Is MinerGate trash?

[AtomicWaveBlast]

So I downloaded miner gate and ive had it for about a day now and ive made 20 cents from mining for 14hrs i'd say

[DanielMDA]

2 minutes ago, AtomicWaveBlast said:

So I downloaded miner gate and ive had it for about a day now and ive made 20 cents from mining for 14hrs i'd say

You are mining with what?

[Canada EH]

4 minutes ago, AtomicWaveBlast said:

So I downloaded miner gate and ive had it for about a day now and ive made 20 cents from mining for 14hrs i'd say

informative post you got there, so you are mining with  2x GTX 960 (Ftw & ssc) and 1600?

[AtomicWaveBlast]

Just now, Canada EH said:

informative post you got there, so you are mining with a GT 1030 and A8 amd cpu?

Ryzen 5 1600 and 2 gtx 960s

[AtomicWaveBlast]

1 minute ago, DanielMDA said:

You are mining with what?

Ryzen 5 1600 and 2 gtx 960s in my rig

[Canada EH]

try nicehash

[AtomicWaveBlast]

1 minute ago, Canada EH said:

try nicehash

I am but its bitcoin

[DanielMDA]

1 minute ago, AtomicWaveBlast said:

Ryzen 5 1600 and 2 gtx 960s in my rig

Are you mining Ether? If you are you aren't supposed to be making money at all. You need at least 4GB of VRAM in each card. 

[sazrocks]

Just now, AtomicWaveBlast said:

I am but its bitcoin

So? You aren't actually mining bitcoin, if that's what you mean. You just get paid in bitcoin for mining whatever buyers want.

[Jurrunio]

If you consider the power draw, then it is pretty rubbish

[8uhbbhu8]

Scam.

[8uhbbhu8]

45 minutes ago, Canada EH said:

try nicehash

no.

[FireClawGames]

I wouldn't recommend using MinerGate or Nicehash. I've heard of MinerGate being a scam or just not being as profitable as other options. Nicehash is alright, but the 5% fee and the unoptimized miners they use are a huge downside and they've also been breached in the past. If you want to mine the most profitable coin you could try Awesome Miner or multipoolminer although I haven't personally been impressed by either.You could mine to a pool like MiningPoolHub or to Nicehash without their miner with those and take advantage of the fact you can be paid in one coin.

 

Personally I'd recommend choosing a coin and mining it for at least a little while. Try putting your specs through whattomine.com (or something similar), picking a coin, and mining it with a command-line miner. Most pools will have a tutorial on how to get started with mining with them.

[Daniel644]

19 hours ago, FireClawGames said:

I wouldn't recommend using MinerGate or Nicehash. I've heard of MinerGate being a scam or just not being as profitable as other options. Nicehash is alright, but the 5% fee and the unoptimized miners they use are a huge downside and they've also been breached in the past. If you want to mine the most profitable coin you could try Awesome Miner or multipoolminer although I haven't personally been impressed by either.You could mine to a pool like MiningPoolHub or to Nicehash without their miner with those and take advantage of the fact you can be paid in one coin.

 

Personally I'd recommend choosing a coin and mining it for at least a little while. Try putting your specs through whattomine.com (or something similar), picking a coin, and mining it with a command-line miner. Most pools will have a tutorial on how to get started with mining with them.

5% fee? mine to internal wallet then transfer to coinbase, only got a 2% pool fee and profits are higher then MPH and you don't have to wait a day for things to clear the auto-exchange crap that MPH goes through.

 

On 2/12/2018 at 11:31 PM, AtomicWaveBlast said:

So I downloaded miner gate and ive had it for about a day now and ive made 20 cents from mining for 14hrs i'd say

thats pure shit, a properly optimized 1600 ALONE (I have one) is pulling 80ish cents a day on Nicehash by itself, so 20 cents for 14 hours is bullshit.

[FireClawGames]

3 minutes ago, Daniel644 said:

5% fee? mine to internal wallet then transfer to coinbase, only got a 2% pool fee and profits are higher then MPH and you don't have to wait a day for things to clear the auto-exchange crap that MPH goes through.

Oh I did a bit more research on that my bad, if anyone's interested here's their fee structure. I really wouldn't recommend storing crypto on an exchange for an extended period of time though. Also, I really don't think that Nicehash or MiningPoolHub are really that optimal honestly. I prefer choosing a coin and mining it with a trusted pool with an account on my computer. It makes it feel a little more secure and controlled than on a web, lite, or exchange wallet.

[Daniel644]

1 minute ago, FireClawGames said:

Oh I did a bit more research on that my bad, if anyone's interested here's their fee structure. I really wouldn't recommend storing crypto on an exchange for an extended period of time though. Also, I really don't think that Nicehash or MiningPoolHub are really that optimal honestly. I prefer choosing a coin and mining it with a trusted pool with an account on my computer. It makes it feel a little more secure and controlled than on a web, lite, or exchange wallet.

from Coinbase (if in a supported country) you can transfer to Gdax (which is part of coinbase) then send it out to any wallet you want from there for free.

[FireClawGames]

27 minutes ago, Daniel644 said:

from Coinbase (if in a supported country) you can transfer to Gdax (which is part of coinbase) then send it out to any wallet you want from there for free.

This is all assuming that you're mining a coin that Coinbase has. But I didn't know that GDAX had no network fees, that's pretty cool!

[Daniel644]

12 minutes ago, FireClawGames said:

This is all assuming that you're mining a coin that Coinbase has. But I didn't know that GDAX had no network fees, that's pretty cool!

which is why I like the combo of Nicehash Internal Wallet and Coinbase, I use MPH from time to time but I prefer just using the big coins supported by Coinbase so I do the Auto-exchange at MPH for LTC from whatever coin i'm mining, I don't like having to deal with a bunch of different wallets so I just have a handful for the coinbase supported coins.

[AtomicWaveBlast]

On 2/12/2018 at 11:38 PM, sazrocks said:

So? You aren't actually mining bitcoin, if that's what you mean. You just get paid in bitcoin for mining whatever buyers want.

Oh you get paid in bitcoin? im confused how it works what am I really mining?

[sazrocks]

9 minutes ago, AtomicWaveBlast said:

Oh you get paid in bitcoin? im confused how it works what am I really mining?

Buyers are bacically paying you to use your gpu to mine. You can select what algorithm(s) your gpu can use according to what is most profitable for you, and buyers will pay you in bitcoin to mine on your gpu. Technically you make less money than just straight mining the currency but BTC is easier to manage than a thousand alt coins, especially with the pool minimum thresholds that there are. 

 

So so in reality you are mining whatever buyers want, and you are getting paid an equivalent amount of BTC (minus nicehash’s cut of course.)

[FlatBrokeRacing]

stop being lazy and download something like the BBT multi-miner, JAXX or EXODUS wallet, and learn to mine alt coins that you want and get paid in them. Nicehash, Betterhash, Minergate, and all the others are scams and ripoffs. You dont own any of the coin on their servers until you get paid out for it to an external wallet, so spend your time getting paid to external wallets by mining coins direct instead of paying nicehash and all these companies are good chunk of your profits.