Hello and Welcome to Cryptocurrency Mining For Local Gymnastics Club Donation page.
I will explain what this project is about and how you can help to keep it going, what is needed for it to run and how the donations will be used.
Why Local Gymnastics Club (LynnSport):
Every time I go to the Gymnastics Club with my daughter (6 years old), I see that they looking for donations on the notice board. It hurts to see notices like this and knowing that I can’t help because of the financial situation, so I have decided to run this project instead.
What The Donations Will Be Used For:
The whole amount raised will be used to purchase equipment for the Burstcoin mining which requires working external Hard Drives/HDD. I won’t go into technical details at the moment.
When all equipment is set up and ready to start generating Burstcoins then whatever amount it generates in a week will be split 70/30 where the 70% will go to the local Gymnastics club and 30% will be used to cover running cost (PC maintenance, electricity cost etc.)
Account details and the donation process will be documented and updates will be posted here along with pictures or video from the donation day.
How Can You Help:
- Option: if you have or you know someone who has a broken laptop or desktop PC with working hard drive/HDD then the best way of helping would be to donate the broken laptop or PC to this project. I will take care of the technical details and will collect it within 10 miles from King’s Lynn.
- Option: if you can’t use option 1, you can still help by donating a small amount of money using the form below.
This is a long time project and even if you donate now/or just once, this project will run from your donation for years to come or as long as the Burstcoin will be available to be mined and exchanged for GBP or USD.
If you have any questions or concerns, please comment below. I will answer within few hours.
Technical Details – The Boring Stuff:
Burstcoin is a digital cryptographic currency and payment system based on the blockchain technology. Burstcoin was introduced on the bitcointalk.org forum on 10 August 2014 as an Nxt-based currency. Burstcoins are mined using an algorithm called proof-of-capacity (PoC) in which miners use computer storage instead of the more common energy-expensive method of permanent complex computational calculations.
The energy requirements for Burstcoin mining is minimal compared to most other cryptocurrencies making Burstcoin one of the most energy efficient within the field of proof based cryptocurrencies. The Nxt blockchain platform allows for development flexibility, ensuring developers freedom to create their own applications. In this sense, Burstcoin can be considered as a next-generation cryptographic application project (often called ‘cryptocurrency 2.0’) in contrast to the first generation cryptocurrencies like bitcoin.
The mining process is based on a proof-of-capacity (PoC) algorithm, described in a whitepaper written by Stefan Dziembowski, Sebastian Faust, Vladimir Kolmogorov and Krzysztof Pietrzak. In order to mine Burstcoins each miner first computes a large data set which is then saved to a computer storage medium. These data sets are known as plots. For each new block in the blockchain each miner will read through a tiny subset (Approximately 0.024%) of their own saved plots and return a result as a time interval in seconds known as a deadline. The miner with the lowest deadline wins the block and is then rewarded with the transaction fees and the decreasing block reward of Burstcoins.
The computational resources for mining are limited to the time it takes the miner to find their lowest deadline, once their deadline has been submitted no other computational resources are needed until the next block making Burstcoin highly energy efficient. The total size of a miners plots is comparable to the mining speed used by other cryptocurrencies. The hardware entry point for Burstcoin mining is minimal as it can currently be mined on an Android device.
Proof-of-capacity is also claimed to be ASIC Proof. Burstcoin’s proof-of-capacity algorithm is based on proof-of-work, so theoretically one could compute the Proofs in real time. However, it is not currently possible to complete enough work to be done during a 4-minute time interval that even the most cost efficient ASIC could not mine efficiently enough to make it cheaper to use than a hard drive.
Given that it can take a long time to find the smallest deadline, some miners collectively mine in what is known as a mining pool. Mining pools allow miners to have a more evenly distributed Burstcoin income: the reward for each block won by the pool is distributed between the miners of that pool. By use of mining pools smaller miners can collectively compete with the larger solo miners. When a block is won the pool miner who finds the lowest deadline receives typically between 50% and 60% of the block reward. Alternatively a solo miner wins 100% of the block reward.