Cryptocurrency mining can be complex, as you not only need to have knowledge of cryptoassets, but also numeracy and computing, in order to get the most out of your equipment. However, there are options like HoneyMiner, which with just one registration and a few clicks you can start mining directly from your PC.
In view of the latter, it is worth clarifying the parenthesis. While HoneyMiner makes life easier for those of us entering this world of cryptocurrency mining, It is necessary to know the advantages and risks that we can encounter during mining.. To do this, we’ve taken it upon ourselves to leave you with a few tips that you can consider to help you decide if it’s convenient (or profitable) to go through this process.
On the other hand, let’s talk a little about what HoneyMiner is. This application has been active since July 2018 and specializes in the field of cryptocurrency mining. The interesting thing about this software is that when you run it, scan your rig and determine which is the most profitable crypto asset to mine based on your mining capacity. In addition to this, this company also offers mining power purchase services, which we will explore in another tutorial.
What is mining?
Cryptocurrency mining, specifically that based on the proof-of-work (PoW) protocol, basically consists of we use the computing power of our computer to calculate or validate a block within the blockchain certain crypto assets.
You can learn more about what mining is here.
The mining process pays dividends depending on how you mine. For example, if you join a mining pool, you can receive payments depending on the mining power you contribute or the number of validations you make. That is, every time a new block is discovered, it issues a reward to whoever validates it, but it must be taken into account that in the case of mining pools, that reward is shared among all participants.
Risks involved in cryptocurrency mining
Since cryptocurrency mining uses the full capacity of our equipment (CPU and/or GPU) We are talking about an increase in temperature that can lead to irreversible damage to our device.. So if you don’t have good cooling for your computer or miner, avoid using it for mining.
How does HoneyMiner work?
First, as we explained earlier, when installing HoneyMiner, it will scan our equipment to determine the most profitable crypto assets for mining, however, this profitability does not calculate the cost of electricity consumption. It should be kept in mind that the higher the mining power, the higher the electricity consumption, which we have to take into account when calculating whether it is profitable to mine or not.
We can use a website to calculate mining profitability Whattomine.
After that, after finding out which cryptocurrency is best for mining, the mining process will start immediately, without anything else.
Profitability in Bitcoins
Something interesting that HoneyMiner offers is that payments are made directly in BTC, regardless of the cryptocurrency you are mining. That is, any reward you receive is automatically exchanged for BTC, according to the current market rate.
Tips before you start mining
- Don’t forget to calculate the cost and profitability you can generate with your team.
- GPU mining is more profitable.
- Avoid mining on everyday devices, as using up your device’s computing power cannot be used for other tasks.
- Remember to keep your equipment well ventilated to avoid damage.
The HoneyMiner application is available on its official portal for Apple’s Windows and OS X operating systems.
To get started, the first thing is to go to the official HoneyMiner website.
Then click on the Start Earning Now option, which will automatically start the download of the installer corresponding to our operating system. Then we will proceed to install it on our computer.
Create an account on HoneyMiner
With the program installed, upon first opening we will be asked to create an account using email and password as the only requirement for registration.
The password must contain at least one uppercase letter, one lowercase letter, a number and a special character.
After the registration is completed, we can now start using HoneyMiner.
HoneyMiner Initial setup
HoneyMiner is giving away 1,000 satoshis to new users who install the app. Source: HoneyMiner.
When we go for the first time we will see how HoneyMiner gives us 1000 satoshis to register us in your application. We will need to click Thank you to receive the gift.
After that, the application will show us the different modules and functions that make up HoneyMiner where we will see:
- Honeymeter: This counter allows us to see what level we are at. The longer we keep mining, the higher our level will be. Also, by passing the level we can get rewards in satoshis.
- On/Off switch: This switch allows you to control whether the mining process is turned on or off. By default it is configured to start when we turn on our equipment; However, we can change this from the settings menu.
- Balance: That is the total amount we have in HoneyMiner. For withdrawals, the minimum amount is 0.000025 BTC.
- Merits: Shows the recent activity of funds received in our account, either through mining, gifts or referrals.
- Recent activities: Shows details of our team’s activities, such as cryptocurrency mining, mining power, current hardware capacity, among others.
The next step is to configure which part of our hardware we want to mine. To do this, we will click on the settings icon (gear) in the upper right corner.
At the bottom we will find GPU mining and CPU mining options. which allow you to activate or deactivate a specific part of our mining hardware.
Now with everything ready –that you could notice that there are very few steps– We will continue to turn on our miner by selecting the appropriate switch.
From here we can see how the experience counter will increase while the mining process is active.
To see the activity of our miner, we need to click on See full activity.
What we see here we have divided into 3 boxes, where is in the red field we will see general information about our miners. Note that you can mine on different computers with one account:
- GPUs active: Number of active mining GPUs from all miners.
- CPUs active: Number of active mining CPUs from all miners.
- 24h potential: The approximate amount in BTC, that is, the potential, that our miners will be able to produce in one day. This value may vary over time
- Monthly potential: Approximate amount to generate in BTC for a month. This value may vary over time.
In a green box we will see detailed information about the equipment we are mining on:
- Computer: Team name.
- GPUs: Number of active GPUs on this computer.
- CPU cores: The number of CPU cores on this computer that are actively mining.
- Coins: Currency found by mining HoneyMiner. This is determined by the application itself.
- 24h Potential income: Approximate amount to generate in one day on this equipment.
In a blue box We will find detailed information about the CPUs and GPUs used for mining on this computer. Where we will see the name of the device, the current temperature it is at, the daily estimate it can generate and the hashrate or mining power.
The maximum recommended temperature for the GPU is 70°C.
At the bottom we will see the GPU for Hotels section, which allows us to add the mining power purchased from HoneyMiner.
With this clear data, we can say that we have successfully started cryptocurrency mining with HoneyMiner.
Withdraw funds from HoneyMiner
To manage the funds that we generate within HoneyMiner, we will have to go to its web portal, from where we will log in.
When opening, the first thing we will find will be the current balance of our account, the level of our miner and the history of transactions inside HoneyMiner.
When withdrawing, you will first need to add a Bitcoin address to your account. To do this, we will go to the Profile menu and then Wallet.
Now we will click on Add New Wallet.
Here we will have to indicate:
- Walleye Type: Wallet type. Only bitcoin wallets are allowed in this case.
- Wallet label: Tag or ID of the wallet to add. This is completely personal and you can name it whatever you want.
- Wallet address: Bitcoin wallet address.
HoneyMiner does not support original SegWit addresses starting with “bc”.
Once the wallet is added, we will go to the Money menu and then to Withdraw.
We will make a withdrawal from this section. At the top we can see the withdrawal fee along with the minimum required amount. On the other hand, in the lower part we will indicate:
- Currency: cryptocurrency to withdraw. Only BTC is active for now. However, HoneyMiner indicates that Ethereum and Litecoin will soon be available for withdrawal.
- Amount: Amount to withdraw. At the top Available, we will see the amount available for withdrawal.
- Wallet: The wallet to which we will send the payment.
Finally, in Total we will see the total withdrawal amount, which is the sum of the withdrawal amount and the exit fee. At this point all that’s left is to hit Withdraw to complete this process.
HoneyMiner referral system
Another interesting advantage that HoneyMiner offers us is that we can invite our friends to mine with this application and earn from it. Just by registering through our referral link (<- like this one here), as soon as they start mining, we will start generating some money automatically.
To get the referral link, you need to go to your account and click on the Referrals menu.
Here, above the green box, you will see a referral link, which you must share with your friends so that they can register on HoneyMiner.
As for how much you will earn with your referrals, we have:
- 10% of the total amount generated by your referral.
- 5% extra, if your referral has other referrals.
At the bottom of this section you will see a list of all referrals who have registered through your link.
Differences between Claymore and HoneyMiner
While we may have a clear idea of what HoneyMiner is at this point, we’ll talk about Claymore first. This specialized mining software is one of the most popular for mining cryptocurrencies such as ETH, ETC, ZEC, DCR, SIA among others. It is one of the most customizable when it comes to getting the most out of our mining rig, but it is also cumbersome in terms of its interface.
Because of this, while Claymore is simple for experts, For beginners, there may be a lot of resistance when using it due to its complexity. Compared to this, HoneyMiner makes the way easier for us as we could see through this tutorial.
As we pointed out earlier, Claymore allows us to get the most out of our rig as it offers highly personalized configurations that maximize the hashrate that the GPU or CPU can offer. For example, we tested a GPU with a modified BIOS (an exercise done to increase hashrate), and Claymore detected and booted it without any problems. The opposite happened with HoneyMiner, when he ran it with the same GPU, it recognized the program but didn’t start.
As you can see, it’s all a matter of what kind of knowledge you have to start cryptocurrency mining. Although Claymore offers us the best performance, it doesn’t necessarily make our mining lives easier.
Although HoneyMiner competes with old hands in the industry like MinerGate in the area of mining with little or no configuration, it leaves a pleasant feeling in terms of ease of use, starting with a pleasant interface and summing up all the profits in one cryptocurrency: Bitcoin.
As far as its performance is concerned, it was good and performed at a standard level. Although the performed tests were not demanding or long-lasting, their behavior was stable.. As for the tests with the modified BIOS GPU, we didn’t get an answer, because there was no way for HoneyMiner to run it.
On the other hand, the referral system seems quite interesting, especially since it invites our referrals to get their referrals, thus improving our profits.
To conclude, HoneyMiner is a program intended for our users who want to experience the world of cryptocurrency mining. However, if you are one of them, Please note that research is required before downloading this app as you may put your equipment at risk..