What is Honeyminer in crypto mining?
Honeyminer was an online crypto mining software for users to mine various cryptocurrencies without investing in expensive and typically scarce hardware.
The software was designed to be easy-to-use and accessible to everyone, regardless of their mining experience, capital restrictions, or geographical location.
The mining application also offered a number of features that made it an attractive option for miners, such as its ability to automatically switch between different coins and pools, and because it paid out in multiple currencies.
Why Honeyminer was designed?
There was a lacuna developers of Honeyminer noticed in the crypto mining industry. They noticed that mining cryptocurrency from home was not that lucrative, so they set out to solve this problem with the Honeyminer app.
Additionally, it was observed that those who mined from home could not compete with the hash rate of larger mining firms. They brought a solution to this problem by combining the hash rate of each miner to competitively mine a new block. They repeated the process using both the CPU and the GPU, which users voluntarily provided during mining.
The Honeyminer had an easy user interface that made cryptocurrency mining straightforward, even for beginners.
All a user had to do was to download the app and install. Thereafter, they simply followed the prompts by setting their device’s computing power to the required amount needed for mining and tapping the start button.
The cool thing was that even while mining, one could simultaneously run other applications; a convenient feature since Honeyminer was designed to work at the back end.
How Honeyminer Works
Honeyminer was designed to function optimally well. It used GPU/CPU power for mining. The platform supported a number of liquid coins, including Bitcoin, Ethereum, Monero, and ZCash. In return for their contribution, miners received a share of profits generated.
The software was a great way for users to passively earn income from their computers, providing an option for users to get started with cryptocurrency mining.
Could Honeyminer Make You Rich?
There is no one-size-fits-all answer to this question, as earnings will vary depending on a number of factors, including the type of mining rig you are using, the current market value of crypto assets, and the amount of time you are willing to dedicate to mining. This is because with Honeyminer, you could earn only depending on the amount of computing power dedicated to the network.
Some users have reported earning up to $1,000 per month. However, and as mentioned earlier, profitability largely depended on the hardware capacity of the device a user deployed on the platform.
One average, a miner could make between $1 and $3 in profit per GPU, depending on the asset price. The amount you can earn will depend on the coin being mined, the processing power of your computer, and the current market value of the coin.
On October 16, 2021, the company ceased operations. On their website, you will find a note thanking everyone who has supported them thus far.