Cudo Ventures Pioneers ‘Mining’ For Charity
Cryptocurrency business partners Matt Hawkins, Duncan Cook, and David Pedrini aim to harness cyber-currencies to raise £1B for charity The Daily Echo reports…
A TECH businessman aims to harness the power of cyber-currencies like Bitcoin to make up to a billion US dollars for charity – as well as rewarding investors.
Matt Hawkins – who sold his Westbourne-based company C4L for a reported £20million in 2016 – has spent much of his time since then getting involved with cryptocurrencies.
He is one of three partners behind Cudo Ventures, which is offering a way to turn people’s spare computing power into cryptocurrency.
Its charity platform Cudo Donate will allow people to help good causes just by leaving some software running.
Mr Hawkins, 42, said he had been looking for new ventures after selling his own company, which provided internet services and owned a large data centre in Westbourne.
“I like being at the forefront of technology. That’s always what fascinated me. I also always wanted to try and make a difference. I think we can do both now,” he said.
Cryptocurrencies like Bitcoin and Ethereum exist entirely online, not backed by any government. Before they are traded, most coins have to be released by ‘mining’, which involves devoting computer power to solve complex puzzles.
Investors can put money into Cudo Consortium, which mines several leading cryptocurrencies and offers a dashboard to show how the investment is performing. “It’s the safer way to get into cryptocurrency,” said Mr Hawkins.
Meanwhile, Cudo Mining Pool is designed for people who already have mining hardware and want to connect it to reliable infrastructure.
The platform for charities, Cudo Donate, allows businesses and individuals to raise money for good causes by devoting spare computer power to mining currencies.
Cudo says a typical home computer could raise £10-£30 a month through the method. Charities already signed up include MyTime, the Dorset project giving respite breaks to young carers; Team Rubicon; and Co-Operation Ireland.
Cudo has a data centre in Iceland using entirely renewable power, including hydro, geothermal energy and fresh air cooling.
Mr Hawkins said: “One of the criticisms of the bitcoin industry is the amount of power it uses. We’re making it carbon neutral so for anyone using our software and mining, we collate how much power they’re using and buy carbon credits against it.
“I can’t find anywhere that’s doing it. Hopefully other people will follow suit.”
Mr Hawkins’ partners in the venture are Duncan Cook, who founded the Bournemouth-based app developer 3 Sided Cube, and David Pedrini, founder of his own telecoms and IT company.
They already have a team of around 30 people working part-time on the project.
Mr Hawkins said they could have to scale up the business rapidly. “One month you could have 100 members and then a few months’ time you could have 100,000 people all generating money for charity,” he added.
The company also offers CudoMiner, a private version of CudoDonate for people who want to make money for themselves, but with the ability to automatically give a share to charity.
Charities interested in benefiting from Cudo Donate can email [email protected]