Running a mining operation in today’s world while still profitable in some cases, requires better planning and execution in order to squeeze every last bit of potential earnings to reach that ROI target. With this in mind, mining networks that serve as intermediates between the miner and the blockchain being mined are gaining popularity.
Among the most popular features, we can find coin auto-switching (to increase profitability) to the auto conversion of earnings to a popular coin, such as BTC. Therefore, services such as Honeyminer are a perfect match for miners that want to maximize their profit while saving time.
In this Honeyminer review, we’ll cover some of the basics of its features and advantages as well as comparing its features with other established services such as Nicehash. Moreover, we’ll review its main features and establish a pros/cons chart to better view the differences.
What is Honeyminer?
Honeyminer is a software that a miner installs on their mining rig, it connects to the Honeyminer network and routes all mining power to different coins based on their profitability. However, all payments made to the miner are made using Bitcoin (BTC).
Sounds simple? It is, but doing these coin switches manually can prove to be an ordeal, especially if you own multiple mining rigs. So, to make it even simpler: Honeyminer is installed on a rig, it mines the most profitable cryptocurrency at the moment and automatically switches to others if needed and all profit is converted to BTC and paid to the miner.
Based in Hoboken, NJ, USA; Honeyminer is set to make both casual and pro-mining easier for everyone.
Is Honeyminer safe?
Malicious software is a real threat and we can’t forget about scams either. Given that it’s a software that has to be locally installed on your PC, some concerns may arise but rest assured Honeyminer has addressed most of them in the FAQ section.
Regarding assets and network security, as of the date of this Honeyminer review, its security measures are up to par with today’s standards.
Additionally, given the frequency of payouts, it would be very hard to rob you of your mining power without promptly noticing. Nevertheless, always check your numbers and if something doesn’t feel right you can always stop and ask them to sort it out or quit using the service entirely.
Being headquartered in the US also provides additional reassurance as Crypto ventures are currently well scrutinized in the US.
How does Honeyminer work?
As we mentioned before in this Honeyminer review, the process to start mining is pretty simple and straightforward. Their website’s UI/UX is pretty simple and friendly.
- Download Honeyminer from their website https://honeyminer.com
- After installation and creation of an account, a layout like this will appear, pay attention as it will explain and guide you through Honeyminer’s features.
- Honeyminer will list your CPU and GPUs and will start mining right away, you modify this just head to the Settings menu to the upper right.
- Don’t forget to set a payout address and check your settings just in case there is something you’d like to modify.
As of the time of this Honeyminer review only Windows and Mac are supported, but fear not, a Linux version is being developed. Sadly, no support for ASICs is available and there is no mention that it will be any time soon.
Pros and Cons of auto-exchange payouts
Many miners are in for the HODL (Holding your assets long term) and see it as desirable to keep as many different coins as possible. However, too many others, only the most common coins (Bitcoins or Ethereum to name a few) are worth their time.
When you are mining different kinds of coins, especially with multiple rigs, keeping track of payouts and sometimes even different exchanges and addresses are needed. This can end up being messy and there have been occasions where you end up finding some forgotten coins in a long-unused wallet (Lucky you if the value increased).
Enter the auto-exchange payouts, as the name suggests Honeyminer will auto-switch coins based on profitability but will convert all earnings into Bitcoins (BTC). Simply put, all payouts are handled in Bitcoins (BTC).
- Honeyminer will always select the most profitable coin to mine and handle all payouts in Bitcoin, this makes it simpler and easier to manage profits.
- Management and profit calculation is easier and more organized.
- Common coins have more and better options to store them (Cold wallets, Third-party robust systems, among others).
- Keeping different coins is not possible at all.
- Auto-trades sometimes can end up being done at a disadvantageous exchange rate.
- Accumulating all profits in a single coin wallet can be a security liability.
As pretty much everything in the Crypto world, your needs vary and deciding if a feature is for you is entirely up to your discretion. But, with this Honeyminer review, we hope to have helped sort things out.
Honeyminer vs Nicehash
Nicehash is a pretty well-known platform that miners use to concentrate their mining efforts into a simpler and comprehensive platform. Just as Honeyminer, Nicehash acts as an intermediary but some differences ought to be mentioned.
|Coin Exchange||No, all assets are paid in BTC and can’t be traded inside the platform.||Yes, payouts are in BTC and can be traded for other coins.|
|Coin mining auto-switch||Yes, Honeyminer will switch to the most profitable at any given moment.||Yes.|
|Hashrate rental||Yes, the service is called Hotel Honey.||Yes, one of the oldest rental service in existence.|
|ASIC Support||No, Honeyminer only works with CPU and GPU on Windows and Mac for now.||Yes, Nicehash supports pretty much every mining option available.|
|Support for multiple rigs||Yes||Yes|
|Multiple mining software options||No, Honeyminer only works with their app for Windows or Mac||Yes, Nicehash can be set up to work with either their app, bootable USB or your own mining software.|
It’s also worth mentioning that Nicehash operates differently. Honeyminer connects you directly to each coin’s blockchain, whereas Nicechash always leases your hash rate to other miners thus offering you fluctuating rates depending on the coin’s profitability and leasing rate.
More doesn’t always mean better though, Nicehash has indeed many options that are not available in Honeyminer as of now, but many miners prefer to stick to a simple and more direct approach.
Honeyminer Review Conclusion
Honeyminer is a simple yet powerful tool that helps organize and centralize mining efforts. Small, medium or even big operations can benefit from Honeyminer’s straightforward approach to mining and auto-converting earnings into Bitcoins. Being based in the USA, Honeyminer founding and technical team have shown experience and boast a great team of advisers that helps build confidence in their operations.
Inconveniently, ff you want to exchange your hard-earned Bitcoins(BTC) you will have to move them to exchange since Honeyminer offers no options to do so. Moreover, all payouts are handled only in Bitcoins(BTC) with no other options available today.
Supporting CPU and GPU (both single or multiple on a single rig) as well as the capability to hook up several rigs into the same account with little hassle. Sadly, the only users that have no choice but to pass on the opportunity are ASIC users, Honeyminer currently offers no support for these users and has not revealed plans to do so in the foreseeable future.
Using Honeyminer is extremely easy and even though it’s yet to launch more features already available in other options such as Nicehash, their UI/UX is solid and promising. Additionally, Honeyminer is slowing leaning towards a community-like feel which will reward its more dedicated users.
If you want to run a simple, yet efficient mining operation with just your PC or a considerable mining operation, Honeyminer is an option to consider. It’s simple, its UI/UX is easy and beautifully crafted, its features are simple yet useful and lean more towards a practical solution for miners of all levels.
As always, your mileage may vary.
Honeyminer is a program that allows you to mine cryptocurrency like Bitcoin from your computer by using GPU or CPU.
- Ease of Use
- Earning Potential
- User Friendly
- Easy to use for beginners
- Can be fun and addicting
- Gateway to get into crypto and mining
- Not many different currencies can be mined
- Difficult to earn Bitcoin on a large scale
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.