The Honeyminer review will cover both the free download version and the Hotel Honey cloud mining version.
We will answer questions that many cloud mining beginners might ask. The platform offers somewhat unique services when compared to other platforms.
Honeyminer consists of 2 different products
- Hotel Honey – Buy Cloud Mining Contracts
- Honeyminer Software – Free download and use your computer to mine
Thus, we delve deep into the matter of Honeyminer company information, its available cryptocurrencies for mining, plans, fees, and payouts.
Lastly, we created a cloud mining profit calculator within three market scenarios, when the industry is stable, under a bull, and bear run.
As a result, we construct pros and cons which are comparable with our reviews of other cloud mining service providers.
We didn’t find the Honeyminer software very attractive since we only have a laptop. We don’t use this service anymore and can’t provide accurate information. We use several other services to gain passive income on our crypto holdings. Read more about how to earn passive income on your Bitcoin and crypto holdings.
Honeyminer Company Information
Honeyminer company information provides some useful insights into its operations and business model.
Stax Digital owns the platform and equipment that mines different cryptocurrencies, with the main office based in Hoboken, New Jersey. The firm launched its mines in mid-2018. Founders hoped to provide easy access to individuals who do not wish to spend large funds on mines themselves.
Since then, Honeyminer grew its team, eventually engaging in a variety of cryptocurrencies when mining is in question. The current CEO, Noah Jessop, guides the company from its start, eventually reaching a user base from over 170 countries.
Honeyminer Software Calculations
How much can I earn with the free Honeyminer Software?
To answer the question we need to do some basic calculations.
What you need to know
- Electricity cost (We use 10 cents per kWh in this example)
- Your electricity consumption for your computer (We use 0.05 kW since we use a laptop in our example)
- How much you will earn or your hashing power (Our hashing power is 500 H/s. This can be found in the Honeyminer software)
Honeyminer Plans and Fees
Currently, there are no exact plans to talk about. You connect the app with your computer and start earning right away.
It is one of the best ROI plans in the industry now, even though it is quite small. Without an investment, anyone with a computer or laptop can start earning Bitcoins.
Additionally, instead of maintenance costs, you have pool fees, much like what Antminer pool mining does. There are two policies to look out for:
- Cloud mining fees for one GPU – 8%
- Cloud mining fees for two or more GPUs – 2.5%
Thus, the more firepower you bring to the table, the less it will cost. Moreover, you do not need to stack GPUs into one device as you can connect another computer to your account.
Good GPU for Crypto Cloud Mining
What we really need to stress regarding the good GPU for crypto cloud mining is that BTC is not an option. The crypto uses complex algorithms that require huge hash power behind the machine.
Thus, regular GPUs cannot compete with professional equipment, like Antimer. Instead, you can mine smaller coins, such as Monero, Grin, Zcash, Ethereum Classic, and many other similar altcoins.
On the side of GPUs to choose from, here are some of the best GPUs from the market that are worth your time. They are also not that expensive. Thus, regular computer users can afford them or already have them. Prices presented in the table below are from Amazon.
GeForce GTX 1070 8 GB
Radeon RX 570 Series 8 GB
Monero, Ethereum Classic
AMD Radeon R9 200 8 GB
Radeon RX 580 Series 8 GB
GeForce GTX 750 Ti 2 GB
There are hundreds of other GPUs that you can get or already have. A simple search on the internet can help you locate your card. See how much hash power it possesses and start mining at Honeyminer immediately.
Honeyminer payouts occur once a day, once the Honeyminer itself mines blocks. In that way, it gains block awards, spreading them around its user base.
At the same time, it applies fees (8% and 2.5%) on all users, depending on how many GPUs they have connected.
Honeyminer Profit Calculator
We need to explain our Honeyminer profit calculator, as it differs greatly from our other cloud mining platforms’ analyses.
The thing about this app is that there is no plan cost while fees are deducted as you mine coins. Thus, we use GPU hash rate and mining difficulty to calculate monthly payouts.
Furthermore, we then proceed by adding BTC price as you get payments expressed in satoshis.
The below table signifies additional details used in the cloud mining calculator.
Hash Power (TH/s)
To provide a complete picture, we investigate profitability in three different scenarios:
- Stable market
- Bear Market
- Bull Market
Cloud Mining while in Stable Market
We start with cloud mining while in a stable market, where price changes are not drastic. We go by the changes that occur regularly but back an forth.
Thus, in one month, you mine coins of bigger value, in the next coins of smaller value. Overall, if we take into consideration that there is no investment, you make $275 while doing nothing. Electricity costs are almost insignificant since you are not using pro-crypto mining devices.
The below table and graph show that price changes have little impact on your overall revenue. The reason lies in the fact that the hash power used is very small.
Thus, coin awards are smaller in nature and differences in BTC price do not drastically impact your balance.
Cloud Mining while in Bear Market
Looking at data we got from cloud mining while in a bear market, it only reinforces our earlier findings. Price movements of the Bitcoin, even if they fall down by 35% within a year, do not drastically impact profits.
You get $65 less worth of money in total or $5.4 on a monthly basis, as seen from figures below. Thus, even if it seems that the market is going down value-wise, Honeyminer still seems to be a good choice.
Cloud Mining while in Bull Market
Whereas we have good news for bear buyers, cloud mining while in a bull market is not that great as well. Due to how small earnings are in Bitcoin, even if the price climbs up by 25%, you will not exactly make large profits.
Moreover, it is really important to stress that in our analysis mining difficulty remains constant. Thus, if coins that Honeyminer mines require a larger hash rate, chances are that your payouts will be a bit smaller.
As an overall analysis conclusion, if you do not have money right now to invest in larger cloud mining contracts, Honeyminer is a perfect choice. It offers security at the times of price decline and provides nice payouts that can serve as your investment base in the following year.
However, do not expect to make a stellar income, even if you decide to purchase the most expensive GPUs. Professional mining devices reign supreme in this particular aspect of the crypto market.
Pros and Cons
Here are the pros and cons of GPU mining at Honeyminer. These can be compared to other cloud mining platforms, even though the platform is quite unique compared to others.
- No costs for downloading the Honeyminer software and start mining today
- Possible to participate with virtually any GPU and CPU
- Fees for one GPU are a bit high
- Earnings are very small compared to professional mining service providers
Conclusion - Is Honeyminer Legit?
So, is Honeyminer legit platform for cloud mining? It depends on what you want to achieve. If you are looking for easy access to the crypto market and have fun while you are at it, Honeyminer is a choice for you.
However, for those that seek out a bit bigger investment opportunities, GPU mining is quite outdated. Nevertheless, Honeyminer offers a fail-free way to earn coins, without investments or worry.