GridCoin is a proof of stake cryptocurrency that is used to reward people who donate CPU and GPU time to scientific projects using the Berkeley Open Infrastructure Network Computing (BOINC) application. You can choose between well known projects such as the Large Hadron Collider(LHC) and the Search for Extraterrestrial Intelligence(SETI) or lesser known but important projects like cancer and pharmaceutical research. You can get started with no investment by pool mining.
On January 9th GridCoin hit an all time high of $0.207. But since the correction it has dropped to ~$0.100 which is about 50% of the all time high and is a perfect time to start solo mining or investing. For the wallet I recommend downloading blocks and letting it sync from there which can take a few hours. After you have set up the wallet and BOINC you can buy Ethereum(lower fees than Bitcoin) with USD at Coinbase(referral link) then trade it for gridcoin via an exchange like Flyp.me which doesn't require an account. 2,000 gridcoins are generally considered necessary to reliably stake.
Cryptocurrencies are only going to get more popular and GridCoin is one of the only cryptos that is helping to make the world a better place instead of needlessly wasting electricity. Now is the best time to participate in citizen research and reap the rewards.
Disclaimer: This is meant as an informative post and is not financial advice or a recommendation to buy.
Flyp.me right now does not send out or accept GRC. That is probably temporary (they still accepted yesterday), just mentioning it that people are not confused.
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Ah, thanks for the heads up. It was working for me yesterday.
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So what has the gridcoin price to do with the decision to go solo crunching?
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To go solo, you have to acquire a certain amount of GRC (about 2000 as he writes) to be able to get rewards in a pleasant amount of time. Now, that the price is low/er, this is easier than when it rises again.
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So you are rather suggesting to invest now. This is totally fine, but i can also stay in the pool till it payed me 2000grc or stay in the pool for convenience or because i like it as an account manager.
I went solo half a year ago, also because i want to secure the network. Just pointing out that the price is not one of the greater impacts on going solo :)
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Okay, so we're in the same camp then :) I think it can be one of the greater impacts though, if you only have a low mag (lets say 4) make 1 GRC a day therefore and would have to pool-crunch for several years to be able to go solo.
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Rewards for doing research on BOINC are given to solo miners when they stake a block. Your chance to stake a block is based on how many coins you have so if you don't have enough you might not stake in the ~6 months before the record of your research is lost. So a low gridcoin price means you can get more gridcoin for cheaper to allow you to stake and receive your research rewards.
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Anyway of getting GRC through Credit cards or Paypal?
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You can do it through coinbase but you need to get verified first and the fees are higher.
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can you buy and sell GRC on coinbase? or just those highcap altcoins?
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Only bitcoin, ethereum, bitcoin cash, and litecoin.
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