Nonprofits survive off the generosity of their donors, so it is vital for them to find new, creative, and high-tech ways to fundraise. What is more innovative and convenient then using cryptocurrency? Many charities have started using Bitcoin as a currency option for people to donate, but organizations and companies like UNICEF and Cudo Ventures have made it even simpler to rack up donations by using mining for charity.
UNICEF Uses Gamers to Mine Ethereum
For UNICEF, this will be the second time that they have initiated a donation platform that uses their donors’ computer processing power to mine coins for charity. In February 2017, they launched a campaign called Game Chaingers to help raise funds for the children of Syria by targeting gamers and cryptocurrency miners. Although they were just shy of their fundraising goal, the fact that they attracted over 11,000 mining contributors was good indication of its potential.
Reach More Donors with Monero Mining
Two days ago, UNICEF Australia took this concept to a wider audience and fundraising sector as they officially introduced “The Hopepage.” Unlike the first campaign that used Ethereum mining, which needs specialized mining rigs and a downloadable software program to handle the processing power, this campaign uses Monero. Monero is a cheaper coin that can be mined directly online without equipment or software. All donors need to do is open the browser and click start donating using Coinhive’s AuthedMine, an online mining server. They can choose how much of their processor they would like to donate and for how long.
By using Monero instead of Ethereum, anyone with a computer can donate to the charity without investing any real money. It is safe, universal, and easy to donate. Once the coins are transferred to UNICEF, they are converted into fiat and used worldwide to help supply children with food, medical supplies, and clean drinking water. Currently, there are 6,539 people mining Monero for projects like the Rohingya crisis, which aids child refugees who have fled to Bangladesh.
Mining Software Designed for Nonprofits
Cudo Ventures is a mining software company based in London with a subdivision just for fundraising efforts called Cudo Donate. Charities can choose to download the software or use web space for donors to mine. Donors also have the option to download the software or mine online. The software automatically adjusts to safely use the appropriate amount of processing power, but it may slow down your computer if you are performing other tasks.
Potentially, charities can raise about 10-30 pounds per miner/month, more if the miner is experienced with a mining rig. Nonprofits can use the mining software for free and donors pay for any electricity used during the process, which may be only a few cents depending on the amount of mining. Cudo takes 10% of the mining profits to invest back into their company and uses 10% of their earnings to buy carbon credit in order to reverse the carbon footprint that large coins like Bitcoin and Ethereum use to mine. However, charities can choose which coins their supporters mine and what to do with the earnings once they are received from Cudo.
A New Trend for Fundraising
UNICEF may be the first charity to use cryptocurrency mining pools for fundraising because they are a highly-staffed international organization that has been around for 70 years. However, the real test to see if mining can be a fundamental and useful tool for fundraising is to see how smaller nonprofits perform.
Companies like Cudo Ventures are making access to this technology easier for charities with less resources that do not have the time, money, or knowledge to set up their own mining devices. Also, as a new generation of donors emerge, they will be looking for technology-driven ways to give, and cryptocurrency will achieve this need.