The Honeyminer app runs in the background, using the central processing unit (CPU) and graphics processing unit (GPU) of users’ computers for mining bitcoin (BTC). The startup claims to include app features such as mining while users’ computer is idle, an activity log with current mining statistics, currencies, and hardware utilized, and withdrawals, among others.
While Honeyminer is expanding its offerings, other crypto mining services have reduced their capacities, or shuttered altogether following last year’s bear market.
Another cryptocurrency mining service, Coinhive, announced its closure in February, as the project had reportedly become economically inviable. Coinhive reportedly had to shut down its services amidst a 50% decline in hash rate following the last Monero (XMR) hard fork.
As reported yesterday, Chinese cryptocurrency mining giant Bitmain's hashrate had noticeably dropped in the past 30 days. Per the data analyzing the hashrate of all Bitmain-owned hardware, updated once every 30 days, the SHA256 hashing algorithm — which is used in 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 beginning of May.
Meanwhile, cryptocurrency mining firm Argo Blockchain said it expects a break even in May, and outlined its intention to continue to expand its mining infrastructure as hardware prices become cheaper. The company expects that 1,000 units of Bitmain Z11 miners that came into production on May 2 will improve gross margin during the second quarter of 2019.