Crypto mining software provider Honeyminer acquired by Core Scientific

Mining • September 27, 2019, 4:39PM EDT

Honeyminer, the cryptocurrency mining startup, has been acquired by Core Scientific, a blockchain and artificial intelligence software provider, according to a Friday press release.

Honeyminer launched in mid-2019, providing cryptocurrency mining software. The firm allows users to leverage their computer’s GPU and CPU to mine altcoins in a dynamic mining pool. Honeyminer then converts these mined altcoins to bitcoin for payouts. In May, Honeyminer CEO Noah Jessop told The Block that the number of users of its software was in the six-figure range, spread across 167 countries.

According to Core Scientific, the acquisition of Honeyminer will allow the firm to add "a group of highly talented, long-time blockchain experts with extensive systems, software and application development experience" to its team, and "enable even more optimized operation of different compute architectures, and bring expertise in depth to the development of embedded mining solutions."

“We are very excited to close this transaction and welcome the Stax Digital team to Core Scientific,” said Kevin Turner, CEO of Core Scientific. “Their IP and proven experience in blockchain will enable us to continue enhancing the capabilities of our best-in-class blockchain hosting and application solutions."

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi