Mining on bitcoin is not for the average joe.
It's not affordable for most people in a lot of places. Mining bitcoin is not possible for a lot of people because they don’t have the ability to invest enough funds into purchasing viable equipment. Many people live in areas that do not have consistent power or internet access. So many people around the world have higher power costs that don’t allow bitcoin mining to be very feasible. These are all contributing factors that prevent them from mining Bitcoin.
But why do we face these challenges, and how do we get more people involved to overcome these obstacles? I decided to try and solve this problem - I know I will not solve it all at once. But we can contribute to a smaller solution. Any solution is better than no solution, in my opinion.
The idea that I have fabricated is to form a community funding pool. In this pool, people would contribute their funds towards purchasing a hardware mining device. For this project, I'll be managing the hardware and managing the expenses. We can distribute the block rewards to all the participants who helped fund the project, after the operational expenses are cleared, based on the amount they contributed towards the total. I thought, if people have similar interests and want to participate/support the network, they will.
So I decided to give this a try and see if it would work over the last two weeks. If it fails, then so be it. At Least I tried. I can easily refund everyone if we can;t succeed. That’s the great thing about blockchain. You can see where the funds came from and send them back.
We managed to raise just over 100 BSV in about 3 days. Unreal!
I went ahead and have purchased a BitMain Antminer s19j PRO and we will be pushing over 100 TH/s.
I made some great friends and managed to secure a place to house the device and cover the expenses. I communicated with everyone and figured out a structure that works to ensure that the power costs will be paid from the Block rewards acquired and the remaining rewards will be distributed to the people who have contributed.
This will allow us to increase the hash rate on the Bitcoin SV blockchain as a community.
It will allow more people to participate in mining bitcoin, and it will allow more people to benefit from the block subsidies provided every 10 minutes by the Bitcoin SV blockchain.
This mission has been started solely to inspire the community into realizing that if you don't have to have the ability to mine bitcoin, you can still contribute to mining Bitcoin in other ways. Everyone can come together as smaller communities, and contribute to powering the network. All that is required is a trusted party, and a mutual agreement. And with just that, we managed to achieve the mission together.
As a community, we can power the network in validate transactions to reduce the load placed on the larger nodes, and we can work together to further decentralize the network, and increase transparency among our peers. I implore everyone to get involved in the community on telegram! Join in the discussion and share some thoughts! We will be looking to expand in the future and we will make announcements when such decisions are being made. I want to get everyone involved in powering the network by contributing as a team.
BitcoinSV gives us the power.