MinerGate is a mining platform that promises to give you the most profit while mining. The platform lets you automine coins with the highest exchange rate, which means you squeeze the most profit from your computing power. MinerGate was created by a group of developers who describe themselves as “cryptocoin enthusiasts”. Like many other cryptocurrency mining platforms, there’s limited information about the developers of MinerGate available online.
Today, the service has close to 800,000 users along with an uptime of 99.97%. You can withdraw mining profits straight into your wallet. The platform also comes with its own built-in wallet.
Although Everything is good and working fine on their site. You can mine and withdraw coins their but if you are looking to buy some hash power from them then beware. I doubt that they have any Mining farm to mine coins.
According to our research -They are providing Hashrate, but there is a term which clearly states that the mining contract will void/canceled if the mining won’t able to cover maintenance fee for 3 consecutive days. And the probability of this is very high in future due to rise in difficulty and price fluctuation. So, if someone starts mining with them for a lifetime term he won’t able to cross breakeven due to this rule and the company have not to pay him anymore and make a profit on it without mining anything.
Some of the hitches we spotted are:
1) No public mining address / no user selectable pool.
2) No endorsement from any ASIC vendor
3) No relevant pictures of their hardware and datacenter
4) Open ended IPO / fractional reverse mining risk
5) Referral programs and social networking
6) Anonymous operators
7) No exit strategy and no buying limit on orders.