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Crypto Terms:  Letter H
Jun 19, 2023 |
updated Apr 02, 2024

What is Honeyminer?

Honeyminer Meaning:
Honeyminer - a cryptocurrency mining app that ran until October 2021.
2 minutes

Let's find out Honeyminer meaning, definition in crypto, what is Honeyminer, and all other detailed facts.

Honeyminer was a multi-platform cryptocurrency mining app. The mining process was done through GPU and CPU. Honeyminer supported mining processes for some of the most profitable cryptocurrencies and could automatically switch between different coins every ten minutes.

The app would determine which altcoins were gaining the most traction and had the lowest hash difficulty. It was possible to use Honeyminer to mine numerous different crypto coins which would be converted to Bitcoin (BTC). Honeyminer was not open-source and did not provide operational transparency to its customers.

Honeyminer also allowed users to mine cryptocurrencies on their personal computers without the need to build a separate mining rig. Users would participate in a dynamic mining pool.

The users would run the app while not using the GPU. The pool would mine GPU-friendly altcoins. The participants would be sent BTC as mining rewards into their wallets at the end of the mining session.

Honeyminer provided a secure service as all the rewards would be stored in cold storage. Suspicious log-ins would be reported by the developers to avoid fraud or scams. Users were also able to enable two-factor authentication (2FA) to reinforce their account security.

On 16 October 2021 Honeyminer officially ended its operations. The notice on the website states that the team was working on a new offering for the crypto community.