The Honeyminer review aims to answer questions that many cloud mining beginners might ask. The platform offers somewhat unique services when compared to other platforms. 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.
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 Available Cryptocurrencies
When considering Honeyminer available cryptocurrencies, one cannot bypass the interesting business model set by the platform. Namely, you provide hash power through your GPU/CPU without any down payments or maintenance fees. The company itself uses that power to harness its mines and draw out coins of its choice.
Thus, there are multiple cryptos that you may mine at the same time. However, you get paid in either Bitcoins or Ethereum while the choice of coin mining is not up to the individual miners. Rather, the company takes that chunk of work upon itself, choosing whatever altcoin that is easiest to get.
One of the most important aspects of cloud mining at Honeyminer is that there are no plan costs. You do not need to purchase an app to get into mining. All you have to do is to download the application on your computer desktop and start mining for free immediately.
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.
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.
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 getting a cloud mining plan
- 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.
Compare: Eobot Review
The post Honeyminer Review – Download, Login and Start Mining! appeared first on Cryptocoinzone.
Chinese state-endorsed public chain to act as a global DeFi bridge, says Conflux CEO
Conflux Network, a permissionless blockchain project which is endorsed by the Chinese state, told Cointelegraph on Sept. 22 that the project has officially launched its Tree Graph Research Institute with the Shanghai government.
According to Fan Long, CEO of Conflux, the Tree-Graph Blockchain Research Institute will experiment with local states to build a regulatory compliance platform that can bridge global DeFi applications and government regulations. He added that:
“DeFi is a new world and while it appears as though it may pose a challenge for regulators, they appear willing to listen. At this stage, the most important thing is to maintain a reliable communication channel between two sides— the DeFi innovators and the regulators.”
When it comes to new techniques and innovations, the Chinese government has shown signs of tolerance for experimentation in the past. Fan indicated that the complexity surrounding DeFi and other relevant distributed innovations will make open communication crucial for continued legislative acceptance. He stated that:
“Regulators need a reliable way to learn what the new technique is about and where it might lead us to. Innovators need a way to understand the concerns and red lines of regulators.”
At the moment, Conflux is working with the Shanghai government on several sandbox projects. Fan told Cointelegraph that these projects include integrating blockchain borrowing and lending services into Shanghai’s Pudong Development Bank, and leveraging the Shanghai free trade zone’s unique regulatory framework to devise a unique stablecoin for the region, The CEO explained:
“Shanghai Free Trade Zone is outside of capital control of China where RMB is offshore with its own set of rules, so we are trying to come up with some regulation breakthroughs with experimenting under the free zone framework.”
Compared with the central bank’s digital currency, or CBDC, Fan pointed out that although a CBDC will allow the central government to maintain control of the financial activities, it would be hard for such a centralized form of digital currency to be accepted outside of China.
Conflux is trying to either create a free zone stablecoin or build a public permissionless cross chain for the CBDC.
The project, which began its life as a research project at Tsinghua University, has been working to provide a robust and cheap framework for developers to build decentralized finance applications. Fan explained that:
“Conflux Network seeks to provide a POW network with transaction speeds an order of magnitude faster. The key enabler technique is a novel DAG-based ledger structure together with an optimistic concurrency control to achieve a consistent order of transactions among all the nodes in the network.”
Fan believes that DeFi projects will only be able to go mainstream through willfully enacted compliance measures which evolve alongside government regulations. Blockchain and DeFi are new areas for regulators. Although he cannot speak to how regulators will go about this, his predicts that:
“Decentralization will make it more difficult for regulators to control DeFi products, but there are still possibilities to exercise controls at the boundary between the decentralized world and the centralized world.”
The Shanghai Municipal Government, one of the states endorsing the project, is interested in exploring how the city can leverage blockchain techniques to integrate traditional finance with decentralized financial services, says Fan.
In order to connect global DeFi projects and regulations, the company also created the Conflux Open Defi initiative.
Members include: Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, and MCDEX along with Chinese state support through the Shanghai Science and Technology Committee. Fan says Open DeFi aims to unite Eastern and Western DeFi markets through three globally focused program tracks: risk management, new liquidity strategies, and incubation & innovation.
Inside the Mysterious World of Bitcoin’s Mempool
Blocknative’s Mempool Explorer lets you explore the transient space where Bitcoin transactions are suspended in limbo.
- Blocknative has launched its Mempool Explorer to help understand mempool data.
- Transactions pass through the mempool before they reach the Bitcoin blockchain.
- The Mempool Explorer promises to democratize access to mempool data.
But what is the mempool? It’s the gateway to Bitcoin’s blockchain and many others. Before any transaction is written on a blockchain, the information first enters the mempool. There it sits, almost in purgatory, waiting for a Godly miner to select it and inscribe it into a block—or discard it forever. But the very nature of this in-between world, which differs for each miner, has always made it challenging to analyse. And it is often exploited by bad actors with the expertise to see things the rest of us can’t.
“At a minimum, our platform represents sunrise in the Dark Forest. The alpha predators are still operating, but now everyone can monitor their actions,” Matt Cutler, CEO and co-founder of Blocknative, told Decrypt.
The main problem is that the Bitcoin mempool is built upon the shifting sands of pending Bitcoin transactions. As there is no one central source of mempool data—each miner has their own version of events—it is difficult to gather and utilize this data. This, in turn, makes it hard to take a reliable snapshot of events, and present them to developers.
“It is pre-consensus by definition. It is constantly changing—literally at a sub-second level,” said Cutler.
How the Mempool Explorer works
The Mempool Explorer tries to make sense of the pre-consensus data found in the mempool, making it accessible and easy to analyze.
In the mempool, pending transactions are ordered, fees are prioritized, and new blocks are sent to the blockchain. The Mempool Explorer examines this data and makes it available to developers. Using the Mempool Explorer, users can track pending transactions, monitor exchanges, and share mempool data with others. In other words, it is a purpose-built environment for crunching data before it hits the blockchain.
The Mempool Explorer works as a global network of nodes, all enabling the Explorer to detect and record data on the mempool in real time. The Mempool Explorer can record more than 7 billion Ethereum mempool events in just one month. That is over 2,000 events per second on a 24/7 basis.
How mempool data fights frontrunning
While mempool data is tricky to get hold of, it’s very useful for several different purposes.
One of its main, albeit shady, uses is for frontrunning. Frontrunning is a way of making trading decisions based on knowledge of future events, similar to insider trading. And traders use frontrunning to get ahead of people on decentralized exchanges, typically on the Ethereum blockchain.
Alex Svanevik, CEO at Nansen, told Decrypt, “There’s certainly demand for mempool data. Trading in traditional finance is often a latency game, and crypto is no different,”
Here’s how frontrunning works when blockchain is involved. Since blockchain data is public, someone watching the mempool can see a trade being made and then make the same trade, offering a higher transaction fee. Since miners tend to pick transactions from the mempool that have higher fees (so they make more money), this means the later transaction is more likely to get included in the block—and the person gets ahead of the trade.
Until now, only some individuals use such techniques. “Today, these techniques are the domain of a well-equipped, and well-financed, elite few. Everyone else is at best a spectator to their actions – at worse, unaware,” said Cutler. This means general people using decentralized exchanges are often subject to frontrunning—but may have no idea.
Now anyone who uses the Explorer will now be able to fight back.
“Any adversarial action that goes on chain must—just like everything else—first traverse the mempool. So our platform can give concerned parties advanced warning that adversarial actions are underway,” Cutler added.
It’s time to embrace the mempool.
Congress sees two new bills looking to chart CFTC and SEC regulatory turf in crypto
Two major crypto bills were introduced in the U.S. House of Representatives on Thursday. One aims to establish which cryptocurrencies are securities. The other looks to put regulation of exchanges in the hands of the country’s commodities regulator.
The securities bill
The Securities Clarity Act, from the office of Representative Tom Emmer (R-MN) establishes a new distinction in securities law between an investment contract and the “an asset sold pursuant to an investment 22 contract, whether tangible or intangible (including an 23 asset in digital form).”
The new bill is basically a direct response to recent controversy over the Simple Agreement for Future Tokens framework under which currencies like EOS were distributed and which caused immense controversy in the case of Telegram. If passed, the act would restrict the Securities and Exchange Commission from pursuing digital assets on the basis of the initial contracts under which they were sold.
…and the commodities
Conaway may be less familiar to Cointelegraph’s readers than Emmer, but his position on the Agriculture Committee is critical. Today’s bill would put crypto exchanges under the jurisdiction of the CFTC, which answers to the Agriculture Committee. That registration would save exchanges from the patchwork of state-by-state licensing required of money service providers.
Though the new bill would seem to put retail crypto under the same rules as commodities exchanges, it is careful to leave space for the SEC for sales involving “a securities offering or transaction associated with a digital commodity presale.”
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