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This App Is a New Hit Among Wannabe Miners

This App Is a New Hit Among Wannabe Miners 101
Source: iStock/gilaxia

There's a new desktop app, launched in June, that looks to solve one of the bigger problems in the crypto world.

The problem with mining cryptocurrencies is that in some cases (yes, Bitcoin is one of them) you need a powerful machine in order to be profitable. And by 'powerful', we mean a machine worth a couple thousand greens, just to be able to earn a few bucks. You may need multiple processing units, and some basic knowledge on how to set everything up. So, for the average Joe, mining cryptocurrency isn't that easy to get into.

This App Is a New Hit Among Wannabe Miners 102
A screenshot of the app.

That's something the developers of Honeyminer want to change. The average Joe, with a consumer-grade laptop or computer, can install the app and join a larger network of similar individuals. By combining computing power of a bunch of consumer-grade machines, they can make up for the shortage of an expensive machine, and then some.

There are a couple of tricks to it, though. First of – Windows is the only operating system currently supported. According to the company FAQ, Mac and Linux are not yet supported, but will be, in the near future. Then, you should run the app only when the GPU (graphics processing unit) is not in use (or if you have a spare / unused machine lying around somewhere). It also takes a part of the earnings for itself (2.5% - 8% percent, depending on the quality of the user's hardware), so you can expect a smaller cut.

Honeyminer isn't precise when it comes to how much you can earn with a consumer-grade, average machine. Newer, high-end machines, the company says, can earn you between 1 and 3 USD a day.

However, Honeyminer handles the configuration so you don't have to learn how everything operates. Also, it switches between different cryptocurrencies, depending on which one is most profitable.

Despite relatively low earnings, people were registering in droves. There are currently more than 10,000 users, and the number seems to be growing, rapidly. So fast, in fact, that it crashed the app's servers. Some took to Twitter to complain about the client going online and offline throughout the day.

Even though it's mainly targeted towards average users, Honeyminer can also work with high-end rigs, designed specifically for crypto mining. However, if you are in possession of such a rig, you can probably find a more profitable pool.

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