A crowdfunding platform has launched that allows people to donate to charities by turning unused power from their computers into cryptocurrency
Give Bytes uses blockchain
technology to ‘cryptomine’ the computers of those wanting to donate. This allows them to donate any unused processing power to the charity campaign of their choice by turning it into digital currency, which can be converted into funds.
While each individual donation is likely to be small, GiveBytes
says considerable money can be raised through this crowd funding method.
A survey of more than 2,000 people commissioned by Give Bytes has found that more than three quarters of people (77%) are keen to give to charities, but a third say that they cannot afford financially to donate regularly. The survey also found that 15% of people would prefer to donate in a way that doesn’t involved giving physical money, such as through volunteering or donating items.
Cryptomining ready to transform fundraising
“Essentially, the platform allows people to exchange the processing power of their computer for a monetary reward which individually is marginal, but collectively it can create real value and make a big difference to many fundraising campaigns out there,” said Gives Bytes Chief Executive and Founder Jacob Piotrowski.
“Most of us only use a small amount of our computing power on a daily basis, our interface allows you to control the level of your computer utilisation used for mining.
“For example, if you set it to a maximum of 60%, whenever you do some heavy computing operations and your computer spikes above the limit you set - the mining process will automatically pause.
“When you finish the resource-intensive operation and your computer utilisation drops below your limit (in this case 60%) - the mining process is automatically resumed.”
“The platform is secure, safe and easy to use, no installation is required, you simply visit the website, select the campaign you wish to donate to and you click to ‘start mining’.”
Among charities and fundraising organisations promoting their campaigns via Give Bytes is Bizgees, a financial inclusion project which supports entrepreneurship among refugees.
Bizgees Co-founder Zufi Deo, said: “Crypto mining-based crowd funding allows refugee supporters from across the world to make a difference to someone’s life, regardless of what part of the world they are from or their level of available income and this really levels the playing field for pro-supporters.
“For example, bytes mined from India would generate the same value as the bytes from Germany. We are looking forward to working with Give Bytes to help us in our quest to give refugees a much-needed opportunity to succeed as entrepreneurs.”