- The Pineapple Fund was the vehicle through which they would make charitable contributions, and the donations were made to 50 different charities.
Aleaving community posted on Reddit that one Redditor who got rich after becoming an investor or a miner donated millions of Bitcoins because they realized he/she owned more than they needed.
They said, “Hey I’m gonna donate a good portion of it to charity and to people in need. This is their original post that they posted almost 6 years ago.” They began donating to the community in 2017, and in the span of two years, they gave over 5100 bitcoins, which were worth around $90 million at the time.
Through Pineapple, they would make charitable contributions to other charities and donate around 5104 bitcoins to more than 50 different charities. At that time, 5057 Bitcoins were donated, and they were initially worth about $85 million, and they donated another 47 Bitcoins.
For the donation, Bitcoins are sold in fiat currency (USD) and then directly donated to some well-known or less-known charities. In the original thread and other threads, Redditors suggested some charities, including $5 million to GiveDirectly, $5 million to the Open Medicine Foundation, $1 million to the Water Project, $1 million to EFF, and some to smaller charities.
To apply for a potential donation, they also created applications for charities on their website. As per the Pineapple Fund and the website’s owner, over 10,000 applications were submitted, and donations were made to about 60 charities.