Cryptocurrency & Mining

Cryptocurrency exists entirely within a digital network. There is no physical equivalent and it is not regulated by government or a centralised banking system. The technology cryptocurrency is built upon leverages a vast network of computers to validate each transaction so it is completely secure.

It sits outside the traditional banking and transactional systems so it can be used to raise funds, send money or pay a business anywhere in the world. This can give unprecedented freedom to individuals in countries without access to banking (or those with a corrupt financial system).

Mining – despite the name – is actually the process of solving complex problems to verify digital transactions using computer hardware. In essence this is the digital equivalent of mining for gold or silver and is built on the same principles.

Charity FAQs

What is cryptocurrency?

Cryptocurrency is digital currency. It exists entirely online, separate from centralised banking and government control.

It is built on a technology called blockchain that is all but impervious to hacks or fraud.

Cryptocurrency can be acquired through mining or currency exchange. It can be spent, held as an investment or liquidated for fiat currency.

It represents an incredible opportunity for charitable organisations to generate revenue in an entirely new way without cannibalising revenue from existing channels or incurring the overheads of new staff or infrastructure.

What is ‘mining’ and who can do it?

Crypto mining is the process of solving complex mathematical problems to verify digital transactions using the processing power of computer hardware.

Miners can take the form of individuals, mining pools of multiple individuals working together, or mining farms made up of hundreds (or thousands) of processors.

Through verifying the digital transaction, the miner either creates cryptocurrency or gets paid for their processing power in cryptocurrency.

Strictly speaking, anyone with a computer and an internet connection can mine cryptocurrency. However, some countries have outlawed all activity regarding cryptocurrency – including mining – so before you get under way, make sure you’re not breaking any laws.

Assuming this isn’t a problem, all your supporters need to do to mine on your behalf is download and install the Cudo Donate mining software and set it running.

The more supporters you have mining on your behalf, the more currency you can generate.

How much can be gained from mining?

As long as your supporters are mining on your behalf, you will continue to generate revenue from cryptocurrency mining.

Of course, the amount each supporter can generate is dependent on their hardware. A typical modern computer with the Cudo Donate software installed can generate anything between £1 and £30 a month. High spec machines could generate £50 a month. Gaming PCs or computers with particularly powerful graphics cards could raise between £50-£300 a month. That’s pretty huge.

The webpage miner only generates revenue while users are on the website. The average visit may only generate a few pennies worth of crypto but over time this will add up.

How useful is cryptocurrency?

Cryptocurrency as a broad entity is a digital, transnational currency that sits outside the existing banking system. This means it can be traded with anyone in the world who accepts it without the usual fees, hold ups and controls set by the banks.

This is pretty powerful considering billions of people in the world don’t have access to regular banking services.

Some cryptocurrencies – such as Bitcoin – hold a high asset value. This makes them both very useful as a tradeable currency and a tradeable commodity. This means that you have the power to accumulate assets that can be transacted with, traded or sold as you see fit.

How can we start fundraising?

Charities are in a constant battle to balance costs and achieve their mission to help as many people as possible.

Competition for every available penny of fundraising revenue is fierce and charities now have to look to new ways of raising money beyond the traditional.

Cryptocurrency allows you to leverage new and existing supporters to generate monthly revenues simply by borrowing their computer power.

Signing up is simple.

All you need to do is complete an application form. We’ll review it and make sure you’re happy with the terms of service. Once everything has been agreed we will create your bespoke crypto mining software and webpage miner widget.

Then it’s just a case of asking your supporters (and your team internally) to start mining crypto.

What’s the catch?

There isn’t one, this is just a new innovation for funding.

Your supporters download your custom Cudo Donate mining software and set it to work mining cryptocurrency.

They use more electricity than normal in order to raise meaningful and consistent amounts of money so you can help those who really need it.

However, because we don’t want to save the world by ruining it, we purchase carbon credits to offset the extra electricity used by your supporters in their crypto mining efforts.

There is a 20% cost to run the service. This covers the cost of maintaining the infrastructure, developing the service, incentives/marketing to bring on donors and buying carbon credits. Any profits after are given to charity.

How many cryptocurrencies are there?

There are more than 1,600 currencies in existence but 1,384 of them are considered to be relevant or tradeable. Some of these are worth a few pennies each whereas Bitcoin is worth thousands.

However the actual number of currencies doesn’t really matter as many of the currencies were created for a specific purpose.

You will always receive donations in Bitcoin because it’s the currency most widely accepted – and the most valuable.

Does crypto have a future?

We believe so.

The technology behind cryptocurrency has the potential to revolutionise the way we transact and communicate value.

The sheer number of currencies – and the way they are designed – means that you can use a multitude of currencies in your day-to-day dealings, depending on what you want to achieve or the way you wish to express value.

In short, you aren’t tied to a currency that was built on a centuries-old gold standard, nor are you victim to traditional market volatility caused by external factors beyond your control (such as politics or war).

We believe that cryptocurrency and blockchain are here to stay and the systems around it are evolving constantly to make using crypto – as an expression of value – faster, more secure and universally accessible.

Who else is generating cryptocurrency?

Everyone. Anyone.

Individuals, businesses, students in their university accommodation, corporations, parents after their children are in bed.

Cryptocurrency is a totally decentralised, democratised way of creating and trading currency and anyone with a computer and an internet connection can get involved and – with the right infrastructure or partner organisation – make a meaningful income.

We believe that charities could benefit immensely from cryptocurrency and we want to do all we can to help.

It’s a really exciting time!

How is it perceived?

Public opinion is somewhat divided.

Some – largely informed by mainstream media – perceive it as the currency of criminals. They’re not wrong in the sense that all currency has, can and always will be used for criminal activity as long as there is crime.

Cryptocurrency also challenges the status quo of the biggest industry in the history of the world – the banks. This makes a lot of people very nervous – especially the banks.

The idea of a decentralised currency seems like it couldn’t possibly work. But it does.

Cryptocurrency is a transformative and secure digital currency and – we believe – it’s going to change the word.

Supporter FAQs

What is cryptocurrency?

Cryptocurrency is digital currency. It exists entirely online, separate from centralised banking and government control.

It is built on a technology called blockchain that is all but impervious to hacks or fraud.

It can be acquired through mining or currency exchange. It can be spent, held as an investment or liquidated for fiat currency.

It represents an incredible opportunity for charitable organisations to generate revenue in an entirely new way without cannibalising revenue from existing channels or incurring the overheads of new staff or infrastructure.

What is ‘mining’?

Crypto mining is the process of solving complex mathematical problems to verify digital transactions using the processing power of computer hardware.

Miners can take the form of individuals, mining pools of multiple individuals working together, or mining farms made up of hundreds (or thousands) of processors.

Through verifying the digital transaction, the miner either creates cryptocurrency, or gets paid for their processing power in cryptocurrency.

How easy is it to obtain cryptocurrency?

That depends on the currency you wish to mine.

Some currencies – such as Bitcoin – require a lot of infrastructure to mine as competition is fierce. Others can be successfully mined using just a desktop computer or a small mining pool of individuals.

We gather your processing power with that of other supporters in order to successfully mine the most profitable currencies. We then give your charity the equivalent value in Bitcoin.

How much does mining cost?

By mining for your chosen charity through Cudo Donate, you are adding your computer’s processing power to a pool so there is no additional cost to you in terms of hardware or infrastructure.

All you pay for is the power your computer uses as it mines the cryptocurrency. This varies from machine to machine. More powerful computers will consume more power and generate more funds. Older machines will use more power compared to how much they generate. It is possible for low spec machines or older machines to cost more in electricity than they generate if the value of cryptocurrency is especially low.

A future feature release is to select the software not to run if its costing more in electricity than it generates.

What do I need to mine?

All you need to mine cryptocurrency for your charity is a computer, an internet connection and the version of the Cudo Donate mining software for your chosen charity.

The software is designed to receive packets of encrypted equations – none of which are confidential in nature – solve them and then request another.

The software will continue to do this as long as your computer is on, the software is running and there is spare processing power to use.

We take care of everything else.

How much can I raise for my charity?

That depends on how powerful your computer is and how much time you spend mining.

A typical modern computer with the Cudo Donate software installed can generate anything between £1 and £30 a month. High spec machines could generate £50 a month. Gaming PCs or computers with particularly powerful graphics cards could raise between £50-£300 a month.

If you set your computer to mine overnight and during working hours then the money you raise could be significant. For example if the software only runs 10% of the time it will generate 10% of its potential, so a £20 machine would generate £2.

How can my charity benefit?

Your charity, like most, is in a constant struggle to find funding. With so many other charities out there competing for funding and donations it’s really difficult to hit fundraising targets.

Charities – in order to survive in a saturated market – now have to look to new ways of raising money beyond the traditional methods.

Cryptocurrency allows your charity to raise money in an entirely new way. It doesn’t rely on expensive fundraising campaigns or pledges for monthly donations. Just your computer and a few pennies of electricity a day to make a real difference.

How are donations allocated?

We closely monitor all of the processing power contributed by you and the other supporters to ensure that your charity gets the correct amount of funds generated on their behalf.

There is a 20% cost to run the service. This covers the cost of maintaining the infrastructure, developing the service, incentives/marketing to bring on donors and buying carbon credits. Any profits after are given to charity.

The rest goes directly to your charity.

 

Join our mission to raise $1bn for good causes

Become A Charity Partner