Talking about Bitcoin scalability, here is something that could draw
Talking about Bitcoin scalability, here is something that could draw investor interests – a new mining software promises almost anyone can earn bitcoin using a Windows laptop. It sure does tempt users to take part in the cryptocurrency fever.
Honeyminer – a New-Jersey based cryptocurrency startup had quietly launched a free beta software in June, but now has received over 10,000 downloads globally. The app is such, that when the graphic processing unit (GPU) is idle, the users can participate in a dynamic mining environment. The pool focuses on mining different cryptocurrencies like ethereum, ethereum classic, zcash monero and other GPU-friendly currencies. At the end of the year, all these are earnings are converted into bitcoin and sent directly to the user’s wallet.
The software even keeps the user away from the fuss of managing configurations and calculations or manually checking the prices. According to Noah Jessop, Honeyminer advisor, the software is made such that it can perform surplus computations without using the computer till the rig, so that simply running a computer would do the most profitable computation.
Such services provide opportunities to people who have little money to invest or little access to cryptocurrency exchanges but want to acquire bitcoin. It has broadened the range of miners in the cryptocurrency market as well, which over the years has been confined to high-end investors, specialised hardware owners or professional operators over hobbyists.
If there’s a change in the cryptocurrency’s mining profitability, Honeyminer’s algorithm automatically switches between cryptocurrencies depending on the block size.
Apparently, this might not be the most efficient way of mining cryptocurrency, given broader market volatility to bitcoin and Honeyminer’s cut which could be 2.5 percent to 8 percent depending on the user’s hardware. Someone with a few high-end GPU’s could expect to earn bitcoin worth a dollar or two from running the software almost all day.
However this is certainly one of the most easy methods to mine till date. The company, however, hasn’t specified the number of users from cryptocurrency-banned countries like Jordan or Venezuela. But they say more than 18 percent users are from developing countries.
There could be additional features coming up soon enough as well. For newbie investors, the company could add the privilege to transfer their bitcoin to third party platforms like Coinbase. Additionally, the algorithm could help miners with professional mining rigs as well.