Cryptocurrency mining, while also being an integral part of many blockchain networks, has become a source of profit and business for exclusive crypto firms. The recently-founded HoneyMiner startup is attempting to make mining more accessible to a wider array of consumers, by providing users, like you or I, with an innovative new platform.
HoneyMiner: The New Way To Mine Cryptos
HoneyMiner provides an easy-to-use software for retail consumers looking to get into mining, allowing users of the Windows operating system to passively mine popular cryptocurrencies by allocating computer power to the service.
Unlike traditional crypto mining operations, HoneyMiner allows users with entry-level desktop computers, or even laptops to join a mining pool filled by thousands of other users, with the service distributing cryptocurrencies to all users involved. The service utilizes the strength in numbers, allowing for the collective hash power of thousands, if not tens of thousands of computers to make computational contributions to a variety of different Proof of Work focused blockchains, in exchange for transaction fees.
In its current state, HoneyMiner pays out all earnings made by a user in Bitcoin, automatically converting the mined cryptocurrencies into the equivalent Satoshi value for an easier consumer experience.
Using HoneyMiner is as easy as downloading the launcher from the website, setting up an account for withdrawals, and subsequently running the miner in the background of your computer. In exchange for a relatively negligible 2.5% to 8% fee, the service handles all of the heavy lifting, configuring the mining software to the most profitable crypto in a long list of GPU-mineable coins.
Speaking on the ease-of-use of the application, Noah Jessop, a venture capitalist and an advisor for the HoneyMiner project, said:
“The miner doesn’t have to do the math or manage all the configurations and settings, or manually check the prices. We make it so that any surplus compute, so any laptop you aren’t using all the way up to a rig that you run is automatically doing the most profitable computation.”
It has become apparent that this service was founded with the average Joe in mind, specifically targeting users with less powerful machines and who do not hold the prerequisites required to upkeep a 24/7 mining operation. The service may also be targeting consumers who currently are on the sidelines of the industry, but are looking to secure a solid entry point into the industry. Jessop stated:
“If you hear about crypto and you want to learn, you can either go out and pay real cash money or you can download a program in 30 seconds and start earning your own crypto, for free.”
However, it is still important to note that users with high-end graphics cards can easily use the service, but it may not be the most efficient method for computational power at that caliber to contribute to the mining scene.
HoneyMiner Sees Influx Of Users After Mainstream Crypto Endorsements
As this project began to spread in the cryptocurrency community, crypto influencers and media sources began to pick up on the innovative service.
An individual who works with HoneyMiner, going by @CoinYeezy on Twitter, pointed out that 20% of HoneyMiner users are located in developing countries, likely citing stats he/she received as an insider in the firm. While this is great news for the startup, this figure also shows how the cryptocurrency market penetration has spread all across the world, not limited to certain locations or users hailing from a specific background.
Honeyminer isn’t just a mining app. It’s a tool that empowers people.
Nearly 20% of our users are in developing countries.
We provide everyone in the world access to Bitcoin.
— :: (@coinyeezy) July 24, 2018
In other positive news about the service, a Twitter user pointed out that HoneyMiner has a higher profitability then NiceHash, another consumer-focused mining tool that has been hailed as this startup’s primary competitor.
HoneyMiner is running at a higher profitability than NiceHash FYI.
— xbtman (@decentraman) July 20, 2018
The service has seen a rapid uptick in its user base over the past few days, with the application now garnering over 10,000 downloads from all across the world, from users looking to capitalize on the ease-of-use and the profitability of the service. As of the time of press, the HoneyMiner site seems to be nonfunctional, with a message seen on the website stating that a “504 Gateway Time-out” error has occurred, likely due to an influx of positive consumer interest.
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