STEEM Project Concept - TAP INTO BITCOIN MINING AROUND THE WORLD TO FURTHER STEEM
A Simple Idea To Further Develop STEEMs Adoption Rate In The Countries It Is Most Needed
Based on this recent article from CNBC, it's interesting to see the vast disparities in the price of electricity and the cost of running a bitcoin mining operation.
https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
It got me thinking, if anyone wants a simple business idea and STEEM outreach concept, here's one to consider shooting towards @budgets or @utopian-io:
- Create a Bitcoin mining pool or a distributed computing platform focused squarely on mining BTC.
- Focus on pitching the pool to the nation's with the cheapest cost of operations and lowest GDP (Venezuela, Myanmar, etc).
- After allocating a fair margin for oneself (unless one is running this project purely for altruistic purposes or for the progressive development of Steem), reward participants with STEEM for the proportional value of the mined Bitcoin.
The idea for this is pretty straightforward. STEEM isn't perceived as something that can be passively created from having nothing - characteristic trait of bitcoin mining. Providing a way for users to "mine" STEEM apart from fishing for upvotes via content creation, would help all involved.
More importantly, the fees of bitcoin mining is far from ideal and way too restrictive for those who are living off of it in these countries. Zero transaction costs and rapid tx time allow for STEEM to be a far more practical crypto to utilize for everyday transactions.
Beyond aiding individuals with improved utility by allowing more practical micro-mining operations and more manageable everyday micro-transactions, this project would also help to spur on adoption of the STEEM blockchain by those who would benefit the most by it.
Last of all, it will allow individuals with the lowest cost of mining to gain the upper hand when it comes to building up a steem power snowball. The passive crypto generation of Steemit is possibly one of the most underrated and promising attempts at universal basic income. To be able to leverage the geographic advantages of these future Steemians through their lower cost of operation can only help to further lift up those being left behind in this world.
I don't have the skills needed to make this happen, but I would challenge our platforms strongest advocates like @jerrybanfield to help make this a reality.
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That's an interesting idea. Who would be your target audience? What avenue would you take to convert the BTC into Steem?
I wish I knew the technical logistics behind this, but I'm sure greater minds than mine can figure this out. I just wanted to put out the idea, or reiterate it if someone else has already suggested it.
To me, the charts say it's better to set up your mining rig in these locations rather than in others. For others to earn steem via mining, it really does them no good because they're not necessarily located in those countries. Now, if you were to hire the local populace, then I could see where this could work.
I'm working with the presumption that bitcoin mining is already occurring in these places, but that it's use is far from effective or efficient due to the burden of BTC fees. We already see this being the case in Venezuela, and the onboarding of many Venezuelans of late on Steemit ought to reinforce this concept. People want to earn crypto income and this would just be a pooling of the distributed hash power in these countries not an attempt to launch ones own mining operation. I'm sure as is many such mining pools already exist in these areas. But I believe the value of STEEM with it's zero transaction costs can be far more liberating to people such as this who are dependent upon the crypto income. Converting to STEEM on one's own however, given their marginal sums would prove far too costly. As such, bitcoin continues to be used as the medium of transactions in the status quo
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Thank you for collaborating with me to promote this post as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project.
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