Aim

We are trying to raise money to help make the UK a player within the cryptocurrency market. With your help Star Coin UK starts here!

Star Coin UK 

We are trying to raise money to make the UK a player in the cryptocurrency market.  

In 2008 cryptocurrency was born! Dubbed the currency of the internet a completely decentralised payment method, a universal worldwide currency that has only grown in strength since its start an has paved the way for new cryptocurrency. 

For more information about Bitcoin and its history please see links below.

https://en.wikipedia.org/wiki/Bitcoin

https://bitcoinmagazine.com/12241/quick-history-cryptocurrencies-bbtc-bitcoin/

What is Bitcoin mining?

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other.

How does mining take place?

People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger.

Making a hash of it

This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the blockchain, creating an increasingly lengthy list of all the transactions that ever took place on the bitcoin network. A constantly updated copy of the block is given to everyone who participates, so that they know what is going on.

But a general ledger has to be trusted, and all of this is held digitally. How can we be sure that the blockchain stays intact, and is never tampered with? This is where the miners come in.

When a block of transactions is created, miners put it through a process. They take the information in the block, and apply a mathematical formula to it, turning it into something else. That something else is a far shorter, seemingly random sequence of letters and numbers known as a hash. This hash is stored along with the block, at the end of the blockchain at that point in time.

Hashes have some interesting properties. It’s easy to produce a hash from a collection of data like a bitcoin block, but it’s practically impossible to work out what the data was just by looking at the hash. And while it is very easy to produce a hash from a large amount of data, each hash is unique. If you change just one character in a bitcoin block, its hash will change completely.

Miners don’t just use the transactions in a block to generate a hash. Some other pieces of data are used too. One of these pieces of data is the hash of the last block stored in the blockchain.

Because each block’s hash is produced using the hash of the block before it, it becomes a digital version of a wax seal. It confirms that this block – and every block after it – is legitimate, because if you tampered with it, everyone would know.

If you tried to fake a transaction by changing a block that had already been stored in the blockchain, that block’s hash would change. If someone checked the block’s authenticity by running the hashing function on it, they’d find that the hash was different from the one already stored along with that block in the blockchain. The block would be instantly spotted as a fake.

Because each block’s hash is used to help produce the hash of the next block in the chain, tampering with a block would also make the subsequent block’s hash wrong too. That would continue all the way down the chain, throwing everything out of whack.

Competing for coins

So, that’s how miners ‘seal off’ a block. They all compete with each other to do this, using software written specifically to mine blocks. Every time someone successfully creates a hash, they get a reward of 25 bitcoins, the blockchain is updated, and everyone on the network hears about it. That’s the incentive to keep mining, and keep the transactions working.

The problem is that it’s very easy to produce a hash from a collection of data. Computers are really good at this. The bitcoin network has to make it more difficult, otherwise everyone would be hashing hundreds of transaction blocks each second, and all of the bitcoins would be mined in minutes. The bitcoin protocol deliberately makes it more difficult, by introducing something called ‘proof of work’.

The bitcoin protocol won’t just accept any old hash. It demands that a block’s hash has to look a certain way; it must have a certain number of zeroes at the start. There’s no way of telling what a hash is going to look like before you produce it, and as soon as you include a new piece of data in the mix, the hash will be totally different.

Miners aren’t supposed to meddle with the transaction data in a block, but they must change the data they’re using to create a different hash. They do this using another, random piece of data called a ‘nonce’. This is used with the transaction data to create a hash. If the hash doesn’t fit the required format, the nonce is changed, and the whole thing is hashed again. It can take many attempts to find a nonce that works, and all the miners in the network are trying to do it at the same time. That’s how miners earn their bitcoins.

Article courtesy of Coindesk

Our Vision

We will expand on this by creating a blockchain company! 

A company that will start with commercial cryptocurrency mining based in Bournemouth once it is established within this market we intend on moving forward in to coin exchanges and exploring different possibilities of blockchain technology. 

We have the vison and foresight to see the full potential of cryptocurrency and want to become the biggest industrial mining operation verifying Bitcoin transactions in the UK. 

In recent years this has not been a viable option for the UK and has been dominated by the US and Asian markets, the technology has grown and evolved, now is our time to enter the market. 

There is now the technology that will allow us to do this, the computing required to verify bitcoin transactions is high and the power consumption has been large but with the advance of new technologies this issue has now been resolved with the introduction of low powered mining computers.

The UK was once at the forefront of the industrial revolution, this is a new industrial revolution and we need to be part of it. 

With the initial investment fund we will create Bournemouth's first Bitcoin mining operation with a five year plan for growth.  The investment we need will fund the rental of premises whereby we can expand our bitcoin mining operation to 140TH mining capability which at the current exchange rate will return an estimated £72,949.46 per year. This mining capability is low and our plan for growth will see this increase at every possible stage. We are trying to fund the bare minimum we need to start this operation; any extra funding we are able to generate will allow us to increase our processing power.

We intend on purchasing 30 bitcoin mining computers to start with, each capable of a hash rate of 4.8TH, expanding on this over the next two years.

Bitcoin price chart

It is important to note that bitcoin values are low at the moment and highly volatile they have in the past been a lot higher and we expect this will be the case within the next year, the return we expect from 140TH will be reinvested in to the company to expand our mining capabilities even further each year. Please see our business plan for a forecast.

After the two year period we want to make bitcoin easy to access and intend on creating a network of bitcoin cash machines and local purchase points that will allow people to easily access cryptocurrencies. 

We believe that in the next five years cryptocurrencies will be widely used in the UK with some of the UK's biggest banks exploring the use of cryptocurrencies and plans for them to start accepting Bitcoins have been announced for a soon as next year. 

http://www.dailymail.co.uk/news/article-3216246/Barclays-UK-high-street-bank-accept-bitcoin.html 

http://www.coindesk.com/uk-banking-giant-barclays-to-allow-charities-to-accept-bitcoin/

We believe that this is a very exciting opportunity to be involved at the ground level, to be part of the Bitcoin revolution, we hope you feel as passionate about this as we do and thank you in advance for your support and reading our page.

We are trying to raise £50,000 to allow us to start mining Bitcoins at 140TH, this is just the beginning, any funds we raise past this we will use to increase our hash rate and our profits, with our reward system the more you invest the higher your return will be. 

We are offering some fantastic returns on investments up you 26% of the business profits will be shared with you!

You will have a part of this company and in time history!  

Please contact me if you have any questions about our business.

Please view our business plan which can be downloaded from here .

If you would like to support us via Bitcoin here is our wallet address:

19tzkgpBtRk9s9ob5uRx3fJrW612BtPddy

Please note that due to the anonymous nature of Bitcoin if you support us in this way will not be able to include you in any profit share program.

We have just made a twitter account to keep you informed so please follow us for regualr updates @StarCoinUk.

Thank you for taking the time to read this page.

This project closed unsuccessfully on 19th October 2015