Crypto-mining is an occupation that has undergone many drastic changes in a very short period of time. In the beginning, some clever cookies discovered that they could invest in a mining rig, let it run 24/7, and then rake in the money from the verification of cryptocurrency transactions. However, given that there is a maximum cap on the total amount of any given token in circulation, this is not an infinite gold mine.
As a matter of fact, mining for cryptocurrency becomes harder the more tokens are in circulation. This means that more expensive mining rigs need to be purchased, and miners can expect an enormous energy bill at the end of each month. This has meant that a lot of miners had to give up because mining is no longer economically feasible.
However, there is a new player in the market. Honeyminer is a concept that would potentially help eliminate the need for a mining rig and a huge energy bill.
What is Honeyminer?
The team behind Honeyminer acknowledges all the issues raised above. As competition between miners increase, so does the need for more expensive mining rigs and energy bills. Honeyminer wants to simplify the process of mining and make it more accessible to the general public.
The concept is pretty simple: a group of would-be miners pool the processing power of their respective computers and devices together to mine for cryptocurrency tokens. They can mine for a variety of different tokens but will be paid in Bitcoin.
Honeyminer has already had a lot of success. In their first month alone, no less than 10,000 users registered with them to experiment with cryptocurrency mining. Whilst trading in cryptocurrencies on the exchanges can be stressful and difficult to get started with, mining is relatively simple — especially with an app like Honeyminer.
Cryptocurrency mining has a future
Before applications like Honeyminer, it seemed that the occupation of cryptocurrency miner would eventually disappear due to the rapidly increasing financial burden on the miners. But with this kind of mining-pool application, a lot of new people can now enter the market without a massive investment.
The Honeyminer app makes it particularly easy for people who may not be technically minded. All the users have to do is install the app, and let the app take care of all the configurations. The app even chooses the most profitable cryptocurrency tokens to mine, and changes based on market fluctuations.
Not all tokens are available for mining through Honeyminer, however. The app focuses on tokens such as Ethereum, Ethereum Classic, ZCash, Monero, and other currencies with smaller caps. All the tokens accessible through the Honeyminer app are quite profitable.
Some tips before you begin
Although apps like Honeyminer seem pretty straightforward, it is important to note a few things before you begin mining. Regardless of the scale on which you mine, the process does consume a significant part of your computer’s processing power, and it will add to your electricity bill. Therefore, we would recommend researching exactly how much it will cost you to mine in order to calculate the profitability.