How to Withdraw Funds from Minergate to Paypal

The internet is rapidly evolving from an entertainment and information platform to a commercial one. Every year, more individuals become interested in profiting from the internet hence settling on mining cryptocurrency.

Cryptocurrency mining was once a luxury that only a few people in the crypto space could afford. But, this changed five years ago when MinerGate launched as a shared mining solution. It allows all users to participate in the mining process regardless of their wealth.

Mining is exciting and straightforward, but some miners find it hard to withdraw their funds. Imagine everything is going well; your digital money is accumulating. But when it’s time to withdraw funds, it becomes nearly impossible. Frustrating, right? Let’s make things easier for you. This article will discuss how to withdraw your money from MinerGate to PayPal.

What is MinerGate?

MinerGate is a mining pool created in 2014. It allows users to mine various cryptocurrencies without setting up any expensive mining software and hardware. MinerGate also offers a simple GUI miner used on laptops or desktops.

The main aim of Minergate was to make it possible for millions of people to mine cryptocurrencies and make the process easier for them. How? MinerGate is a transparent mining pool where anyone can use laptops or computers to add hashing power to thousands of other miners. The user link is openly downloadable and allows people to start mining quickly.

MinerGate’s specialized application, MinerGate xFast, allows you to mine for cryptocurrencies. The tool enables you to grow Bitcoin, the most well-known cryptocurrency, and altcoins such as Ethereum, Monero, and Zcash.

For maximum crypto mining ease, the program also includes real-time exchange rates that show your assets’ current value and allow for instant withdrawals. While MinerGate is quick and straightforward to use, complex algorithms run in the background. In just a few clicks, it utilizes the maximum power of your hardware, based on how much you want to dedicate to the process.

MinerGate lets you diversify your assets by mining other coins. You can use your computing power to mine for Monero-Classic coins while also earning Bytecoins; this is significant since mining for Monero has no impact on your main mining operation; your other processes will continue as usual.

You can install MinerGate on both Windows and Mac computers. But unlike other cloud mining pools, the MinerGate mobile app does not allow you to mine cryptocurrency using your phone.

How to Withdraw MinerGate

Unlike other crypto services, MinerGate allows you to withdraw funds instantly and deposit them directly into your cryptocurrency wallets. Some of these cryptocurrency wallets include;

  • Trust WalletTrust Wallet is a cryptocurrency wallet that allows you to trade various coins safely. The application offers you a secure access key that prevents unauthorized access to your assets.
  • Coinbase Wallet– Coinbase Wallet is the world’s most popular cryptocurrency wallet. The application offers you a user-friendly platform to trade and store over 100 cryptocurrencies.
  • Edge Bitcoin Wallet- The Edge Bitcoin Wallet is a mobile-based cryptocurrency wallet that allows you to store your Bitcoins securely. The application has a built-in two-factor authentication system and offers you a user-friendly interface.
  • FreewalletFreewallet is a cryptocurrency wallet that allows you to trade and store your assets. The application offers you a user-friendly interface and is available on Android and iOS devices. You can easily recognize it on the play store because the Freewallet logo is an F-like symbol.

There is a difference between “transfer money” and “withdraw” actions. You choose “transfer money” when sending your funds to another account within MinerGate. You choose “Withdraw” when sending your funds to an external wallet. To withdraw your funds from MinerGate, follow these simple steps;

  1. Log in to your account on the MinerGate website.
  2. Click on the ‘Withdraw’ tab.
  3. Pick the cryptocurrency you would like to withdraw.
  4. Enter the ID. Once you indicate which currency you will exchange and enter the platform from which the electronic cash will flow, the system will automatically generate the ID. In this section, you will need to enter the ID on the Minergate site when withdrawing money.
  5. Enter the amount you wish to withdraw.
  6. Confirm the withdrawal request.

Note; Your withdrawal amount should be higher than the withdrawal fee amount. You can see the fee amount right under the “Amount” field.

How to Withdraw Money from MineGrate to PayPal

PayPal is an online payment service that makes it easy for people to send money to each other. Clients can create an account on PayPal’s platform linked to their credit card or checking account.

PayPal has been slowly integrating cryptocurrency into its platform over the past year. In October 2020, PayPal announced that it would allow US customers to buy, sell, and hold cryptocurrencies.

The company also announced that it would allow merchants to accept Bitcoin and other cryptocurrencies as payment for goods and services. PayPal’s integration of cryptocurrency will make it easier for people to use digital assets as a form of payment.

As the world’s largest online payment service, PayPal has the potential to bring more people into the cryptocurrency market. The company’s decision to allow withdrawals to PayPal will make it easier for people to convert their cryptocurrencies into fiat currency.

Users in the US can now purchase, sell, and keep cryptocurrencies with as little as $1 invested through PayPal. The service is also available in the United Kingdom, Australia, Canada, and select European countries.

MinerGate is one of the few cryptocurrency mining platforms that allows you to withdraw your earnings directly to PayPal. The procedure is simple and only takes a few minutes.

Here’s how you can withdraw money from your MinerGate account to PayPal;

  • Log in to your account on the MinerGate website.
  • Click on the ‘Withdraw’ tab.
  • Proceed to the currency tab and choose the cryptocurrency you want to withdraw.
  • Select PayPal as your withdrawal method.
  • Enter your email address, then the password.
  • Enter the amount you wish to withdraw.
  • Confirm the withdrawal request.
  • You’re on your way!
  • MinerGate will then send funds to your PayPal account within 24 hours.

Note; ensure to fill in all the fields for a successful withdrawal.

How do You Check Your Balance?

All transfers and withdrawals (both incoming and outgoing) are on the Transaction History. The developers of MinerGate designed the Transaction history tab to help users navigate through their transfers and withdrawals.

The currency- drop-down list helps you check all your transactions on the transaction history. On the other hand, the transaction type drop-down list allows you to see every single type of transaction, or you can be more specific and choose transfers or withdrawals.

Your account balance is the total of all your confirmed balances in all currencies you’ve mined at current rates.

You can check your balance anytime by selecting the ‘dashboard’ tab. The dashboard displays all your minings and available funds, as well as your current hashrate and active workers.

Account status is the first top block on the dashboard, displaying cumulative information on your account balance. These balances are solely for informational purposes; you cannot use them for anything other than reference.

What does Balance Confirmation Mean?

Balance confirmation is a procedure that an unconfirmed balance should go through to become confirmed. At this point, MinerGate’s system checks your balance and activity for potential fraud. The process is needed to improve security measures and ensure only authorized users access account management.

There are three types of balance confirmation; confirmed, unconfirmed and total mined.

Total mined is the amount of cryptocurrency mined on MinerGate. It’s worth noting that all currencies mined have separate total mined balances. It’s visible in the dashboard.

Unconfirmed balance is the amount of cryptocurrency mined, but it’s yet to get confirmed. After receiving your rewards, the system places them in your unconfirmed balance. Although this amount includes the overall mined, it is not accessible for withdrawal. It becomes confirmed once it meets a confirmation threshold and the amount gets applied to your current balance.

Remember, when you receive a mining reward, it adds up to your unconfirmed balance and remains there until your unconfirmed amount hits a specified confirmation threshold, which varies by currency.

A confirmed balance is the amount of cryptocurrency that has been successfully confirmed and is now available for withdrawal. It happens when your unconfirmed balance reaches the required confirmation threshold.

The process of balance confirmation takes up to 24 hours. Once it’s complete, your balance will appear in the main account overview. The confirmed balance is updated every 60 minutes.

Which are the MinerGate Fees?

Users of MinerGate must pay a fee to use their mining services. The cost is calculated based on the hash rate per second. Reason? Because the miner rents hashing power from the platform to mine and receive cryptocurrency as a reward.

The mining fees are usually between 1-1.5% PPNS/PPS+ (Pay Per Last N Shares/ Pay Per Share +), which is a little higher than other mining pools.

MinerGate also has an affiliate program that offers a commission of 20% for each new user you refer to the platform. It means you can ask your friends and family to sign up for an account and receive a commission on their mining fees for as long as they continue to use the service.