James 1:27 ESV: 27 Religion that is pure and undefiled before God the Father is this: to visit orphans and widows in their affliction, and to keep oneself unstained from the world.
What is Proof of Orphan Mining (POOM)?
Rather than push your CPU to perform proof of work (PoW) hashing to possibly mine a BiblePay block, you can sponsor an orphan (in Cameroon currently) and receive BiblePay (BBP) for that mining activity. You receive the daily BBP value of $1.33 USD to match the $40 USD monthly sponsorship cost.
With the price of BiblePay (BBP), how many “orphans” can this algorithm support and is this a sustainable model?
The budget currently for Generic Smart Contract (GSC) campaigns is about 487k BBP daily, and Proof of Orphan Mining (POOM) receives 47.5% or 231k BBP daily according to oncoapop’s emission table.
GSC Campaigns 487k BBP, and POOM daily budget 231k BBP
How many orphans can POOM support?
The number of orphans that can currently be support is above 50.
Look at the chart below for supportability for the last 30 days.
I took the historical data at CoinMarketCap and took the daily average of the open, high, low, close.
Then you take the Average USD price and multiply it be 213,604 BBP.
Divide that by $1.33 and you get the number of orphans that can be supported on a daily basis.
You can see when the price of Bitcoin was higher or if the BBP/BTC pair is higher than 3/4 satoshi, then more orphans can be supported under POOM. Currently, there seems to be support floor at 50 orphans. Current count, there are 14 orphans being supported, so there is more room for orphans to be supported assuming the Average USD price of BBP does not fall any lower.
Even if the Average USD price dropped to 1/3rd the current value, the 14 orphans could be easily sustained up to 20 orphans. If the BiblePay price crashes, you may not receive 100% back with a drop in BBP price, but a big percentage of the $40/mo would still be paid to you in BBP. In light of this, the risk is small to help Cameroon “orphans” in a meaningful way through sponsorship.
In the end, you will have helped improve the lives of orphans. Let’s be grateful for having the opportunity to serve and be involved in helping the poor around the world. Let’s follow the message of Jesus Christ in helping the poor. Thank you Jesus for your sacrifice and life thereafter!