In this article, we provide a Honeyminer review in terms of its crypto mining profitability. We start off with the company’s background, its origins, and what cryptocurrencies are available. The article provides a detailed explanation of how bitcoin mining & payouts works and fees it employs on participants.
Lastly, we provide a brief installation guide as well as profit calculation to help readers decide on a mining pool. We conclude with the pros/cons to determine whether the Honeyminer is attractive enough for crypto investors to dive in.
Honeyminer is a mining pool platform, owned by a company called Stax Digital. With headquarters located in New York, the team behind the mining gig aims to build and maintain bets cryptocurrency mining client globally. The business started out quite recently, in 2018, making it a new player in the blockchain mining industry.
Its three technical leads, Larry Kom, Tony Jazak, and Jing-Yeu Miaw, cumulatively have 60 years of experience prior to the Honeyminer’s existence. Other team members are also entrepreneurs, security experts, and crypto enthusiasts. Since management is known, any issues can really be addressed directly. The fair financial play is thus more likely to occur than with those pools (dark web, anyone?) where management is now known.
Honeyminer’s platform is very easy to understand. You download the client on your computer, which then scans your GPU/CPU hardware. Using the hash power, you start mining cryptocurrencies that are available in the system. However, as you create an account, it is possible to connect additional GPUs (graphics cards) and mine with several gigs at the same time.
The more hash power you provide, the larger your share is. Pooling in your strength with other participants, Honeyminer community would gain a significant amount of coins. Then, based on the contributed hash rate, the investor gets his fair share of digital coins.
Whereas other mining pools are very direct about which mining coins are available, Honeyminer is a bit more mysterious. However, it does not mean they are hiding which coins are minable. The platform, depending on your hardware and the best performing cryptocurrency on the market, chooses what to mine. Instead of you searching and researching, company does it instead with powerful API.
Whether that is a good sign or not, depends on your needs and personal views. We do see this as a more beginner-friendly passive income channel. Bitcoin mining is not really advisable and the platform does not do it anyway. However, you still get paid in BTC, as you shall see in the following section.
Although Proof of Work (PoW) is majorly present, you do not mine bitcoins. Instead, you mine other cryptocurrencies, which Honeyminer converts into BTCs. Thus, you indirectly mine the leader of the industry, by providing your GPU/CPU for the platform to use. All values come in as Satoshis, while mining itself is in other cryptocurrencies.
Although the pool shows the exact value of the swap value and the amount you mine, it does not exactly show swap fees. We included current USD rates for both Monero and Bitcoin and the information provided by the pool itself (see below). Crunching numbers with current market prices, it seems that swap fees stand at less than 1%. Thus, we deem the exchange rate quite favorable at Honeyminer.
Installation setup of Honeyminer client is really easy to do, compared to other pools out there. There is virtually no need for any sort of technical knowledge. You locate the download page and install the client as you would any program.
Once installed, the registration page will open up, asking for your email, as seen below. Notice that password will be sent to you, meaning that you should change it. Additionally, it is not private, meaning that as soon as you get a sufficient amount of coins, withdraw them to safe wallet address.
Once activated (you do not need to even confirm email) you are set to go. The software automatically detects your CPU/GPU and takes advantage of both. You get a small bonus as an award for registering an account (1,000 Satoshis) and mining starts by itself. Interface suits beginners and you really do not need to do anything else, as seen below.
We will give it to you straight. Honeyminer is a good source of small passive income if you have enough power to spare. CPU/GPU mining can greatly slow your computer if the hardware is a bit outdated. However, higher-end equipment can really mine the nice amount of coins, while swapping them around does not cost much.
Additionally, it is more important to mention that singular GPU/CPU can get you about $1 with high-end cards and processors. However, if you choose to mine with more GPUs, you can increase the revenue figures. On the side of fees, Honeyminer actually rewards miners that decide to go serious with their gig. One GPU carries a fee of 8% while two or more carry a cost of 2.5%.
Compared to Coinmine, one GPU is simply too expensive while two or more are considerably cheaper. However, in terms of hash power, regular cards do not have the strength of specialized crypto mining equipment possesses. As a conclusion, if you are looking for a non-invasive passive income, Honeyminer is a good start. However, its profits largely depend on how much you are willing to invest.
– fair exchange rate for mined cryptos
– no need to purchase expensive specialized mining equipment to earn
– private as the only email is required for registration
– more GPU gigs have low pool fees
– very easy to install and use
– takes up most of the power, slowing down your computer
– one GPU gig have high fees
– GPU/CPU mining provide low revenue streams compared to specialized hardware
In this Honeyminer review, we provided a mining guide that unravels the level of profits through GPU/CPU investment. The platform is very easy to use and the exchange rate is fair. Although indirectly mining bitcoins, the platform might add other cryptos in the near future.
However, it should not be regarded as the main revenue stream for your living, as yields are low compared to professional mining equipment’s. It is a good spot for beginners and for those that have a free computer to earn without any effort.