Topic: MinerGate Cloud mining (Read 35675 times)

My experience with MinerGate cloud mining real numbers :

Link to forum post: https://bitcointalksearch.org/topic/m.27263612

These numbers are from my contract with MInerGate is real numbers and will be updated weekly no spam or affiliate links !!!.
Also i recommend to avoid any recommendation that comes with an affiliate link !! they just try to earn money!

GL.

Wow, that is not much!

Beside the much too high maintanance (almost 50%   ) the result should be around 0,00014 before per TH/s before maintenance (AntPool numbers). So you should make more than 0,001 before maintenance with your over 7 TH/s.

My experience with Minergate Cloud Mining:

Price: $1094.41
Hash power: 7433.1021 GH/s
Daily Mining: $5.415463
Maintenance: $2.452924
Daily Income:  $2.962539 ( 0.00020618 BTC )

les than 3$ /day.... investing $1094.41

At the moment I'm not happy ... it should be at least double if we compare same TH/S with ViaBTC or Genesis.

I bought 100 GH/s contract Jan 2017, since the rise in price of BTC my profit has gone up, and the maintenance fees have stayed the same. Over the past 11 months I made 0.0085 BTC (so close to cashing it out) so I decided to reinvest it, I was able to get 700 GH/s contract, and I got my first payouts, and they are the same amount as the 100 GH/s contract........? Doesn't make sense right ? I think that this might be a scam, or at least not 100% truthful in their claims. Any BTC calculator comes up with dramatically different outcomes that the profit calculator on the Minergate site.

I am new Minergate cloud mining, need your help please.

As on Dec 9, 2017
I have 31.4 TH/s power on miner gate could mining just started few days days ago. I am only seeing my daily rewards averaging around 0.00109 BTC after daily maintenance costs ($10.4)

I also have a S9 (13 TH/s) running at home making around 0.0028 BTC (understand there electricity costs and maintenance involved).
Based on actuals for 31.4 TH/s of hash power, I should see at least 0.005 BTC per day after deducting maintains costs.

My fried currently running  1 TH/s on genesis-mining getting 0.00014941 BTC per day after maintenance costs.
At this rate for I should see around 0.004691474 {btc] for 31.4 TH/s

Not sure why I am getting only 1/4th to 1/5th of actual rewards. Anyone seen such a HUGE discrepancy, not sure if I misunderstood something or just got scammed?
 

Regarding your question my current understanding is
1)  Yes, it is written in FAQ.  This can change at any time as it happened in hashflare.
2)  I highly doubt it, but you never know.
3)  I don't think you can cancel any contracts.
4)  The maintenance fee is shown to you when you buy hashrate.
5)  No idea.  They make the rules.

From what I see from your statistics, your ROI should be much more than one year, possibly around two.  

In my opinion, minergate contracts are on the verge of a scam.  I have bought five small BTC contracts and I have noticed that the profit does not depend on the hashrate, but rather it is fixed such that you get ROI in exactly 365 days given fixed difficulty.  Since difficulty changes, your profit decreases every day, so, in the end I don't know if you ever get your investment back.  Notice that minergate only saves your daily profit in dollars, not BTC, which is misleading.

I have posted my observations here
https://bitcointalksearch.org/topic/minergate-cloud-contracts-have-raised-my-suspicion-2511076

Since you have older contracts, can you either confirm or disprove my claims?  Also, how has your daily profit in BTC has changed over time?  Does it follow the mining difficulty, or it follows an internal minergate algorithm that fixes ROI for all contracts to a fixed time?

Have you checked with the support team which will you able to give the assistance for this issue. I found that Genesis, Hashflare and minergate are best in cloud platform but I see that now we are finding issues in minergate as well means that is won't be advisable to have the contract to mine the any coins with the any cloud mining sites.
I found that some people said their mining account got locked or contract disappear.

My cloudmining cotract just disapeared. Does anyone has this problems?

Currently the Minergate Cloud mining contracts are doing well.
I have 14 contracts paying $14.00
I have $5103.00 invested in Minergate contracts.

What I have not been able to find is the specifications about the contract agreement. Like:
1:) Am I involved for life?
2:) Do I get my investment back when Minergate decides the contract is no longer profitable?
3:) Can I withdrawal my investment from a previously purchased contract when I want cancel?
4:) Can a potential contract display the maintenance fee up front so an investor can know their ROI before submitting to a contract?
5:) I know these are contracts so how come Minergate gets to cancel but the investor can not?

I know some of these questions are inverse or opposed to each other but a simple set of FAQs would suffice.
Don't shoot the messenger. We just need answers. Should I have researched this further? Yes. But from my previous contracts is looked like great deal.
From my screen shots you can see the purchase dates.

Also in searching out any miner information the posts that could be considered current, within the last month are few. Check the dates.
Most of the current information are in blog sites. A good rule of thumb is to skip past the youtube and miner site links to get the real skinny on anything you want to achieve.
These questions need to be answered otherwise I suggest you do not get involved.

https://www.dropbox.com/s/5yzg9q115sinsvy/2017-11-06%2008_51_29-Hashing%20contracts%20-%20MinerGate.com.png?dl=0

Right now as of 20171115 Minergate has not paid out. This after the BTC/BCC pitbull fight about dominance.

Agreed, bitcoin mining difficulty always increasing over time, too many factors to be considered and whether you can use the funds to gain more money in a faster time instead of waiting for months or even a year to get ROI. There are plenty of investment to achieve that with less risk compare to cloud mining.
Invest in altcoins will be more profitable I guess doe to cheaper price and higher rate of increase compare to bitcoin price, such as ethereum and lots of other altcoins.

Actually op is asking about their cloud mining features and nit the hardware mining sharing features.

By the way is it really legal to use your office power, internet and computer to mine the coins? I don't think so and if your employer comes to know about your mining thing then you are probably screwed. 

Anyway coming to the minergate mining stuff, they have recently added the cloud mining, like old recent at this time, and they are paying for now. However I'm not really into the idea of cloud mining because bug companies like genesis are also going down, so it's upto you whether to trust them or not and then make investments.

I've had the same experience my BTC withdrawals 1 completed payment over the last 5 weeks (I should get one every other day). I have had a bit of a response from support.  1 email middle of August and a few replies on Twitter. They say they are aware of the issue and are workin on a fix. Fingers crossed.

I'm with their gpu mining but not with cloud mining. I don't know how they are managing both thing at single time but if they have real miners like me with authorised hardware to mine the coins then they might be having some plans to work out with cloud mining investments. I have gotten my rewards for mining with gpu rig from their pool so that prices they are legit entity. Don't know much about cloud mining but I would advice to invest in that way.

You got the point and i think those people who are looking for cloud mining are just encourage by great offers and promo that actually investment in this service are really risky to invest and its internet base you can not handle the miner..
And if you buy real hardware like you said you can not get recover your capital invest it takes few months or year before you can recover your investment and after that poor bitcoin you can earn..
But it takes a long time before you can make profit so buying altcoin as investment i think is much faster than you mining it and mostly cloud mining site are scam those are not safe..

Whether it's cloud mining or actual hardware mining, I seriously don't understand why people are so obsessed with mining in general ~ you depend on too many variables to call it a proper investment.

Buying Bitcoin or whatever other altcoin has always been far more rewarding than mining ~ it takes far less time, it doesn't require any resources like hardware mining does, no need to worry about broken gear, and the list goes on.

If you invested $1000 into mining at the very first day of this year, you would still be struggling to recoup a large portion of your initial investment. If you bought Bitcoin, your $1000 would be $4900 right now.

This is the reason most of the people avoid cloud mining first and then to do for hardware miners like antminer or asus. You read some thread speaks about bitcoin mining via cloud platform and loosing of money in that platform. Whether it is minergate or genenis. If you have invested in cloud mining you will become a loose soon.

I signed up like 9 months ago for cloud mining.  thought minergate had some sort of reputability.  i dumped 300$ worth of BTC into it.

My withdrawls have failed for the past 5 weeks.  I got paid back 150$ of my investment, now they won't pay out at all.  My support requests go unanswered.  if i dip into their chat onsite and ask anything about it I am instantly banned. 

I know its my follie for investing in "cloud mining" in the first place.  But i would hate to see anyone else scammed by these people.

DO NOT BOTHER WITH MINERGATE.  If you don't take my word for it do a quick google search and be your own judge.

I wouldn't trust any services operated by Minergate team. I hope you guys all are aware of changelly started by Minergate. Changelly recently ripped of many users by taking high fees for sending the altcoin in which user wanted to get exchanged.

Since the minds behind both the services were same, I wouldn't trust it or any services related to the same team. Also cloud mining is a joke , don't buy it.

Minergate is pretty good player in cloud mining. They are very old player in the field gave paid me many times. As if now I went through almost all the posts above and it appears that some of you are happy and some of you not. There have been delays in the payment for me also but it's worth it because minergate takes their business pretty seriously. They have recalculate the profit and loss before they could pay you. It's better to keep patience.

It is well known that mining with cloud based sites is not trustworthy but minergate has proper set up. There PPLNS rewards are also very high and chances of finding blocks are greater with their EH/s hashing rate in the pool.

This is very nice. It supports different altcoins to which they call as crypto notes. They can be mined using your laptop or even smart phone. With this you can achieve nothing as the bashing power is too less to profit. You need to keep everything on for 24x7 to earn pennies. Gosh that's too much. Never tries their cloud mining it seems risky.