AN ARTICLE ON THE CONCEPT OF CROWD FUNDED MINING PROJECT

AN ARTICLE ON THE CONCEPT OF CROWD FUNDED MINING PROJECT

Image reference : Google image

Definition of Crowd funded mining

Crowd funded mining is the practice of funding a project or venture (mining in this case), by raising many small amounts of money from a larger number of people, typically via the internet. [1]

Image reference : Google images

*Ownership

The ownership is based on the amount of shares owned by each person. This amount of shares is dependent on the amount of SBD donated by each investor, with respect to the total SBD required. The total SBD required is 330 SBD, hence 1% would mean a donation of 3.3 SBD.

Confirmation

Nanopool will be the mining pool used in this project, and all investors will be given a login access to the nanopool monitor, so that everyone who has invested will know what is happening in the system at every given point in time.

Profit

Being that we are mining in ETH, all the profits will be shared in ETH, with respect to the investments made, hence all the investors will have to open ETH accounts, since the profits will not be converted to SBD, but would remain in ETH.
This is surely a mind-blowing opportunity that has never been advertised by @uxair anywhere else but on steemit.

Setup time

After the crowd funding is finalized, the hardware will be purchased in the space of 2 days, and then be setup in the space of another 2 days. This then means a total of 4 days after funds have been gathered.

BUDGET FOR THE MINING RIG

Here are the specifications of the various components of the joint mining rig
Mother Board : ASUS B-350-F ----------$180
PSU: Thermaltake 630W x2 -------------$140
Processor: Intel Pentium G4400 --------$70
Riser Cards x6 v007 ------------------------$60
Sapphire Nitro + RX580 x6-370 x6------$2220
Casing and Electric Board -----------------$30
SSD 120GB-------------------------------------$60

TOTAL: $2760

A goodnews is that @uxair, has decided to make his keyboard, mouse, and monitor, available for the project, so as to minimize cost of the project. The rig itself will cost 330 SBD.

Example of people who have joined the system already

Two partners have joined the system as shown in the picture below:

Image reference : https://steemit.com/mining/@uxair/crowd-funded-mining-rig-update-announcement-for-members

Quick guide on how to join

• Open your wallet
• Send any amount of SBD to @uxair (minimum of 3.3 SBD which will give you 1% stake)
• Write crowd funding mining deposit in the memo and that’s it.

PROS AND CONS OF THIS CROWDFUNDING MINING

PROS

• Saves time and money: Instead of doing endless rounds of banks and the offices of private investors, you can organize your crowdfunding strategy very quickly.
• Crowdfunding gives you easy access to capital, as compared to traditional means.
• Crowdfunding is a great means of advancing networking: Because you need a large fan base to carry out a crowdfunding, this fan base is a source of networking.

Cons

• Makes your project inflexible: Once you receive the funding you need, you cannot make drastic changes to your offering. Because of the requirement of a high reputation perception of the entrepreneur in the mind of the investor, the thought of making any major change can affect trust levels.

3 REASONS WHY YOU SHOULD PARTICIPATE IN THIS VENTURE

• It’s a means of diversifying your investment into the area of bitcoin mining.
• It is a limited investment, in that a certain amount of SBD is needed, meaning that the available slots are limited. Also, this investment will produce a high reward, because of the planning and experience of @uxair involved.
• Finally, because of the volatile nature of cryptocurrencies, the possibility of your investment increasing in value is high. This is in addition to the profit you would gain from the mining.

For more information, follow the following links

https://steemit.com/mining/@uxair/crowd-funded-mining-rig-update-announcement-for-members

https://steemit.com/mining/@uxair/mining-rig-setup-crowd-funding-proposal-investment-oppurtunity-2018