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ELI5 What is Honeyminer?

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

Honeyminer leverages 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.

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.

Current Status

Although there have been few official updates since the Core Scientific acquisition, it does seem like the project's still active.

Social media users continue to share referral links, which indicates it's an active project.

Links

Honeyminer

Review at Reddit

Honeyminer Review

Trustpilot Reviews

About the Author
Published by Gal Crypto - Geek crypto Gal stacking sats to get more tats! Information security enthusast, cryptocurrency early adopter and passionate about decentralized finance + fintechs. Front-end developer (Angular, PHP, React) and weekend skater. Learn More About Us
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