Amsterdam: Wannabe cryptocurrency miners unwilling to shell out thousands for a specialized rig might just be in luck. A new application, Honeyminer, allows even those with modest PCs to mine popular cryptocurrencies as part of a pool. For those willing to donate GPU power for spare change, paid in bitcoin, this might be the easiest way to do it.
After quietly launching last month, Honeyminer has seen an explosion of new users, some 10,000 as of this writing.
The idea is simple: allow those without thousands to spend on custom rigs the option to join a larger pool where they can combine resources with others in an attempt to solve equations once reserved for higher-powered machines. While the average GPU is relatively modest, thousands of interconnected devices more than make up for an individual PCs hardware shortcomings.
It’s an idea that’s been done with more powerful hardware, but Honeyminer is definitely one of the first that encourages those with consumer-grade laptops to join in the fun, and perhaps earn some bitcoin in the process.
Pool Switches Between Other Coins Too
Interested users need only run the application while their GPU isn’t in use, or on an unused machine. Honeyminer handles the configuration, as well as switching between cryptocurrencies every 10 minutes or so — or as needed based on sudden price movement. The pool continually switches between coins like ethereum, ethereum classic, zcash, monero, and other currencies that don’t require a specialty computer, known as ASICs.
Venture capitalist and Honeyminer advisor Noah Jessup told Coin Desk: The cryptocurrency miner doesn’t have to do the math or manage all the configurations and settings, or manually check the prices. We make it so that any surplus compute, so any laptop you aren’t using all the way up to a rig that you run is automatically doing the most profitable computation.
While its primary appeal is to lower-grade PCs and consumer electronics, the app does work with specialty rigs built for the sole purpose of mining cryptocurrencies — or editing video, creating VR experiences, etc. That said, it’s certainly not the most profitable pool in town. If you have the means to buy a few premium GPUs, your resources are usually best spent elsewhere.
According to Coin Desk, an individual with a couple high-end GPUs will typically only earn about a dollar or two a day, on average — although there are numerous variables at play, too many to accurately determine what your PC is capable of earning.
Jessop continued: If you hear about crypto and you want to learn, you can either go out and pay real cash money or you can download a program in 30 seconds and start earning your own crypto, for free.
He’s right, but it’s worth noting that Honeyminer, for providing an easy pathway into cryptocurrency mining, collects 2.5 to 8 percent of all profits depending on the quality of the user’s hardware. So while it might not be the best (or the only) option in town, it might just be the easiest for those wanting to dip their toes in the water.
The software is currently available for all Windows users with a macOS application coming soon.