Welcome to MinerGate!
This is an introductory guide to Pool mining with the Minergate App 8.1 on (Windows 7 min.)/Mac(10.9)/Linux/Ubuntu(16.04)/Fedora(25).
You have downloaded and installed the latest GUI 8.1 miner software and wish to start mining. If you are having problems downloading the App due to your Anti Virus identifying the file as a threat, turn it off as well as the site blocking option in your browser to allow the download to proceed. Go to Advanced Settings in Chrome and turn the option to "Protect you and your device from dangerous sites" OFF to enable the download.
What is a Mining Pool and How Do They Work?
What is a Mining Pool?
How do Mining Pools work?
As a registered user you are automatically able to access all supported coins in the MinerGate Pool and one can see the Total Number of miners for each coin on the Dashboard except BTC or LTC unless you have a Cloud Contract or an Asic Miner respectively. The size of the Pool affects the Hash Rate/Difficulty and therefore the speed at which the Block is found to complete the process of gaining the mining reward. This is a site designed to inform you of your hashrate.
MinerGate GUI Display
On launching the MinerGate GUI you will see:-
On the screenshot above the Coin DSH (Dashcoin) is currently mining merged with FCN (Fantomcoin).
- Built in Wallet for all coins, no need to connect an external wallet.
- Smart Miner - selects the best coin to mine.
- Miner - displays all available coins.
- Other Pools - enables access to external Cryptonote Pools.
- Benchmark - does a hardware performance check.
- Achievements - a novelty for those who like rewards.
- Currency Balance from Confirmed Mining
- CPU Mining (Set Cores)
- GPU Mining (If available and Supported)
- Shares (Good/Bad/Last)
- Shares Difficulty - impacts Hash Rate
- Unconfirmed Balance (See confirmation levels below)
- Reward Method (PPS/PPLNS) Select PPS for slower hash rates.
- Merged Mining - mine 2 coins for the same hash rate.
You may toggle which coins are displayed using the "eye" symbol.
As you will note from the coins listed on the GUI, BTC and LTC are missing and may only be mined using Cloud Contracts or Asic Miners on MinerGate respectively. All other coins are mineable depending on your Hardware and Hash Power configuration for them.
The Dashboard is your mining data centre to view your key information relating to your mining activity.
- Account Balance - Current Total Balance of all coins in your MinerGate Wallet (BTC/USD/EUR).
- Total Mined - All mined coins including withdrawals (BTC/USD/EUR)
- Coin Balance is the current balance of the coin and one may toggle this to display the value in BTC/USD/EUR.
- YOU Hash Speed, Cloud Indicates Active Contract, Online/Offline Status and Active Workers.
- Unconfirmed Balance
- Good Shares
- Bad Shares
- Invalid Shares (If generated)
- Total Mined is the all time mined amount of the coin inclusive of withdrawals and again may be viewed in the currencies given above.
- In addition you see the Pool's Total Mining Speed with Total Number of Miners and the World Mining Speed along with the Blockchain height and Difficulty.
- The Top 5 users in the pool with their individual Hash Rate.
- Withdrawal and Transfer options.
You may also toggle the display to view/hide the coins that you are mining and also adjust their position using the up/down option.
You have selected your coin(s) and started mining what happens during the process of mining after you click the Start on the GUI? The miner is searching for shares (data packets) which it then analyses and decides if they have value and are then collected in the Good or Bad Shares to be deposited in the Unconfirmed Balance (see Amounts below). They are stored there where they are accumulated and once they reach the threshold level are passed to your Balance with the Unconfirmed resetting to 0 (zero) and the process continues once more in a never ending cycle which ends if you decide to stop the Miner from working. As each confirmed amount is reached it resets and is added to your Coin Balance you then have the business of deciding to hold or withdraw by sending to your Wallet, for longer term storage, or to an Exchange where the likes of BCN, DSH, or XMR may be converted to BTC or any coin you wish. You would generally want to convert a lower value coin to a higher value one. That is Cryptocurrency Mining in a nutshell.
How Good Is You Hardware
To evaluate your system hardware the following site Whattomine provides a means of checking what your system will generate i.e. Hash Rate, Earnings and Power consumption cost. You may also check your hashrate on this website too.
Your hardware determines the coins which you can mine, due to the Hash Rate they offer therefore expecting to mine 1 ETH is in the realm of fantasy without multiple rigs and for any new miner is impossible with a CPU only based system. A single GPU will offer you an improvement but do not raise your expectations beyond the unrealistic until you fully understand about mining.
Recommended Reward Settings
- Up to 1000 h/s - Low Difficulty Coins using PPS
- 1 KH/s + - Medium Difficulty Coins PPS or PPLNS
- 1 MH/s + - High Difficulty Coins PPLNS
When using PPS the unconfirmed will automatically transfer to your Balance while PPLNS requires the Pool to find the Block before transferring from the unconfirmed to your Coin Balance.
Which Coins Do I Mine?
Each Currency here confirms after a certain amount is mined. (DSH:0.1), (BCN:20), (FCN, QCN, XDN, MCN:1), (ETH, ETC, ZEC:0.001), (AEON, XMR:0.005), (BTG:0.01)
Min Amount Withdrawn to External Wallet - This does NOT include Free-Wallet.
(BCN: 100), (XDN: 1), (XMR,BTG: 0.1), (LTC, BTC, AEON, FCN, DSH, QCN, MCN: 0.01), (ETH,ETC: 0.001), (ZEC: 0.0001)
Does NOT INCLUDE Withdraw Amounts. (AEON, BCN:0.01),(DSH, MCN, ETC, ZEC, BTG:0.001) (XMR:0.02), (QCN:0.005), (ETH:0.0052), (XDN, FCN:0.1)
Do I need an external wallet?
Your mined coins may be stored at no cost, securely while you continue to mine and increase your balance towards significant amounts on MinerGate's built in wallet. By making withdrawals of the minimum you are reducing your profit and will incur fees un-necessarily in so doing. Think longer term and have targets that ensure your mining is worthwhile otherwise your efforts will simply evaporate before you are able to realise any gain whatsoever. For an expanded guide to profitable mining there is an article here.
Withdrawing to Wallet or Exchange
MinerGate provides 3 Options for withdrawal and are shown where possible on the coin's Dashboard display panel, HitBtc (Exchange, Buy/Sell, Trading Currency), Changelly(Exchange, Buy/Sell) and FreeWallet (Multi Coin Wallet) as well as your own Blockchain Wallet e.g. Coinbase, Jaxx and Binance.
To initiate the process Click the BlueWithdraw button and enter the required info on the Dialog box which opens. For hitbtc and Changelly you will need the Deposit address for the coin you are sending by clicking the Use Blockchain option. This will also be the case for your personal Wallet too e.g. Coinbase, Exodus etc.
The Withdraw Dialog Box
Enter your Blockchain address to send to your external wallet or add your e-mail for sending to Freewallet.
Transfer allows you to send coins to a miners MinerGate account using their e-mail address.
The Transfer Dialog Box
Protecting Your MinerGate Wallet with 2FA
Wallet security is essential as hackers who gain access to your account can run rampant and remove your mined coins if there are no measures in place to prevent that happening.
To set up 2FA go to Profile, Download Google Authenticator and scan the QR image, ensure you keep a backup of the codes in the event of loss. If you require help to set it up here is a video to step you through the process. If you, by chance, lose your phone or forget the backup codes that are required to maintain it's functionality you can only re-enable by contacting Support to restore your 2FA.
Successful mining = good hashrate and that requires using the appropriate devices to achieve that, meaning a PC minimum with GPU(s) otherwise you are really consuming electric for no profit. Choose carefully and learn through continued research and meet fellow miners in the chat who began just as you are. If you believe your Mobile phone can compete with desktop PC's, GPU's and Asic miners then you have a serious problem given the level of hash rate they deliver - DO NOT MINE WITH A MOBILE PHONE.
This Guide is a basic collection of the main "need to know" points to get you started and has hopefully been helpful in meeting that requirement for you to proceed. Once you are ready to advance into it seriously the next stage is for you to look towards Console Mining and the benefits you will achieve by doing so, i.e. faster Hash Rates compared to the GUI.
If you feel there are topics I have missed please post in the Comments with your suggestions, thank you.
Enjoy your time mining with MinerGate.
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