ELI5: What was Honeyminer?

Honeyminer was an automatic multiple coin mining program that pays users to use their spare computing power.

Honeyminer leveraged a variation of the concept of micro mining, where participants who do not wish to invest in a dedicated mining setup contribute tiny amounts of mining power against a proportional reward.

In October 2021 the company announced it was shutting down operations.

Honeyminer Software

The MS Windows based software will run in the background and will leverage your GPU’s to mine several cryptocurrencies.

It automatically converts your mining effort into Satoshis and pays out daily.

Fees

In exchange for the mining program and pool operation, Honeyminer will charge a 8% fee for single GPU miners and 2.5% for multiple GPU miners.

This is a reasonable fee structure considering the compexity involved.

Profitable?

Honeyminer will pay out something like $15 to $75 per GPU per month. At U$ 0.15 per kwh this equates to 100 to 500 kwh per month in electricity costs. If your GPU setup consumes more than this, then Honeyminer is not profitable.

You should also amortize your initial hardware investment into the monthly costs, in which case profitability drops considerably.

How it Works

The Honeyminer software does all the heavy lifting.

It will look for spare computing power on your GPU and will execute a mining program on the GPU. It automatically requests profit information from Honeyminer servers and determines which coin is most profitable at the time. It then mines the most profitable coin.

Users currently cannot choose what coin to mine – it’s all automatic. Payouts are also automatically converted to Bitcoin fractions (Satoshis). The users currently cannot choose what currency to get paid in.

Acquisition by Core Scientific

In September 2019, Honeyminer was acquired by Core Scientific.

Been quiet the last while. It’s because BIG things have been in the works.

Am thrilled to share today that @gethoneyminer has been acquired by Core Scientific.

(Thread)?https://t.co/Al2YDp8d6n

— Noah Jessop (@njess) September 27, 2019

Current Status

Although there have been few official updates since the Core Scientific acquisition, at some point it did seem like the project was still active.

Honeyminer remained in activity for nearly 2 years after the Core Scientific acquisition, announcing end of operations in Oct 2021.

Links

Honeyminer

Review at Reddit

Honeyminer Review

Trustpilot Reviews