Pool Mining for Profit With MinerGate
After a few months mining on MinerGate and spending much of the time as a Chat Moderator I see the same queries and questions arise on a daily basis. Apart from the obvious Mining related questions the other and most commonly asked is that of money and what the minimum withdrawal is. Each of the coins mined has a Confirmation amount, and subsequently a Minimum Withdrawal level along with the associated Network Fee. This article aims to provide some pointers on the required financial management you must apply to ensure your mining is profitable in order to make it ultimately worthwhile.
One may assume that all miners aim to make a profit from their mining and achieving that is a result of having a good system i.e. hardware, to mine with in the first place. This will consist of a PC at minimum along with a GPU card from those listed on this website. One may find other articles on Private-Locker to help with the choices you make to put your rig together along with the mining software used to reach your targets. Check your hardware performance using the Whattomine site.
What is a Cryptocurrency Wallet?
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.
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Min Amount Withdrawn to External Wallet - This does NOT include Free-Wallet.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)
Converting the values to USD
So that you know what these amounts equate to in value use CoinMarketCap to get current traded price for each coin, e.g. DSH - Dashcoin, $0.019686USD (24/5/18) therefore 0.1 x$0.019686 USD=$0.0019686 on the confirmation amount. So to mine 1 Dashcoin you must mine the coin 10 times to make 1 Dashcoin and so forth for larger amounts.
Storage on MinerGateYou may store your coins securely on MinerGate using 2FA to protect from any hack attempt on your account until such time as you have sufficient to withdraw to your wallet/exchange. All coins may be viewed on the Dashboard Page and details about the features can be found in my New Miner Guide. By doing so it's FREE!!!
External Cryptocurrency Wallet
MinerGate provides 2 Options for withdrawal and are shown on the coin's Dashboard display panel, by clicking on the Withdraw button FreeWallet (Multi Coin Wallet) as well as your own supported Blockchain Wallet e.g. Coinbase (BTC, LTC, ETH and BCH).
An Exchange as the name suggests provides the means to convert one coin to another e.g. BCN > BTC. The Dashboard displays options for 2 exchanges HitBtc (Exchange, Buy/Sell, Trading Currency), Changelly (Exchange, Buy/Sell). Some territories may not be supported by either of these due to security measures applied on a Global scale. Here is a list of alternate Exchanges.
Do you have a Mining/Withdrawal strategy?
The foundation for your strategy is wholly dependent on having a PC with a GPU as specified earlier.
So you have selected a coin, let's say XMR and start mining, you may elect to withdraw the .005 mined to FreeWallet and build up your Balance there but in so doing you will incur fees when you send it to an Exchange, but are faced with the same issue of having to send the minimum had you sent it directly from MinerGate in the first place, to convert it to USD or whichever currency you require. So in effect will double the fees you pay, and therefore isn't the best plan. Similarly if you send the minimum to an Exchange each time you will incur the .02 fee each time. So bearing that in mind making larger withdrawals and sending to your selected target will mean your mining is more profitable.
Your target is to mine 0.5 XMR, meaning 100 confirmations of .005 to reach that total amount. If you sent each minimum withdrawal of .1 to your target this would cost 10 x .02=0.20 in network fees to complete the process with no need to send the funds at all until you had the 0.5 in your MinerGate wallet with a single network fee applied saving .18. So you can see just on one currency this would impact greatly on your profit bottom line.
How to Withdraw
Open the Dashboard Page, Click the Withdraw Button:-
The Withdraw Dialog Box will appear.
To send to your dedicated Coin Wallet for that coin click on the "Use Blockchain Address" button then enter the relevant address by copying and pasting. Enter the Amount you wish to send and the Network Fee. Click to Withdraw. If you don't have sufficient funds to send the screen will report that instead. For Freewallet you will add your account e-mail address and finish by clicking the Withdraw button.
In summary I hope you found this helpful in dealing with your mining so that you achieve the success possible with patience and perseverance.
Thanks for reading and hope your mining is profitable.