#BailBloc is a #nonprofit that has chosen a different approach to #utilize #funds obtained from #cryptocurrency #mining. The #organization aims to use the proceeds of mining monero (#XMR) to post #bail for those who cannot afford to do so.
The Bail Bloc movement is pioneered by The New Inquiry, an online publication, and the #Bronx Freedom Fund. Both organizations have already been making contributions towards this cause for some time now.
The concept of bail has been challenged several times in the past. Some argue that it effectively punishes only those belonging to #economically #disadvantaged sections of #society. People who cannot afford to pay the prescribed bail amounts are detained for extended periods of time, even though they have not yet been convicted of any crime. These reasons are why Bail Bloc wants to post bail for as many incarcerated individuals as possible.
Anyone can now visit the movement’s website to download the app and begin mining on their computer. The organization promises that all proceeds from the mining will go towards the bail of individuals classed as ‘low-income’ currently being detained in the #NewYork City area. They hope to expand to several other cities in the near future.
Mining cryptocurrencies for profit is a not new idea by any means. It has gone up and down in popularity ever since the introduction of #Bitcoin in 2009. In 2017, the computer #hardware market saw great supply shortages due to an overwhelming number of people purchasing components to mine ether.
Bail Bloc has chosen to mine #Monero primarily because it is an #ASIC resistant cryptocurrency, which basically means that consumer-grade computers can be used to mine it. This is in direct contention with some other digital currencies, most notably Bitcoin, that require specialized hardware for mining to be even remotely possible. Also, Monero’s value relative to the US dollar has remained largely stable over extended periods of time, another divergent trend from larger cryptocurrencies.
Bail Bloc collects absolutely no identifying information from the user when they download the app and begin mining. Furthermore, Monero was created to be completely anonymous