28 September 2020
Running a mining operation that makes a profit is not easy today. The combination of increasing difficulty, higher levels of competition and high electricity prices mean miners must plan carefully to ensure their operations are as efficient as possible.
In many parts of the world, mining bitcoin simply won’t make money. This is particularly true since the most recent halving. Those who are interested in earning from cryptocurrencies may find mining other coins and converting them to bitcoin (or another popular coin of their choice) makes more sense. Honeyminer aims to make that kind of mining accessible to more people.
What is Honeyminer?
Honeyminer is an easy-to-use mining application that allows those who are less tech-savvy, or who simply don’t have the time to worry about cryptocurrencies, to earn from mining on autopilot using their excess CPU and GPU power.
Honeyminer is installed on a computer and then automatically selects the most profitable cryptocurrency and mining algorithm and runs that, converting any coins mined into bitcoin, which is then paid to the miner. The software monitors changes in the market and swaps to different coins as appropriate.
Honeyminer isn’t the only software that does this. There are other mining pools and applications, such as Nicehash, that do a similar job. Honeyminer simply offers an incredibly sleek and user-friendly interface, making mining accessible to more people.
Is Honeyminer Safe?
Honeyminer is developed by an American company, is code-signed by DigiCert and has been audited for security compliance. The software uses SSL and strong encryption technology to ensure that all data on the system is kept secure. Accounts are protected with 2-factor authentication (2FA) and all cryptocurrency assets are kept in cold storage, meaning that they are not connected to the internet. This protects the assets against sophisticated hacking attempts.
Some antivirus software may flag Honeminer as an unknown application. This simply means the antivirus software has not seen
Who Can Use Honeyminer?
Honeyminer runs on your PC and works reasonably well even on older hardware. The more powerful your CPU and GPU, the greater the hashrate that the software will be able to produce and the higher your earnings will be. Users can keep track of their miner’s performance using the companion mobile app, which is available for both Android and iPhone. The apps give real-time updates on earnings and hash rate. Users can make changes, such as starting or stopping a miner, or changing what the miner is doing, via the app.
How Does Honeyminer Make Money?
Honeyminer works in a similar way to most other mining pools. There is no up-front fee for the users of the software. Instead, users pay pool fees which are a percentage of the currency they have mined, based on the number of GPUs or CPUs active in the pool at the time, and how much processing power they contribute.
In addition to this, users have the option of buying in to what the app calls Hotel Honeyminer. This allows them to rent processing power from the pool, and get paid from the earnings of that power. This is a good option for people who don’t have particularly powerful computers but want to get some earnings from mining.
Honeyminer charges 2.5% for 2 GPUs, and 8% for 1 GPU. The idea behind this is to incentivize people to bring more power to the pool. Adding more GPUs to your account allows you to earn more, both because you’re doing more work and because your fees are reduced.
These fees are higher than those charged by some of the pools used by more serious miners. However, it takes a significant amount of processing power to compete in those pools and you would need some technical knowledge to determine which pool would be best to join. For most casual miners, the benefits of automatically selecting the most profitable coin to mine at any moment outweigh the extra fees.
The Honeyminer Hotel option serves as a simple introduction to the idea of buying hashrate, albeit in small quantities and in a relatively low-risk way.
Honeyminer Customer Service
Honeyminer is easy to get started with. Simply install the software and let it decide what to mine for you, and which mining algorithm to use. If anyone does run into problems, they can access help in the form of a live chat system and a customer support database. The support ticket system asks users to enter information about their system in a clear, easy to understand way, so that people are guided through the process of writing a ‘good’ support ticket. This means users may feel like they’re being asked a lot of unnecessary details when they fill out a ticket, but they’ll more than likely get a good answer to their ticket the first time around, instead of having to go through a longwinded back-and-forth as the support team keeps asking them for more information.
Is Honeyminer Worth Using?
If you are a beginner in the world of cryptocurrency, don’t have an ASIC miner, or want to simply mine with a couple of desktop computers without having to download and set up multiple miners yourself and go through the process of converting different currencies, Honeyminer could be for you.
Honeyminer won’t replace mining with a farm of ASIC miners. There are better pools for people who have access to greater amounts of computing power. However, for those who simply want to mine in the background while using their PC for other things, this tool is a good choice.
The availability of a mobile app to manage your mining is a big plus, as is the auto-conversion of mined coins into Bitcoin. Honeyminer has done a great job of making Bitcoin mining accessible to the masses.
While you could get a special machine to mine bitcoin and invest in learning complex coding strategies, MinerGate is an easy-to-use and reliable alternative that gets you started making money faster.
Now that you know all about MinerGate, it’s time to get more expert knowledge on bitcoin and blockchain technologies. Interested in learning about similar coins and wallets? Join Dchained! Dchained subscribers get access to tons of great guides, expert analysis, and a community of passionate blockchain enthusiasts.