What makes cryptocurrencies stand out is the fact that you can transact without the need for a third party. And since it is decentralized, cryptocurrencies aren’t governed by any central bank. However, in order to confirm transactions, miners play a major role in this process. Unfortunately, this process, especially in the recent months, required a good amount of computational power.
A lot of miners in order to stay relevant and to keep the operations profitable need to invest in powerful computers that require a tremendous amount of electricity to operate.
Good Ol’ Days
Remember the days when you can still mine Bitcoin using your own laptop? During the time when Bitcoin was in its infancy stage when laptops were actually used in order to mine Bitcoin. ASICs weren’t even dominant in the market then.
But what if you can go back to this type of scenario? New Jersey-based cryptomining company Honeyminer is said to allow people to earn a portion of Bitcoin using their own Windows laptop. Free beta testing was made available in June 2017 and it has already had 10,000 downloads worldwide.
According to venture capitalist and Honeyminer advisor Noah Jessop, “The miner doesn’t have to do the math or manage all the configurations and settings, or manually check the prices”.
What it does is it allows different users to be part of a dynamic mining pool using the app once the GPU of the laptop is idle. However, this app is actually focused more on GPU-friendly cryptocurrencies. Among the most popular cryptos include Ethreum, Ethereum classic, Zcash, and Monero. So how do you get Bitcoin? You can only get Bitcoin after the session ends as the cryptocurrencies that you have mined will then be converted into Bitcoin and it then transfers to your wallet.
According to Jessop, we make it so that any surplus computer, so any laptop you aren’t using all the way to a rig that you run is automatically doing the most profitable computation”. What it also does is to find the most profitable algorithm as Honeyminer swaps between different cryptos that can provide the best results. Swaps occur every ten minutes depending on the block size.
Larry Kom who is the co-founder of Honeyminer said that “We are pooling people together to find those block rewards faster. Together, we have a larger hashrate”. He also added that “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”.
There are a lot of mining issues today. One of which is the amount of electricity that is consumed by miners. Many are saying that it is actually impractical to mine cryptocurrencies especially when the price drops significantly.
Also, there are countries that have banned or are having strict measures when it comes to cryptocurrencies. Quebec has recently opened its doors to crypto miners. However, there’s a special rate for the electricity charged on crypto miners.
Honeyminer is a great way for individuals to earn from their basic laptop. It can even help individuals introduce to the world of mining without spending thousands of dollars.