A New Jersey-based crypto mining startup Honeyminer lets its users mine for cryptocurrency without the need of expensive mining rigs. The app mines GPU-friendly tokens such as ether, ethereum classic, zcash, etc and convert them to bitcoin.
Honeyminer revealed to CoinDesk that it launched on June 2018 via free beta and has now reached 10,000+ downloads around the world.
It has the ability to mine small amounts of crypto using the user’s everyday PC/ laptop and connects its users in a dynamic mining pool. This pool is focused on mining GPU-friendly tokens and then it converts its earnings to BTC that the user can send to his wallet.
“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.” – Mr. Noah Jessop, Advisor, Honeyminer
The mining app automatically changes the crypto it mines every 10 minutes, depending on block size. It then chooses the best token that has the highest mining profitability. According to its co-founder, Mr. Larry Kom, by pooling people together they can find block rewards faster and being together will have a larger hashrate.
“Not only do we connect you to the blockchain and anonymize you through us, but you also are contributing to what is, in essence, a pool.” – Mr. Larry Kom, Co-Founder, Honeyminer
With Honeyminer being available to almost anybody in the world with a Windows PC or laptop, this gives them an opportunity to have bitcoin without the need of expensive mining rigs. Aside from that, this also broadens the reach of cryptos to the people who have limited money and access to crypto exchanges.