Mining Donor project - Mining for cause

[SMOoooOTH47]

Morning fellow Carbies (or should I say family)

With the mining community growing daily, and I'm not talking about mining for gold - but rather Cryptocurrency , I have something on my heart which I feel can make a massive impact on so many less fortunate people out there whether it be financial, physical or mental disabilities.

I have given it thought over the last couple of days, being a crypto miner myself, how I can contribute to a worthy cause.

I am currently looking at he following options:

Option 1:

Opening a wallet to a charity (with their banking details etc) whom the community will vote for.
Each 'miner' who then wishes to partake in this worthy cause can then simply donate a day's hash power (a month) to the relevant address.
If each miner donates only one day's hash power per month, which I'm sure we can all go without, I know for a fact that we as a family can make a MASSIVE impact in someone else's life.

E.g My current daily earnings (in rand for the purpose of this exercise) is at +/- R250 p/d. If we have 10 miners matching my hash power per day we can contribute roughly R75 000 to the cause per month.

Option 2:

Those that don't currently do this mining thing but still wishes to partake in this cause can donate old hardware that can be used towards the project. I still need to give the logistics some thought as to how and where this rig will be placed - so any suggestions/help welcome.

In the event that we can get this rig online I will donate the following towards this project:

- My much loved Asus DirectCUII 7970
- 4GB of DDR3 1600 RAM

I welcome 5 people to administer the account with me to ensure the legitimacy of the transaction as well as the selling of coins.

Regardless if you are a small miner doing R30 p/d or a big miner doing xxp/d. Every bit of hash power is welcome!

ANY advise/feedback/suggestions in this regard would be much appreciated.

P.S: Whether you are religious or not. The old saying: "give and thou shalt receive" - blessed you will be, in abundance!

 

[Toxxyc]

That's a damn good idea man. You'll just need to note that we can't mine for just a day or so, you'll need to work toward a set mBTC per "donation" rather, since miner such as Nicehash only pays out at set times. For me that's about once every 9/10 days, so it'll take a while to mine for a payout to someone else... :/

 

[AAAH NUUU BRU]

mmm if you dont use nicehash this is tricky

However i will be happy to give a days worth of mining per month in btc which id send through luno to the account instead

Please put me on the list and notify me when you have the details sorted out

 

[SMOoooOTH47]

Surely if we have enough hash power - this account will receive payout on a weekly basis. Not that it matters. I think any charity will be grateful even if they only receive payment on a monthly basis. Maybe the more experienced can confirm this?

That's a damn good idea man. You'll just need to note that we can't mine for just a day or so, you'll need to work toward a set mBTC per "donation" rather, since miner such as Nicehash only pays out at set times. For me that's about once every 9/10 days, so it'll take a while to mine for a payout to someone else... :/

 

[SMOoooOTH47]

Thank you! Yes that is another way of doing it by just transferring the btc to the acc. Nicehash will probably be used paired with Luno unless there is a better suggestion. Maybe some suggestions of a worthy cause that you would like to support?

mmm if you dont use nicehash this is tricky

However i will be happy to give a days worth of mining per month in btc which id send through luno to the account instead

Please put me on the list and notify me when you have the details sorted out

 

[Ravin']

I'm only on +- R60 a day, but I will gladly take part in this We just need to confirm the situation on NiceHash as Toxxy mentioned

 

[StewPit]

I will join in on this, can do with some good karma

 

[AAAH NUUU BRU]

Thank you! Yes that is another way of doing it by just transferring the btc to the acc. Nicehash will probably be used paired with Luno unless there is a better suggestion. Maybe some suggestions of a worthy cause that you would like to support?

I personally have no preference, just seems like a good idea because there is definitely enough good people here that it could make a big difference to anyone. My suggestion would be to give it to dif charities, choose a dif one each month and ask the owner of carb if we can pay it as Carbonite, spread the money around. This would be a bit more effort on the part of who ever is running the account (you at present) but would help out a bunch of people more.

 

[StewPit]

To add, on a suggestion for a charity, would like something that goes towards Animals , SPCA etc (dont know what else there is).

 

[Ravin']

How does taxation and all that work on donations? Specifically regarding crypto currency?

 

[SMOoooOTH47]

Charities don't pay tax as far as I know. So that's why we donate hashpower/btc instead of money so we don't pay the tax.

How does taxation and all that work on donations? Specifically regarding crypto currency?

 

[Ron Burgundy]

Who will be managing this wallet?

 

[ian_stagib]

Personally i think this idea, although with good intentions, is flawed. If you really want to donate to charities then either send them the coins from your wallet (if they accept it) or cash it out directly to their bank accounts. Having a group wallet like this does not inspire confidence and is extra unneccessary admin.

 

[SMOoooOTH47]

I hear what you're saying - although I think you're missing the point. Say I donate my day's earnings... 1) I will pay the tax on the income which is then donated 2) I will only be donating estimated R250 less tax once a month. The idea behind this is in the numbers. One day's hash power will not break anyone's bank. Together we can have a much bigger impact. And yes it will involve a little administration which I and anyone here who is interested - will honor out of good will.

Personally i think this idea, although with good intentions, is flawed. If you really want to donate to charities then either send them the coins from your wallet (if they accept it) or cash it out directly to their bank accounts. Having a group wallet like this does not inspire confidence and is extra unneccessary admin.

 

[SMOoooOTH47]

I invite anyone that the community feels is the right person for the job to take responsibility and manage the wallet. I wish to support the cause and will facilitate admin requirements etc. should they see me fit.

Who will be managing this wallet?

 

[Ron Burgundy]

I invite anyone that the community feels is the right person for the job to take responsibility and manage the wallet. I wish to support the cause and will facilitate admin requirements etc. should they see me fit.

Are there no charities that already take virtual currency.

Perhaps get the community to vote and decide on a charity you all feel worth supporting, then have them setup their own wallet and people can donate from their wallets if they fele so, no need to mine and allocate to that wallet if you can just transfer from your own

 

[Braducken]

I invite anyone that the community feels is the right person for the job to take responsibility and manage the wallet. I wish to support the cause and will facilitate admin requirements etc. should they see me fit.

My vote goes to Mujeeb Groenewald!

He swears he is nothing like his brother

 

[ian_stagib]

I hear what you're saying - although I think you're missing the point. Say I donate my day's earnings... 1) I will pay the tax on the income which is then donated 2) I will only be donating estimated R250 less tax once a month. The idea behind this is in the numbers. One day's hash power will not break anyone's bank. Together we can have a much bigger impact. And yes it will involve a little administration which I and anyone here who is interested - will honor out of good will.

You won't pay tax, especially if you're not even taking into your own account. Sars is not auditing luno to know what coins you have.

Sent from my SM-N920C using Tapatalk

 

[Toady001]

I've donated to darg using bitcoin via payfast. So thats one way