Crypto Terms:
Letter H
What is Honeyminer?
Meaning:
Honeyminer -
a cryptocurrency mining app that ran until October 2021.
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.
Bitcoin and other <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrencies. It refers to a form of passive investment technique in which you hold an investment for as long as you need, no matter what changes occur in the prices of the market. This term also became an acronym for the phrase <em>\"Hold On for Dear Life\"<\/em>.<\/p>","definition":"a crypto slang term that refers to holding your crypto no matter what direction the market goes.","status":"published","meta_title":"What is HODL? Definition & Meaning | Crypto Wiki","meta_description":"HODL meaning: HODL - a crypto slang term that refers to holding your crypto no matter what direction the market goes.","meta_keywords":null}"
:model="{"id":399,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency#Mining","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-11T05:30:54.000000Z","slug":"what-is-honeyminer","title":"What is Honeyminer?","section":"H","keyword":"Honeyminer","content":"<p><strong>Honeyminer<\/strong> was a multi-platform cryptocurrency <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining/">mining app. The mining process was done through <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-graphical-processing-unit-gpu/">GPU and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-central-processing-unit-cpu/">CPU. Honeyminer supported mining processes for <strong>some of the most profitable cryptocurrencies<\/strong> and could automatically switch between different coins every ten minutes.<\/p>\n<p>The app would determine which <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-altcoin/">altcoins were gaining the most traction and had the lowest <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hash/">hash difficulty. It was possible to use Honeyminer to <strong>mine numerous different<\/strong> crypto coins which would be converted to <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a>. Honeyminer was not open-source and did not provide operational transparency to its customers.<\/p>\n<p>Honeyminer also <strong>allowed users to mine cryptocurrencies<\/strong> on their personal computers without the need to build a separate mining rig. Users would participate in a dynamic <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-pool/">mining pool<\/strong><\/a>.<\/p>\n<p>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 <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-reward/">mining rewards<\/strong><\/strong><\/a> into their <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallets at the end of the mining session.<\/p>\n<p>Honeyminer provided a secure service as all the rewards would be stored in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cold-storage/">cold storage<\/strong><\/a>. <strong>Suspicious log-ins<\/strong> would be reported by the developers to avoid fraud or scams. Users were also able to enable <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-two-factor-authentication-2fa/">two-factor authentication (2FA)<\/strong><\/a> to reinforce their account security.<\/p>\n<p>On 16 October 2021 Honeyminer officially ended its operations. The notice on the website states that the team was working on a <strong>new offering for the crypto community<\/strong>.<\/p>","definition":"a cryptocurrency mining app that ran until October 2021.","status":"published","meta_title":"What is Honeyminer? Definition & Meaning | Crypto Wiki","meta_description":"Honeyminer meaning: Honeyminer - a cryptocurrency mining app that ran until October 2021.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="H"
current-section="what-is-honeyminer">
