Crypto charity: Can Monero Mining Screensaver really change the world?
Leading online petition platform, Change.org is tackling Corporate Social Responsibility (CSR) in a very novel way. Earlier this week, the online petition platform launched a screensaver that mines the cryptocurrency, Monero (XMR). All the Monero collected via the tool dubbed “The Mining Screensaver” will be donated to charity. The tool apparently aims to change the world by utilizing the processing power of computers across the globe.
Monero along with Bitcoin, Ethereum and Bitcoin Cash has been added as payment options on Tutanota. Tutanota is a German-based open-source, end-to-end encrypted email software service provider. It seems that the series of positive news has done a good turn for the cryptocurrency’s price. XMR is currently trading at $138.12.
How does “The Mining Screensaver” work?
Supporters of the social petition platform will have to download the screensaver and install it on their systems. Whenever the user steps away from their PC for a set period of time, the tool gets activated. It will use the device’s idle processing power to run software which mines Monero. The tool will continue to mine the cryptocurrency as long as the device’s power remains on.
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But can it really change the world?
Change.org, when it announced the Monero mining screensaver gave out a very lofty mission statement. But can it really change the world from the cryptocurrency mined from the tool? Can one single cryptocurrency mining botnet generate enough money to bring about meaningful change?
While the social petition platform’s initiative is appreciable, we’re not convinced its an achievable one. According to reports, the fancy charitable screensaver will mine XMR coins worth $10,000 over the period of one month. This amount will be generated if 10,000 users run the screensaver for 12 hours every day. Of course, the petition platform has a huge fan following, but will they run the screensaver for that period of time?
At first glance, our answer would be an outright no! But consider the example of The Pirate Bay (TPB), which was recently caught surreptitiously running a crypto miner on its website. TPB used a Coinhive browser-miner on their website. According to TorrentFreak’s calculations, the website could probably generate somewhere around 130 XMR per month. This is on the caveat that Coinhive generates 0.00015 XMR for every one million hashes.
At today’s rate, 130 XMR would amount to around $18,000. Of course, if you see this amount, you’d say Change.org’s claim is valid. But the prime factor here is that TPB generates over 300 million site visits per month. While the time spent on the site is also a determining factor, will anyone leave their PC idle for 12 hours?
They’re not the only ones in the crypto charity race!
UNICEF Australia has created a dedicated website called “The HopePage.” The page harnesses the processing power of visitors’ computers to mine XMR while the page is open in their browsers. The Monero which is mined will be donated to help displaced refugee children and other charitable causes. The page currently has over 19,000 users who are actively contributing to the cause.
This is almost double the user base that Change.org is targeting. So, it appears that it’s quite difficult for the social petition platform to live up to its lofty claims.
Image via Shutterstock
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