There just might be some hope for democratizing the Crypto mining space. Honeyminer, a small, but quickly growing firm, is looking to do just that through bringing mining back to the average Crypto user.
According to a recent article by CoinDesk, despite the fact that Honeyminer only launched this June, they now have around 50,000 users.
In keeping with the vision of networks like Stellar for bringing Crypto to markets that truly need a currency related revolution, 1/3 of Honeyminer’s users are apparently from developing markets.
In this case, this seems to include Africa, and most likely also South America and Central America, as well as parts of Asia. More specifically, the same article by Coindesk mentioned India, Indonesia, and the Philippines as some of the countries with the most users that have recently downloaded the Honeyminer application.
According to CoinDesk and Larry Kom, who is the co-founder of Honeyminer, the recent influx of users has proven by the numbers that the application works with up to 1,100 kinds of GPUs, or graphics cards. This appears to mean that it theoretically works with the majority of Crypto networks because of the popularity of GPU mining today.
Above all, however, sits Honeyminer’s previously mentioned vision for the future of Crypto mining. Only time will tell if their user base can rise to an amount to rival even the titanic mining firms like Bitmain. As of now, Bitmain’s valuation sits in the billions, meaning that it is one of the most valuable companies in history. On top of this, it controls the majority of the Bitcoin network’s hash rate, which means that it has the power to change certain parts of the network’s future as well.
When all of this is known, it becomes clear that quite frankly, a substantial amount of carefully placed marketing will be needed for Honeyminer ever reach the heights of Bitmain and other industry leaders.
If, however, Bitmain’s IPO backfires in that it brings the firm further criticism for its attempts at centralizing an inherently decentralized industry, then Honeyminer might find a much easier road to the top.
In short, most of Honeyminer’s chances at unseating the industry leaders hinge on it communicating to the industry’s users why the future of mining needs to be P2P(peer to peer).
By: BGN Editorial Staff