The Honeyminer application is designed to run within the background, employing the CPU [Central Processing Unit] and GPU [Graphics Processing Unit] of users’ computers for mining Bitcoin [BTC]. The startup claims to embody app features like mining while users’ computer system is idle, an activity log with current mining statistics, currencies, and hardware utilised, and withdrawals, among several other options.
While Honeyminer is increasing its offerings, other cryptocurrency mining services have reduced their capacities, or almost closed altogether following last year’s market downfall.
Another renowned cryptocurrency ‘mining‘ service provider, Coinhive ‘declared‘ its closure earlier in Feb. this year, as the project had reportedly become economically inviable. Coinhive reportedly had to terminate its services amidst a 50% decline in hash rate following the last hard fork of Monero [XMR].
Just yesterday, leading Chinese cryptocurrency mining giant Bitmain’s hashrate had perceptibly ‘dropped‘ within the past 30 days. Per the analyzing, the hashrate of all Bitmain-owned hardware, updated once every thirty days, the SHA-256 hashing algorithm – that is employed within the bitcoin mining network – has dropped from 1,692.35 quadrillion hashes per second [PH/s] in March to 237.29 PH/s as of the start of this month.
Moreover, cryptocurrency mining firm Argo Blockchain also ‘announced‘ that it expects a break-down even in May and added its intention to still expand its mining infrastructure as hardware associated prices are cheaper now. The firm expects that 1,000 units of Bitmain Z11 miners that came into production on 2nd May would improve margin of profit during the Q2 of 2019.