model, that seems to work directly with HitBTC, and abusing from the hash power of free user like me. It is unfortunate that they miss-use their users which mainly want to begin in Monero mining.

I have since changed pool to MoneroOcean.stream (other pools are also great, but this one has 0% fees), and I can tell you the experience is already 200% better. Therefore I highly advise you, if you want to mine a bit of Monero (XMR), to straight go with an independent pool in which you have to use your own wallet, rather than joining cloud mining platforms like MinerGate. Maybe i'll make a little tutorial about mining Monero with a couple CPUs.

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MoneyLearn
MoneyLearn

Crypto enthusiast, working on a open learning platform (MoneyLearn.eu) to elevate the financial literacy of everyone. Sharing on Publish0x my thoughts, ideas and experiences in the crypto world.


My Experiences in the Crypto World
My Experiences in the Crypto World

In this blog I write about my experiences and adventures in the cryptocurrency world. A fascinating but also war-line world. I hope to enlighten new beginners from making the mistakes I made and make this world a bit more positive :) Hope you enjoy reading!

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