I am going to walk you through how to make money with cryptocurrency by using MinerGate. MinerGate.com is a legitimate crypto currency miner. Crypto currencies are created by hash transactions.
This type of currency is NOT like printing pieces of paper like the United States Federal Reserve does. There have been bitcoin and other crypto currency miners since this type of money system was created. However, for whatever reason some people frown upon crypto mining.
If you support crypto currencies, then you can help to contribute to this possible new economy by mining crypto currencies. Also, you can actually make money by using either your hard drive, computers’ central processing unit(s), and even graphical processing unit(s). My first attempt at trying to mine crypto currency was with Nicehash.
However, their mining software did not detect either my CPU or GPU. I am using computer hardware that is not brand new. I then found MinerGate and their software successfully detected the central processing unit.
Minergate claims that most older hardware is supported. However, some older graphics processing units may not process fast enough to mine cryptocurrency. Minergate software is free to download and use.
This software supports Microsoft Windows 7 or newer, Apple Macintosh 10.9 Mavericks or newer, and Linux Ubuntu 16.04 or newer operating systems. MinerGate also supports Fedora Linux 25 or newer operating system. Also, you can mine cryptocurrency with a command line tool Claymore.
You may not become a millionaire over night, but you may be able to make some extra money. What you want to do is download Minergate to all computers that you want to mine cryptocurrency with. You will need to create a Minergate account first.
You will then log into Minergate from each computer with the Minergate client. There are two ways to mine crypto currency with Minergate. You can use the Smart Miner or just Miner tools.
Smart Miner will automatically choose which currency to mine based upon profitability. You can certainly use the standard miner tool and mine which ever currency Minergate supports. Another important point is that there are two different types of payment models that Minergate uses.
Pay Per Last N Shares and Pay Per Share. PPLNS charges 1% while PPS charges 1.5%. You may want to use PPLNS since it charges less.
However, I recommend you study on your own and come up with what suites you best. Once you login to the Minergate client software, you click on either Smart Miner or Miner. If you choose Miner you will have to choose which currencies to mine manually.
Minergate allows you to choose how many cores to dedicate to mining crypto currency. For example I have a quad core computer that I am using. I select the drop down next to a currency under “CPU Mining”.
You will see “CPU Cores”. I can choose to dedicate either 1, 2, 3 or 4 cores on my quad core computer. I recommend that if you are going to use this same computer for other tasks that you leave one core for those tasks.
You can then dedicate 3 cores for crypto currency data mining. I have two machines set to 3 cores and was still able to use these computers like I normally do. You can certainly dedicate all 4 cores if you are not using this computer.
A dual core machine would only detect 2 cores that you could use. A six core machine would show 6 cores that you could dedicate and so on. Once you have picked how many cores to crypto currency mine with then you click on the “Start mining” arrow next to the currency you have picked to mine.
One other important caveat, some crypto currencies might not be very profitable or no longer being used or supported. You do NOT necessarily want to mine crypto currency that nobody is using. However, I recommend that you study each crypto currency on your own so that you make the right decision for your best interests.
If you select the Smart Miner tab, all you have to do is choose how many cores to dedicate to crypto currency mining and then click on a “Start smart mining” button. You can always pause the smart mining. Smart mining will choose the currencies that get mined for you.
You can install the Minergate client on multiple computers. I do NOT know if there is a limit to how many computers you mine from. However, each computer that is mining will show up as a “worker” in the Minergate dashboard.
I highly recommend you get familiar with the dashboard. You can convert your crypto currency coins via the dashboard by selling your coins. Also, you can trade your coins for different crypto currencies.
Keep in mind the afore mentioned services require fees. You get a free private wallet with Minergate. However, you may want to get a more public wallet like what Coinbase offers.
This is so that you can transfer your money to perhaps a banking institution checking or savings account. These decisions are entirely up to you. These are all the currencies that you can mine with Minergate as of the time of this blog post creation:
* bitcoin gold
* ethereum classic
* aeon coin
Finally, you want to secure your Minergate, Coinbase, etc. credentials. Anyone that has access to this information can transfer your coins else where.