The State of Gridcoin: Charts, Statistics and Figures



Gridcoin was in a sideways lull for most of the summer, oscillating between 300-400 Satoshis on Bittrex and Poloniex, but the past two months have been very exciting - to say the least. September ushered in a massive bull market that has propelled this innovative cryptocurrency to a new all-time high of 2088 Satoshis (0.00002088) - a six-fold increase in the space of two months! According to figures provided by Coinmarketcap, Gridcoin is currently ranked 20th with a market capitalization of $1,809,350.

Membership Statistics:

This rapid appreciation of the GRC/BTC exchange rate has also had very tangible knock-on effects on the growth of Gridcoin's user base. I compiled some figures from Boincstats.com, which very clearly illustrate this trend. Team Gridcoin had a steady influx of new members throughout the month of August, averaging about 2.9 new members per day, with a few sporadic jumps here and there.

Gridcoin-August-2015-New-Members


However, the data for September clearly shows a surge in new Boinc members joining Gridcoin. The average jumps to 7.5 new members per day, with a total of 225 new members for the month of September.

Gridcoin-September-2015-New-Members


Although there is still two weeks left of October, the membership statistics for this month are even more telling. Team Gridcoin has received 260 new members in the last 17 days, and is currently averaging about 15.3 new members per day. That is almost double the average of September and we're only half way through October!

Gridcoin-October-2015-New-Members


Faucet Statistics:

Gridcoin's official faucet provides a small amount of GRC to newcomers who can show that they have already joined team Gridcoin, and have done some work on the Boinc project of their choosing.
Log data provided by the official Gridcoin faucet shows a very sizable increase in the amount of faucet request, and also in the amount of disbursed GRC in the past two months. Data for September revealed 103 unique faucet requests, which totaled about 30,074 GRC. The first 17 days of October posted much higher figures, coming in at 248 requests and approximately 82908.3 GRC being dispensed.


Other Developments:

The recent streak of good fortune the Gridcoin community has experienced over the past two months seems to have caught the attention of one prominent Australian economist, John Quiggin. In one of his recent articles on digital currencies (Bitcoins are a waste of energy - literally), Quiggin points out the 'useless' nature of the calculations performed in the Bitcoin mining process and the environmental damage that will result if this type of mining continues unabated.
"In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done."
"Fortunately, it's unlikely that Bitcoin will survive long enough to generate the environmental disaster that would arise if it became a major part of the financial system."
In contrast to Bitcoin's POW (Proof-of-Work) mining, Gridcoin was specifically designed to divert electricity to Boinc scientific distributed computing projects via its POR (Proof-of-Research) mining algorithm. This is probably why John Quiggin took a liking to Gridcoin on Twitter:


Conclusions:

Based on the membership figures and faucet data, it would appear that the recent price increase has provided sufficient incentive for many miners and first-time digital currency users to join the altruistic vision behind Gridcoin. If GRC/BTC continues to drift higher, or even if it trades in the current range, it would not surprise me to see an even bigger influx of new Boinc members in November and December.



Sources:
http://www.abc.net.au/news/2015-10-06/quiggin-bitcoins-are-a-waste-of-energy/6827940
http://pool.gridcoin.us/FaucetStatus.aspx
http://boincstats.com/en/stats/-1/team/detail/118094994/memberMovement

The Free Gridcoins Guide



There are several different methods by which you can expand you Gridcoin holdings without spending a single penny of your own funds. The quickest way to obtain GRC is through the faucet system that several generous members of the community have setup. The faucets are designed to get newcomers familiar with digital currencies and to also give a small amount of Gridcoins to existing Boinc participants in order to welcome them into the Gridcoin ecosystem.

Faucets: 

Gridcoin.asia Faucet: http://faucet.gridcoin.asia/

Rules: This faucet dispenses 1-3 Gridcoins every 3 hours and does not record IP address of past users. The only limitation is that the same IP cannot request coins within 3 hours of a previous request. This faucet is operated by a long-time member of Gridcoin community, sEpuLchEr.

Cryptospout's Hourly Gridcoin Research Faucet: https://cryptospout.com/faucet/hourly_gridcoin_research_faucet.html
 
Rules: This faucet dispense GRC every hour, but in much smaller amounts than the other faucets. The amounts are usually between 0.194 on the low end, and up to 0.389 on the high end. 

USCORE: http://uscore.net

 
Rules: The USCore page is run by GRC Nation, an enthusisat Gridcoin community based in Germany. USCore isn't really a faucet in the traditional sense, and users are required submit their email address in order to receive the free coins.


Tip Bots:

Another great way to receive and earn some GRC is to join the Gridcoin IRC chat on Freenode. Many members of the community frequently 'Tip' members of the chat group for helping out new members and contributing useful content. Sometimes you may even get tipped because someone just happens to be in a very generous mood:

 

IRC Games:


There is another IRC channel where users can play various games and earn GRC for winning: Gridcoin-Games. The games do not require any monetary investment from users and are actually quite fun to play. Some games such as "Scramble" require users to decipher words in order to get a small 1-2 GRC reward. If you can't invest much or have some spare time to kill and want to have some fun, the games IRC channel is a great way to kill some time and maybe win some coins.

 
Forums:
 
The official Gridcoin forum is full of generous members who frequently go out of their way to assist newcomers with advice and small amounts of GRC: https://cryptocointalk.com/topic/32833-starter-coins-for-beginners/