By mining cryptocurrencies such as Bitcoin, you participate in the verification of the transactions made on its network and in the issuance of new cryptocurrencies. If you’ve read or heard about cryptocurrency mining before, you may be familiar with the word algorithm. There are two types of algorithms that are crucial to know how to mine a particular cryptocurrency: the mining algorithm and the consensus algorithm.
The mining algorithm (hashing algorithm) is closely related to data processing. The mining hardware you need depends a lot on the mining algorithm used by the cryptocurrency of your choice. Especially if it is ASIC devices since these are developed to work only with a specific algorithm.
Today, among Internet users, services such as GetBitcoins, those that allow you to quickly and online get bitcoins, without resorting to mining services, are gaining more and more popularity. But cloud mining services allow you to earn much more and now you can familiarize yourself with the best of them.
Minergate “Fastest miner in the industry” Review
Minergate was born in 2014 as a mining pool created by a group of blockchain technology enthusiasts. It is one of the most popular platforms for mining through a pool, which is the most popular — and profitable — modality today. It provides a fairly simple to use mining software, as well as a 24/7 support service. Private mining stopped being profitable several years ago. Thus, pools are born, in which the block reward is distributed among the participants who contribute computational resources to solve the relevant cryptographic problems.
How to use Minergate?
To start using Minergate, you must have an idea of how much hashing your computer has. To do this, just look at the specifications of your CPU, GPU, or mining rig. If this is not possible, there are some programs that help to calculate it. Then, taking into account the electricity cost in your region, perform the profitability calculation that the same Minergate calculator offers. If you determine that mining is profitable enough, follow the steps below.
Download and install the mining software
Visit the Minersgate.org website and click on ” Download and Start Mining “. The download of the software for your computer’s operating system will begin. It is available for Windows, Mac OSx, Ubuntu, and Fedora.
Once downloaded, open the executable file to begin the installation on your computer. Some antivirus and browsers will detect that the file contains a virus, although we have not been able to verify that this is the case. Follow the instructions for installation, which takes only a couple of minutes.
The Minergate commissions for the mining pool are quite competent. They depend on the method used by the cryptocurrency in question: for PPS the commission is 1.5% while for PPLNS the commission is 1%. What we do see quite high are the withdrawal fees, which cannot be set manually. The cost to mine in the cloud depends…