Website Review : SCAM or LEGIT?

minergate.com Review SCAM or Legit?

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minergate.com Review SCAM or Legit?

Summary

User management: Web-based & App-bases
Company transparency/support: Not Transparent
Payment options: Zcash, Bitcoin Gold, Ethereum, Ethereum Classic, and Monero

Reward type/share/pool: PPS & PPLNS
Cost electric power per TH/day (btc): 1%-1.5%
Contract price per Th/year (btc): N/A
Earning return: N/A

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User Review
0 (0 votes)

Status: SCAM

pros

  • Withdrawal starts at 0.01 coin
  • Multiple payment options
  • Multiple cryptocurrencies for mining
  • Affiliate Program (65% of profits)

cons

  • They don’t have any mining hardware
  • Limited to no profits on mining of major cryptocurrencies
  • Limited information about the company

Company:

MinerGate was created by a team of blockchain enthusiasts in 2014. Claude Lecomte is the CEO & Founder of MinerGate. 

It is a mining pool that offers multiple cryptocurrencies for mining. They offer software that allows its users to mine cryptocurrencies on their devices. Their website states that Minergate reached a milestone of 30,00,000th customers in January 2018. Currently, they are claiming to have 42,20,759 customers around the world.

Product:

MinerGate has a well-designed website with well-arranged information that can help even a novice investor in understanding the value provided by them. They have a very user-friendly website. 

As of now, MinerGate allows its users with two options to choose from. If users want to mine multiple cryptocurrencies then they can choose to go with the first option. It will allow them to mine multiple cryptocurrencies that can be mined on the same algorithm. Whereas, the second option allows users to mine the most profitable coin as per Minergate’s algorithm. 

Users can choose from 8 currencies that they offer to mine. These cryptocurrencies are Litecoin, Bitcoin Gold, Ethereum, Monero, Zcash, Monero Classic, Bytecoin, and Ethereum Classic. 

MinerGate charges the mining fee from its users and the fee is categorized as per the payment method chose by the users. These methods are known as PPS (Pay Per Share) & PPLNS (Pay Per Last N Shares). The fee ranges from 1% to 1.5%. 

PPS method is not available for Zcash, Bitcoin Gold, Ethereum, Ethereum Classic, and AERON coins. MinerGate offers the PPLNS payment option for these coins and they charge a 1% mining fee for this option.

On the other hand, if a user mines Bytecoin, Monero, and Monero Classic then the user will have to pay a mining fee of 1% when opting for the PPS method and 1.5% for the PPLNS method. Litecoin mining comes with a 0% fee regardless of which payment option the user chooses. 

Conclusion:

It is quite easy and fast to start mining with the MinerGate software. However, there are many complaints about MinerGate not allowing its users to withdraw their coins. On top of that, MinerGate has not provided much information about the company in public. There’s no detail about their location on their website and this raises lots of questions among the crypto mining community. 

MinerGate moved the wallet functionality from its software recently and the users can only access their wallet through the website of MinerGate now. Hence, access to the wallet is restricted to their software. 

Overall, the company looks doubtful. There are many complaints about them in public and there are many other red flags that we have described above. We suggest staying away from them. Our verdict is clear, MinerGate is a scam. 

Disclaimer: @hashant has no connection to the sites we performed reviews and has not invested in any of the sites we perform a review on and we will never endorse or recommend you to invest in any of this sites. A review is made to help you find a good site among the many. Still, there are no guarantees that the site will perform well over time or are truly legal.

You can ask us to make a review on a particular website. To do so please leave a comment and the site URL on our suggestion page.
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