Bitcoin Forum

Hi all.
I have decided to test MinerGarte cloud mining and share my experience with you.

Initially the price seems pretty good if there is no stock in ViaBTC or in Genesis.

But the result is very different.

Daily maintenance fee is feixed to  $2.452924.
I have paid for 7,5 TH/s but i get only 2 TH/s profit....

They simply cheat you with the amount btc mined ... the BTC amount must be 3-4 times higher ..,
The problems is not the fee the problem is real TH/S. they also not show the statistics just add you 0,0002 mined then rest $2.452924 fee for maintenance and you see you total mined.... daily aprox 2.452924

My results:

Price: $1094.41
Hash power: 7433.1021 GH/s
Daily Mining: $4.144401
Maintenance: $2.452924

Initial daily income: $2.955355
Actual Daily Income: $1.691478

les than 2$ /day.... investing $1094.41


--- weekly updated information ---

45 days of mining:

Earned total USD: 142.32 USD ( In 70 days)

The surprise comes when after 70 day's finally i have reached the amount that allows minergate to withdraw BTC.

I can't withdraw the mined BTC, on the last step when i have to click last time on withdraw button i get this error:

ERROR: Service is temporarily unavailable.

I've been trying it for a week at a different time and nothing.

MINERGATE IS SCAM !!!

I've been trying to withdraw my bitcoins for more than three weeks every day and in different time and always get same error : Service is temporarily unavailable.
The support never answers, whenever I have sent a question I receive an automatic response 3 months later saying me that if I still have problems i have to send new request.

--- end  ---

At the moment I'm not happy ... it should be at least double or triple. they sell you x TH/x but they give you half or less....


To show you the truth about Minergate Cloud Mining with real numbers ... and you will be able to know what is the real profit and the contract duration.

For all those who are thinking of investing in cloud mining !!!


https://www.cryptocompare.com/mining/calculator/btc?HashingPower=7.4&HashingUnit=TH%2Fs&PowerConsumption=0&CostPerkWh=0&MiningPoolFee= (https://www.cryptocompare.com/mining/calculator/btc?HashingPower=7.4&HashingUnit=TH%2Fs&PowerConsumption=0&CostPerkWh=0&MiningPoolFee=)

I will update this message weekly,

Why the hell are you investing into cloud mining? That shit is not worth at all.. Just ask for yourself why would anyone mine for you? It would be most profitable for you to buy Bitcoin in that value, and just HODL it.

It's a wasted $1100, seriously. It's mind boggling how you even proudly share how you make less than 25k satoshis per day. That money could be invested in whatever other crypto coin and from there you would be making a whole lot more. Also, you can cash out at any time you want, which isn't possible with these cloud mining contracts, unless you find someone delusional enough to buy them from you. There are so many red flag warnings on this forum regarding cloud mining in general, that it is a bit pathetic that people still invest money in them. I wonder how long it will take before your contract gets terminated.

The first few who invest may get a profit but in the long term no one will and your just encouraging others to join by giving it a somewhat positive view. Anyone reading this don't invest in cloud mining ever.

I decided to try after talking with several people who have been investing in bitcoins for years.
Everyone assured me that it's rentable it and i should invest more than $ 1000 to make it profitable.
I've tried it ... and I can assure you that everyone who recommends it is sure to benefit from it ...

It's nothing profitable :)

It is more profitable to invest buying bitcoins and wait for the price to grow ... or even more ... small coins like VERGE, Cardano, Iota ... :)

From my experience ... do not invest in cloud mining :) everyone will tell you tat you will get back your investment in 3 months .... it's lie :)

I hope that this information will serve all those who were doubting like me :)

7.5 TH / s should be profitable .... !! but the results are not as expected! :)

Very bad situation, its more scammer then eobot

First I wish you best luck, that you will at least get back your investment and minergate will exist those 500 days and more. To your numbers: If any legit cloudminer exists, you will not see a better ROI, because that are realistc earnings and only for profit on longterm, like you would mine with your own hardware. Calculate, how long you would have to mine to get the price of your hardware back, add also maintance fees, electricity costs and the costs of space for the hardware. Cloudminers cause addirional costs like administrative costs, server, staff, taxes and so on. And also they want to make profit. So you can't make quick profits on cloudminers.
But the problem is, that almost all so called cloudminers are ponzi and/or scam or don't pay anymore and finish contracts, like you see now on genesis and hashflare.

lol who still does cloud mining, nevermind

buy some eth or cloud mine for it wich one wins.?

Never pay for cloud mining !

You will earn much more simply by buying bitcoin or any crypto currency if you hold it.

With cloud mining if you are lucky you will recover your ivnersion in a year or more.... or never.. :)

Unfortunately I know it from my own experience... :(

All the videos on the internet or the comments of the blogs are a lie ...
They do it to promote it and give their affiliate link and they get a benefit.

Minergate is top third cloud mining platform in the crypto market but still investing on it will not be a profitable one for the any investors. Commonly most of the cloud mining site will be scammer site only. Once you paid for the contract they may be block your cloud account and some of the legit cloud mining also asks you pay the fees to manage your cloud mining account. So if you have a thought to invest on these kind of this site. Finally you will be get scammed in the cloud mining.

Unfortunately, all the videos I found on YouTube and posts on blogs assure that it is profitable and the investment is recovered in 3 months :)

Unfortunately everyone lies leaving their affiliate link to earn money. 100% of the bloggers and youtubers who talk about cloud mining leave their affiliate link and ensure that it is profitable :(

So if someone is looking for real information ... DO NOT INVEST IN CLOUD MINING :)

INFO: Initial message updated with new data!

Greedy idiots that can't read.
I'm coming to this section at least twice a week and I've been doing it for months. Every time there are newbies asking about cloud mining and every time there are other members telling them it's a scam and that they'll lose money and they don't care, they send money to these companies anyway.

I would like to see your numbers for this week because it looks like it will be over a year to pay back at the current rate. That seems bad...

Thats freaking annoying how could you be investing in Cloud Mining? How did you know about cloud mining if you dont even invested on Hardware mining. Thats a waste of money and time. Your current profit seems shitty, this is a dumb f***king waste man.

Here with this site you can sell out your hashes as well bro, but many of the people does not using the minergate properly for it. They just tried to mine the cheap altcoins with the minergate software and some mining with its cloud platform.
But seeing finally you will not get the any returns with the minergate at all.
As you said going to invest on the cloud mining platform is not at all a good advice for any mining investors.

Base on the data that you provide, you bought hashrate  USD 147.23 per TH/s from MinerGate and get an average result 0.0000277 BTC per TH/s after fees everyday.  Compare to  HasFlare today's 0.0001352 BTC per TH/s after fees, I will say you choose the wrong cloud mining compay.

Daily maintenance fee is feixed to  $2.452924.
They simply cheat you with the amount btc mined ... the BTC amount must be 3-4 times higher ...

They have sold me 7.5 TH/s but in reality they give me 2 TH/s ( my contract of 7.5 TH/s is mining daily 0.0002 when it should be about 0.0009)...

The problems is not the fee the problem is real TH/S. they also not show the statistics just add you 0,0002 mined rest $2.452924 fee for maintenance and you see you total mined....

Original post also updated.

So you are saying they charge too much for maintenance and they do not even give what you paid for. That is not good and I am sorry you lost so much but thank you for telling people so others do not have it happen to them...

This is the reason why I opened this post.
I've searched for some information about cloud mining in google. Unfortunately i found only blogs and YouTube channels telling that in 3 monts you get all the money back!
They tell that its profitable leaving the affiliate link and every time someone registers they earn money)


That's why he decided to show my experience and the real numbers :)
And how was/is my experience :)

GL

This is a robbery, have you contacted their support so they can tell you why you have little TH / if you only get 0.0002 btc a day ?, because it is strange that I have seen people who invested in the genesis mining gain much more which you're making every day, I'm not saying that you should invest in genesis mining or any other cloud mining, I'm just comparing and it's possible these genesis mining people are lying. Anyway, you should complain if something is not right.

As far as I know Minergate has contract with hashing24 (This last one has contract with Bitfury). Maybe they pay some fees to hashing24 and that's what makes it less profitable but to be fair OP's profit must be double, not so low + consider the fact that price can fall, difficuly grows + in most cases they will expire contract with some silly arguments. This person doesn't gets what he has to get with his contract and you said genesis mining, this is the same (if not worse) shit too.

The Minergate pool just not working as it should, deffinetly not. I bought Monero contracts 10H / S once a week, and every time I bought new contract, it gives me ~10% Less profit. First contract gives daily 10% more than second, and second gives daily 10% more than the last one. If they would really give 10H/s each, they would give approximetly same amount. So, there is really something fishy there....

Congratulations on your detailed post. This only shows that cloud mining in any situation is not investment advisable.

Any updates for week 2 and 3?

I bought $15 worth of hashing, based on day 1 results, after taking out maintenance, I shall get my ROI in about 3 years...

Avoid!

Correct, cloud mining is not good to invest, they are ponzi offering attractive return but if you are real investor you know to compute their offer ROI which will takes long period of time to get that profit. It is good to buy altcoin and hold for long period of time which will gives you much higher profit.

No surprises here. At the current rate you are probably only going to make ROI after 500 days minimum, and that is probably not even going to happen since the bitcoin difficulty will continue to rise, and the price of bitcoin may go down during the duration of your investment.

This is a good test though, because it proves to the newbies that are investing in cloud mining how not worth it it really is. It can be profitable if bitcoin is going up like last year, but other than that you're probably not going to see profits.

You'd honestly be lucky to get ROI at all. I hope you do, at least. But the thing with cloud mining is that they will end your contract before you make your ROI, because your profits can't pay for the maintenance fees.

Just updated original post ! :)

None cloud mining that could give us an advantage, they are all just take all the money had investors. In reality, cloud mining only performs numerical calculations only, in the absence of hardware mining. They try to attract our attention and they slowly commit fraud. This is a common occurrence in the world of digital currency.

To this day I am amazed that why there are still many people who are easily attracted to the offer provided by cloud mining. Though already a lot of education that states that cloud mining is an investment that has a very high risk level.

Those who have been around for a while know that cloud mining isn't rewarding at all. The main problem here is the high number of newbies joining this market where they are looking to bank on the crypto hype. These newbies have zero understanding of how everything works here, and for that reason don't see any risk in these cloud mining services. For them it's a matter of choosing to invest thousands in actual mining gear, where they have to deal with power costs and such, or choosing to buy mining contracts where they don't have to do anything. On top of that, it's basically a passive income stream from that point, so an easy choice for newbies.

Good thing I decided to investigate and do not invest 4000 dollars in the cloud, I focus better on studying the projects and will increase its value as it was doing, great information, I hope more newbies and Ublico in general can know this inormacion and take Me Jores decisions about their investments, and it is true the YouTubers, say that the mining in the cloud is the best...

Hello, All!
I am writing this with TERRIBLE embarrassment. I. AM. A. F'ing. FOOL! Start with:I have PTSD that has permanently toasted my memory; i.e. I do stupid stuff and will frequently do it again because I forgot how stupid it was in the first place. PTSD also keeps me up at night even though I am tired (I dont really want to explain why). So, I do stupid things repeatedly and I get real tired at night. Now, for the true idiocy!

Last night, I was up as usual and getting tired. this is when I'm dangerous with doing stupid stuff. I found this truly cool site called MINERGATE! This thing said all I have to do is send a small amount of BTC, and I could "rent" cpu power to mine for MORE BTC! HOLY Crap!! What a concept! My BTC is locked in a 48hr off-line vault, so I bought a few bucks of BTC and sent it in. Then it wanted more. I wasnt thinking, and I cant read for donkey dung (no concentration), so on the 3rd purchase, I figured out what I needed to do to make this thing happy. Now I've got $215 of the top of the rent into this thing, and it says it starts at Midnight! Weeeee! I came back today, looking to see where I doubled my money. HAHAHAHAHA! Right. Ok. Im a fool. Not the first time. Its finished processing, so... just give me my $215 back and pay the hamster wheel fees from my earnings. Uh... wait. How do I get my $215 back? That was a loan for the heavy CPU, right? I mean, they already take the rental fee from the earnings, right? I mean, thats what the $2-3 is FOR, right? So, give me back my core $215. Yeah, Im REAL stupid when its late and Im tired, but even I wouldnt give somebody $215 just to use their oversized PC for a day... Its late, again; so Im stupid, tired, dangerous, and cant remember EXACTLY whats going on, but I think I just got rolled by a really sleazy hooker...

Purple_Squirrel

Original post updated !

Earned total USD: 142.32 USD ( In 70 days)

The surprise comes when after 70 day's when finally i have reached the Minergate Minimum amount that allows me to withdraw BTC.
I can't withdraw the mined BTC, on the last step when i have to click last time on withdraw button i get this error:
ERROR: Service is temporarily unavailable.

Now I can say for sure.
Minergate is a 100% scam.
If you invest less than € 200, you will never get to the minimum of withdrawal.
And if you invest more ... the button to withdraw the BTC will not work.

I hope that this information will be useful to you.

Hi. Have you tried withdrawing again? Any updates? Thanks.

Are sure mate. I have concentrated on minergate mining with my 2 GTX 750 cards once but there was no hashing at that time well. Then I have tried to logged into the minergate site once after some months to redeem my bytecoin which I was mined.
But I was unable to login and I tried to sign up with the same e-mail address and minergate accepted.
I do not know what the fucking server they were using it.

Going back in the past on where i got used to mine using up gtx 1050ti.Its quiet reasonable but not just the same into other mining pools.I dont face any issue about withdrawals since i can able to get out once i hit the minimum.I have read lots of issues lately about that withdrawal thing,if its true then better not to use this thing anymore. On btc cloud mining thing it wont really be profitable at all when we do see the duration it will give you longer roi.

Not necessarily scam, but almost all of them almost all the time are unprofitable and not able to break even, not talking to earn anything. This Minergate cloudmining seems no longer available at their website or maybe it is temporarily down, but I don't see it being offered anymore there :)

Minergate is SCAM. Be carefuly and use antivirus, if you want to try. It's much better to use your video card or asic.

Can't get why you call it a scam? i got some small invests in minergate by cloudmining and i could WD all to my freewallet without any problem. they DO withdraw at any amount with 0 fees to freewallet. i've calculated with Minergate and it was like around 12 month to get your money back (including their maintenance cost) well it seems fine to me. if i invest like 1 btc i will get back my 1 btc in a year, and my 1 btc will stay invested (cuz invest is lifetime) and i get every year 1 btc.. seems fine by me.

also used GUI to mine, and got all my funds WDed on acc.. can show you some proofs if you need. just don't get why you call a site scam when it isn't?

Good luck with that.


That's right: I wonder why?

My account there was hacked send ticket and never got an answer. I stopped using it. They later increased the security measures but my trust on them is lost

Everything still works fine for me with them  :) Not the most profitable company to invest in or use for mining with your hardware, but certainly not a scam.