** XMR+BBP parternship appears to be a success **
I'm very pleased to announce a small update regarding our RandomX initiative.
First, tallying our April revenue from RandomX (sourced from foundation.biblepay.org and miningpool.fun), we have raised 1.13 XMR between April 1st and April 21st. Even more exciting, with the higher recent trend (collecting the full 10% tithe over the last two days), it is projected at our current mining level (of 2.0 MH/S in the foundation pool), that we would actually be raising 3.0 XMR by the end of April! This means that with our very tiny initial launch, we are already on track for raising about $180 in orphan charity in one single month! Although this is relatively meager, it's a pretty big dent in our current orphan sponsorship level (75 orphans at $2,645.00 per month paid via POOM). Or another way to look at it, we are on track to raising 6.8% of our child sponsorship expenses in our very first month of operation.
The other equally important facet of this initiative is we have successfully found a way to eliminate 100% of the drawdown on the BBP currency ticker (remember, in the past, with our huge orphan charity expenses, each time we liquidated for compassion, we sent our price spiraling down by 70% as we raised money for orphan charity); those days appear to be over! If we move entirely to the new model (XMR charity liquidations) there will be no drawdown on the BBP price! (Except for the effect of normal mining liquidations). But even that aspect has a very positive change. With our XMR-BBP partnership, it can be viewed that the lions share of the miner's electricity bills are already paid (via the personal mining XMR reimbursement). Meaning that this ecosystem allows us an unlimited growth potential without drawing down our price for mining rewards.
SAI.ngo news: I received a message from Stephan at SAI. We have been working on a deal to sponsor 30 more Venezuelan orphans for $20 per month. The deal has been delayed for two reasons: they are operating in emergency mode due to coronavirus. Secondly they are having some type of governmental issue at the branch. Steven will follow up with me within 30 days, once he confirms that the local branch is creating the bios. In the mean time, we can mine against our extra cameroon-one children. (I am setting up 10 outside of poom for this purpose, but keeping the bios and accounts active).
Future:
I believe we need to scale up what is successful, and what works for us. We have quite a bit of room with POOM to improve our RandomX ecosystem. Note that I am not the type of person that wishes to start a relationship and break it, so I feel we must do this slowly (over the next 8 months). The idea is to slowly phase out POOM and phase more RandomX rewards in. We can do this without hurting our relationship with Cameroon-One, by keeping the children sponsored but paid for with RX. I'm monitoring GlobalGiving for matching opportunities. If we can find a match, I will jump in and create a BiblePay match account, move the child from Poom to GG, and then we can allocate XMR revenue towards those children, etc.
What this means from a mining perspective is we can raise the heat mined reward as we scale back POOM rewards. For example, if we lower the POOM reward 20% in our June release, we can raise our heat mined reward the effective amount up. It might rise from 2482 per block to 3482 per block, for example.
Exciting times!
Latest messages at:
https://forum.biblepay.org/index.php?topic=517.new#new
