Are Automatic Mining Pools Like Minergate Worth Your Time?

Are Automatic Mining Pools Like Minergate Worth Your Time?

By Benson Toti - min read
Updated 21 March 2023

Minergate is an example of a cryptocurrency mining pool. These platforms allow users all around the world to combine their computer power for the mining of Bitcoin and other cryptocurrencies. Users with specialised hardware will contribute more hash power, and will, therefore, get more reward. Users with normal laptops or PCs may get some reward but are better off mining coins that are less popular among miners.

The Minergate Formula

Minergate is one of the larger mining pools in the industry. They allow anyone to sign up. Once you’ve created your account, you’ll be able to see how much hash power your computer can contribute, and how much daily reward you are likely to receive.

minergate bitcoin mining
minergate bitcoin mining

Your daily reward may significantly differ in fiat value, depending on which coin you choose. If you’re running an old PC to mine Bitcoin, for example, you probably won’t make enough money to make this venture worth your time. Remember, using even simple computers for mining requires more electricity than normal use. You have to calculate your expenses and potential profit before you make your decision.

Once you get started, though, the formula is simple. Minergate will maximise your computer’s available resources when you’re not using your device. This way, your computer will be earning money for you while you’re asleep or at work. If you have multiple devices, you can combine them into a single account to improve your daily profits.

Minergate is a fairly-well-reputed Bitcoin mining resource, with pools for lots of other coins as well.

Watch Out For Phony Pools

Some mining pools are fraudulent. These tend to make incredible promises to new users, many of whom will not have very much experience in the crypto industry. This may result in loss of funds, private keys, or other data. Always look for independent reviews of any new mining pool you want to try out. It could save you a lot of money and trouble.

Mining pools like Minergate are a great way to put your computer to work and earn some passive income. If you like the process, you can even upgrade your computer power to make even more Bitcoin, or any other minable coin of your choosing!



Featured image source: Flickr