Monday, October 14, 2019

Honeyminer, a simple way to start mining cryptocurrencies


Key facts:
HoneyMiner analyzes your equipment and determines which is the most profitable cryptocurrency you can undermine.
The earnings generated in HoneyMiner are directly in BTC.

Mining cryptocurrencies can be complex, since you not only need to have knowledge about crypto assets, but also about computing and computing, so that you can get the most out of your equipment. However, there are options like HoneyMiner, which with just one registration and a couple of clicks you can start mining directly from your personal computer.

Given the latter, it is worth an explanatory parenthesis. While HoneyMiner makes life easier for those who enter this world of cryptocurrency mining, it is necessary to know both advantages and risks that we can find when mining. For this, we have given ourselves the task of leaving you some tips that you can take into account to decide if it is convenient (or profitable) to carry out 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, at startup, it performs a scan of your equipment and determines which is the most profitable cryptoactive to undermine depending 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 the one based on the proof of work (PoW) protocol, is basically using the computing power of our computer to calculate or validate a block within a cryptoactive blockchain specific.

The mining process generates 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 amount of validations you do. That is, every time a new block is discovered, it issues a reward to the person who validates it, but it must be taken into account that, in the case of mining pools, this reward is divided among all participants.

Risks involved in mining cryptocurrencies

Since cryptocurrency mining fully utilizes the capacity of our equipment (CPU and / or GPU) we are talking about temperature increases that can lead to irreversible damage to our device. That is why, if you do not 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 perform a scan of our equipment to determine the most profitable cryptoactive to undermine, however, this profitability does not calculate the cost for electricity consumption. It should be remembered that the higher the mining power, the greater the electrical consumption, which we must take into account when calculating whether it is profitable or not to undermine.

To calculate the profitability of mining we can use the Whattomine website.

Subsequently, upon knowing which cryptocurrency is the best to undermine, the mining process will begin immediately, with nothing 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, each reward you receive is automatically changed by BTC, according to the current market rate.

Tips before starting to mine

Remember to calculate the cost and profitability that you can generate with your equipment.
Mining with GPU is more profitable.
Avoid mining in daily use equipment, since when using the computing power of your equipment, it cannot be used for other tasks.

Remember to keep your equipment well ventilated to avoid damage.

Download HoneyMiner

The HoneyMiner application is available on its official portal for Apple's Windows and OS X operating systems.

To start, the first thing is to go to the official HoneyMiner website.


Then, press on the option Start earning now, which will automatically start downloading the corresponding installer for our operating system. Then, we will proceed to install it on our computer.

The password must contain at least: An uppercase, a lowercase, a number and a special character.

With the registration done, we can start using HoneyMiner.

Initial HoneyMiner Configuration


When we start for the first time we will see how HoneyMiner gives us 1,000 satoshis for registering us in its application. We will have to press on Thanks to receive the gift.


Subsequently, 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 more time we keep mining, the higher our level. In the same way, when we pass the level we can get rewards in satoshis.
On / Off Switch: This switch allows you to control the on or off of the mining process. By default it is configured to start when you turn on our equipment; however, we can change this from the settings menu.
Balance: It is the total amount we have within HoneyMiner. For withdrawals the minimum amount is 0.000025 BTC.
Credits: Shows the recent activity of the funds received in our account, whether by mining, gifts or referrals.
Recent activity: Shows the details of our team's activity such as what cryptocurrency is undermining, mining power, current hardware capacity, among others.
The next step is to configure which part of our hardware we want to undermine. To do this we will click on the configuration icon (gear) in the upper right.


At the bottom we will find the options GPU mining (GPU mining) and CPU mining (GPU mining), which allow you to activate or deactivate the specific section of our hardware for mining.

Now with everything ready - you may well notice that there are very few steps - we will proceed to turn on our miner, selecting the corresponding 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 must click on See full activity.


What we see here we have divided into 3 boxes, where in the red box we will see general information about our miners. Take into consideration that with a single account you can mine on different teams:

Active GPUs: Amount of active GPUs mining of all miners.
Active CPUs: Amount of active CPUs mining of all miners.
24hr potential: Approximate amount in BTC, or potential, that our miners can produce in one day. This value may vary over time.
Monthly potential: Approximate amount to be generated in BTC in one month. This value may vary over time.

In the green box we will see detailed information about the equipment where we are mining:

Computer: Name of the team.
GPUs: Amount of GPUs of this equipment that are active.
Core CPUs: Number of CPU cores of this equipment that are active by mining.
Coins: Currency that is mining HoneyMiner. This is determined by the application itself.
24 hours Potential revenue: Approximate amount to be generated in one day on this equipment.

In the blue box we will find detailed information about the CPUs and GPUs used to undermine this equipment. Where we will see the name of the device, the current temperature in which it is located, the daily estimate it can generate and the hashrate or mining power.

The maximum recommended temperature for GPUs is 70 ° C.

At the bottom we will see the Hotel GPUs section, which allows us to add mining power purchased from HoneyMiner.

With this clear data, we can say that we have started mining cryptocurrencies successfully with HoneyMiner.

Withdrawal of HoneyMiner funds

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 with the current balance of our account, our level of miner and the history of transactions within HoneyMiner.

When making a withdrawal, you will first need to add a Bitcoin address to your account. To do this we will go to the Profile menu and then to Wallet (wallet).


Now we will click on Add new wallet.


Here we will have to indicate:

Walley Type: Type of purse. In this case only bitcoin purses are allowed.
Wallet Label: Label or identification of the portfolio to be added. This is totally personal and you can give it the name you like.
Wallet Address: Bitcoin wallet address.
HoneyMiner does not support original SegWit addresses that start in “bc”.

Added the wallet, we will go to the Money menu, and then to Withdraw (withdraw).


From this section we will make the withdrawal. At the top we can see the withdrawal commission along with the minimum amount needed. On the other hand, in the lower section we will indicate:

Currency: Cryptocurrency to withdraw. For now, only BTC is active. However, HoneyMiner shows that Ethereum and Litecoin will soon be available for withdrawals.
Amount: Amount to withdraw. At the top Available, we will see the amount available to withdraw.
Wallet: Portfolio where we will send the withdrawal.
Finally, in Total, we will see the total amount to be withdrawn, which is the sum of the withdrawal amount and the exit commission. At this point, it only remains to press 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 money for it. By just registering with our referral link, as soon as they start mining, we will start generating cryptocurrencies automatically.

To get the referral link, you need to go to your account and click on the Referrals menu.


Here, on the green box, you can see the referral link, which you must share with your friends to sign up for HoneyMiner.

Regarding how much you will earn with your referrals, we have:

10% of the total generated by your referral.
5% extra, if your referral has other referrals.
At the bottom of this section you can see the list of all referrals that have been registered through your link.

Differences between Claymore and HoneyMiner

While at this point we can have a clear idea of ​​what HoneyMiner is, we'll talk first about Claymore. 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 adaptable when it comes to making the most of our mining equipment, but it is also cumbersome in terms of its interface.

Because of this, while Claymore for expert eyes is simple, for newbies there may be a lot of resistance when using due to its complexity. In comparison to this, HoneyMiner makes the way easier as we could see throughout this tutorial.

As we noted before, Claymore allows you to get the most out of our equipment as it offers very customized configurations that maximize the hashrate that a GPU or CPU can offer. For example, we tested a modified BIOS GPU (practice performed to increase hashrate), and Claymore detected it and put it into operation without any problem. Otherwise, it happened with HoneyMiner, that when executed with the same GPU, it was identified by the program but it was not put into operation.

As you can see, it's all about what knowledge you have to start mining cryptocurrencies. While Claymore offers us the best performance, it does not necessarily make life easier for us when mining.

Conclusions

Although HoneyMiner competes with old people in the industry such as MinerGate in the mining area with little or no configuration, it leaves a pleasant feeling as to how easy to use, starting with a pleasant interface that summarizes all the profits in one cryptocurrency: Bitcoin.

As for its operation, it was fine and worked at the height. Despite the fact that the tests carried out were neither demanding nor long-lasting, their behavior was stable. Regarding the tests with the modified BIOS GPU, we did not get an answer, since HoneyMiner could not put it into operation in any way.

On the other hand, the referral system seems quite interesting, especially since it invites our referrals to get their own referrals, and thus improve our earnings.

To conclude, HoneyMiner is a program oriented for our users who want to experience the world of cryptocurrency mining. However, if you are one of them, take into account that it is necessary to investigate on the subject before downloading this application since you can put your equipment at risk.