Nasty Mining

Nasty Mining is not a traditional physical crypto-coin producer (if the word ‘traditional’
could ever be used for the subject), but rather a ‘Bitcoin mining operation’ run by an
anonymous individual known as ‘OgNasty’.
NastyFans is a sort of ‘club’ with 30,000 ‘seats’ (memberships). It’s premise is unusual: it is
an ‘unofficial fan club’ of ‘Nasty Mining’ which is run by another anonymous individual
known as ‘nonnakip’. ‘Seats’ can be bought from the club, or they can be bought and sold
like an asset amongst members. ‘Nasty Mining’ donates all of the bitcoins it mines to the
club along with half of revenue from coin sales. In turn, 75 percent of these donations are
distributed amongst the 30,000 ‘Seats’ while the remaining 25 percent is saved for mining
equipment purchases. Thus, owners of ‘Seats’ regularly get BTC deposits. This makes the
seats somewhat comparable to shares in a bitcoin mining co-operative, though this system
is much more unique.
The club has created its own mining pool ‘NastyPool’, iOS app, Windows app, shirts, and two
types of coins. The first type of coins are simply promotional keepsakes, whereas the second
type are much more special. The second type are known as ‘Minted Seats’. These come in 1,
2, and 5 seat denominations. The receiving address of bitcoin ‘donations’ for the seat(s) is the
same as the coin’s, and these proceeds are thus secured by the hologram. They are the only
coins that receive planned BTC deposits, though they are not guaranteed. Each coin’s public
key begins with a version of a sequential ‘1Nasty’ address unique to the coin’s version. The
coins themselves are produced and sold by OgNasty.
What exactly is a ‘mining pool’? It is a significant network of computers which pool processing
power to mine bitcoins as one entity. As large numbers of computers are constantly running
calculations to ‘uncover’ bitcoin, an essentially random computer is awarded a ‘block’ of
bitcoin at every given interval. This means that a normal computer mining bitcoins alone is
an incredibly risky undertaking, because the likelihood of finding a ‘block’ is so unpredictable
and could easily take several years. The solution is to connect the bitcoin miner to a mining
pool which has a statistically larger chance of mining a predictable amount of bitcoin.
Individual owners of computers are then paid for their share of the pool’s processing power
(for example, a pool earning 10 BTC per day would pay 0.1 BTC to a computer contributing
1 percent of the computing power.

Showing all 6 results