What is Mining for Charity?
Mining for charity is a process that aims to raise funds for charitable causes by mining cryptocurrencies such as Bitcoins collectively. Offering a unique and new way of fundraising and to expand the demographic to include millennials and generation Z, who have grown up with technology as an ever present. This new form of digital fundraising also harnesses the sharing economy culture that technology provides, making better use of the users computer which would ordinarily sit idle for long periods of the day.
Everyone can participate. The collective processing power being donated will form an internet connected supercomputer, greatly improving the mining potential and return for your supported charities.
In addition, any electricity used in the process of mining from your computer will be offset to ensure the application use is 100% carbon neutral. Building a sustainable business for the long term and for the benefit of many should always include the environment and drive other companies to follow suit.
As a not for profit, no cryptocurrencies generated and no money made will be used for personal profits on Cudo Donates behalf.
What are Bitcoins?
Bitcoins are a digital currency (or cryptocurrency). They are secure, not limited to countries or borders and thus truly global. The Bitcoin system does not discriminate its users on citizenship or location. Bitcoins are non-manipulatable, non-confiscatable and stable in supply.
The Bitcoin system doesn’t need banks and allows immediate transactions between individuals. Those transfers are secure and ensure total anonymity, but also total transparency at the same time. Several websites provide information of all transactions and the balance of all Bitcoins.
One Bitcoin currently has a value of about $7,000, however the exchange rate will fluctuate over time. (Updated August 2018)
You can find more information here:
How can I contribute, how does this Mining work?
Because of the way Bitcoins work there is a maximum number of possible existing Bitcoins. This number is 21 million, of which over 17 million have been generated already by people all over the world. The Bitcoin software is deliberately designed to increase its own difficulty as it becomes more popular to mine along with halving the payout every 4 years. These in-built policies ensure the last block of Bitcoins will not be mined until 2141. Similar to the Gold Standard, this finite amount of Bitcoins will protect against future inflation.
The creation of new cryptocurrencies including Bitcoins is called Mining. There are a lot of programs that mine for Bitcoins, but on a normal computer it would take weeks or months to mine lesser known cryptocurrencies or years until a single Bitcoin is generated. That’s why a lot of people have formed groups that combine their computing power to generate cryptocurrencies together. Cudo Donate then convert the various different mined cryptocurrencies into a Bitcoin balance, ensuring the maximum possible return for your charities.
You don’t need any technical experience or previous knowledge to contribute to our cause. When you sign up, you can download Cudo Donate’s mining application, a program that will run on your computer and use your spare computing power to help Cudo Donate mine cryptocurrencies.
Your machine will generally create anywhere between $1 and $100/month for charity depending on the spec of it.
What charities will benefit? Do I have a say here, too?
There is no charity too large or too small to benefit from our application. When installing the application you will be asked to select a charity from the drop down list available. However, if you have a specific charity in mind that is not yet listed, please let Cudo Donate know and they will get in touch with them. You can switch charities at the touch of a button so please direct towards one of the listed charities until Cudo Donate have added your preferred one.
The service is run as a not for profit. From the total revenue generated, Cudo Donate take a total commission of 10% to cover operating costs with a further 10% covering carbon offsetting. Any profits remaining from this commission is pumped back into the ecosystem and spread equally between our listed charities. The remaining 80% will go directly to your charity of choice and the charity has full control over when they convert their balance to a fiat currency ($/£/€), or withdraw to their Bitcoin wallet for exchange later.
Sounds awesome! How can I start?
It’s really easy:
- Visit www.CudoDonate.com and click the download button.
- Select one of the listed charities, hit continue and that’s it, you’re all set!
The application will do the rest. It will benchmark your machine to see what the most profitable coins are to mine and then quietly work away whilst you’re not. For more information please visit www.cudodonate.com