If you have stepped into the captivating world of crypto you must have heard about mining. In short, mining is a processing of transactions in the digital currency system. Records of those transactions are known as blocks, they are added to the record of past transactions and with that they create a blockchain. It might sound a bit complicated but these days mining is pretty straightforward. If you’re wondering how to start, you’ve come to the right place.
Mining can be challenging in the beginning. There are a lot of softwares on the market and most of them are not easy to set up. For beginners we would recommend “plug and play” miners like Honeyminer. All the same, Honeyminer is also a solid option for people who have a mining rig and want to keep it on hassle free autopilot and ensure constant profit.
How Honeyminer works
Honeyminer works by picking the most profitable cryptocurrency amongst dozens of them. However, whichever currency you mine, it is automatically converts to bitcoin. Honeyminer team is working on an option to keep the original currency you mined, without it being converted to bitcoin. Here are some speculative earning projections as a motivation: if we assume just 10% Bitcoin growth per year and that mining rewards scale with the market, you could earn around $5000 in 5 years with only one modern graphics card.
There is a fee for using Honeyminer to mine. If you’re mining with 1 GPU fee is 8% but for 2 or more GPUs fee drops down to 2.5%.
You can keep your earnings on Honeyminer or add a wallet and transfer funds there when you want to cash out. Team is also adding some new withdrawal options which will enable users to directly send earnings to, for example, Coinbase.
When we opened Honeyminer, we were surprised with simplicity and appealing design that made everything pretty clear and easy to use. Perfect for beginners who are still lost in the ocean of mining, who don’t know a lot about algorithms, hashrates or setting up .bats.
For start, go to Honeyminer website and download the software. For now Honeyminer is available for Windows and it is soon coming for MAC as well. Just click download button in the upper right corner.
After the download has finished, run the software and install it. When registering for Honeyminer, you only neet to put in your e-mail address. On the said e-mail address you will receive your password. After that you can login to your Honeyminer and start mining. But there are a few things you should set up first.
Setting up Honeyminer
This picture shows the beginning screen of Honeyminer. As a gift and a little push in the right direction, you get 1,000 Satoshis, which isn’t a lot but we think it gives a nice push to increase this amount.
Clicking on 1 will take you to a new tab in your browser where you can see similar things like in the starting screen of the program. However, there you can see various tabs for setup on the left. One of the options Honeyminer offers is adding your own bitcoin wallet.
2 helps you adjust some settings like if you want Honeyminer to start with your PC and do you want to mine with both GPU and CPU or just one of them.
Number 3 is your balance in satoshis and the value in dollars. You can also switch the satoshi balance to btc balance in settings (number 2).
4 is pretty clear – it’s used to turn on and off the miner. Automatically, miner starts with it being on so be careful about setting it up if, for example, you want to only mine with GPU and not use your CPU.
5 is for getting your referral link. More referrals you get, the bigger the bonus you receive is, especially if the friend who uses your referral manages to get another person by their link. You can also use our referral link.
Number 6 is a very useful option because it tells you about your active GPUs and CPUs, their temperature and also the estimated amount you will mine in the next 24 hours.
And that’s it. After a simple few steps to make sure you’re mining the way you want to, you’re ready. Let the honey, errr, we mean satoshis come to you!
Thanks for reading.
Petar & Ana