If you are following crypto-related accounts on Twitter you may have seen the advertisements of Honeyminer last summertime. The accounts promoting this brand new mining platform presented Honeyminer as Nicehash/MinerGate killer. We are not going to speculate on whether this statement is right or incorrect, let’s simply observe what Honeyminer offers to miners and what’s special about this platform.
Honeyminer is an American business. The headquarters are located in Hoboken, New Jersey. The one-page website provides the basic info about the platform. On August Honeyminer currently had 50,000 users registered. The present variety of users is unidentified.
How Does It Work?
First off Honeyminer is a mining app. Presently, it’s readily available just for Windows, however iOS variation will be included future. Also, there is Linux-based Honeyminer Max however I’ll cover it at the end of the article.
Today the home mining is rather unprofitable because individuals can’t compete with incredible hashrates of industrial mining farms. However, some solutions still exist. Mining pools integrate the powers of private miners and successfully discover new blocks. The rewards get divided between the participants. Honeyminer runs with the CPU and GPU power that users grant offer mining. The procedure is very basic: you set up the app, set the portion of power you prepared to compromise for mining and press the start button.
The app is working while you still can use your gadget as usual. The main processes occur far from the eyes of users. All we can see is benefits in BTC coming to the user balance.
So what occurs after we begin the procedure? Honeyminer utilizes the GPU/CPU power to mine the most successful currencies (the app switches from coin to coin immediately within approximately 10 minutes period). It means that it mines numerous altcoins– allegedly always the ones that have much better market price but low difficulty– so the process is implied to be as profitable as it possible.
The mined altcoins are inexplicably get transformed to Bitcoin (most likely Honeyminer has some amount of Bitcoin so they can send out the “benefits” directly to users, gathering the altcoins mined by users rather). Considering the truth that Honeyminer is not an open-source platform and all the procedures are not transparent (I ‘d said that users know nothing about what’s actually going on when they mine) we can presume that the computing power of Honeyminer users can be utilized for any purposes besides mining (for example it can be rented to third parties), however let’s believe that Honeyminer is an honest company that helps individuals to mine altcoins and receive the Bitcoin rewards.
On the Honeyminer site, you can discover the following statement: “Our very first objective was to develop a ‘set it and forget it’ app for anyone to mine the most successful coins.” That can be among the reasons the work of this app lacks openness (details can make seem the presentation too complicated for those who do not have mining experience).
The whole design of the app and the mining process attract those who do not want to find out much about mining and just want to tap on the start button and let the app do everything immediately. The business promises to broaden its functionality to make Honeyminer more appealing for all sorts of miners consisting of the knowledgeable ones, however let’s see which choices the platform provides today. Currently, users can’t even select the currency they wish to receive as a benefit and required to get Bitcoin.
Just How Much One Earn With Honeyminer?
Naturally, whatever depends on the user’s hardware. Typically the day-to-day profit changes from $1 to $3 per GPU. It’s much better to use several GPUs with Honeyminer because of fees– the company holds 8% of earnings as a fee if you use a single GPU, and 2.5% if you use 2 GPUs. It’s not known just how much Honeyminer takes if you utilize more than 2 GPUs. Anyway, we need to admit that the fees on Honeyminer are much higher than on other pools such as Suprnova (1%), MinerGate (1– 1.5%) or others.
There’s a calculator on the site but it’s not precise, ’cause it’s based on typical numbers. So, it’s type of hard to understand why this calculator is even there. There’s no benchmark choice on Honeyminer. You will make as much as Honeyminer lets you. There’s no chance to check anything because the platform is not transparent.
What About Security?
Security along with accessibility is one of the silver linings of Honeyminer. All the rewards waiting on withdrawal are kept in freezer (it suggests that the coins you have actually earned are kept without the connection to the Internet). Honeyminer reports the suspicious log-ins and keeps an eye on the sessions. Conscious users have a chance to switch on 2-step confirmation in order to prevent their accounts from the log-ins of hackers. The strong passwords are needed however outside the platform, Honeyminer can not prevent users from becoming items of phishing website, hacks, and so on. That’s how hackers can get users’ passwords. In that case, 2-step confirmation is the only way to conserve coins. All the information is encrypted and protected by SSL (Secure Sockets Layer). Good!
Honeyminer Max & Honeyminer Pro
Honeyminer Max is a Linux-based mining app for BTC mining that withdraws benefits every 2 hours without costs (but there’s a subtlety). The app is available just for owners of powerful processors. Subtlety is that you get cash only if you handle to mine at least 0.005 BTC in 2 hours. If you fail then you need to start mining once again. So, this deal might be rewarding for a little group of individuals having a truly huge computing power.
Honeyminer Pro is yet to be released. This version is devoid of all of the flaws of the basic version: users will have a chance to select altcoins and will be enabled to have more control over the mining process, so it’s a step towards transparency.
How Can Honeyminer Be Utilized By Humankind?
I think the mission of Honeyminer (and many other miners with an easy to use user interface) is to draw in more people to mining and the world of cryptocurrencies in general (we ought to keep in mind that the entire civilized world will probably become the world of cryptocurrencies soon). Individuals are frightened of intricacy, they afraid of something absolutely new and absolutely various from what they know. Honeyminer is not about mining due to the fact that this app does all the task without user’s participation, it’s rather about the most convenient method to get some BTC. Honeyminer offers the capability to hang on to numerous Satoshis in your palm and understand that there’s nothing special in having some BTC, it’s a totally OK thing.
Those thinking about a much deeper understanding of blockchain and mining will barely be pleased by the current performance of Honeyminer. You learn nothing from pressing the ON button and withdrawing the Bitcoin portions to your BTC address. You can’t even show that the mining occurs here and you can not switch to a different currency.
So, essentially, Honeyminer is a weapon of crypto propaganda. And a good one.