Cthulhu Cryptocurrency Released, Eldritch Horror Ensues

Cthulhu Bitcoin

A developer has released a cryptocurrency named after one of H. P. Lovecraft’s most well-known and timeless creations

Unspeakable horrors await the enthusiasts of cryptocurrency who mine the dankest catacombs of the web’s most isolated corners for their precious altcoins: Cthulhu is back, and this time he manifests in the form of digital currency.

Cthulhu is a creation of supernatural horror writer H. P. Lovecraft, who introduced the deity in his 1926 short story “The Call of Cthulhu.” The fictional entity is considered to be among the Great Old Ones of the Lovecraft Mythos, ancient extraterrestrial gods who once ruled over the Earth but now slumber below its depths.

“The time draws near, the return of The Great Old One is upon us,” the developer of the cryptocurrency wrote in a post on the forum Bitcointalk back in September. “Join us in our ritual.”

The growth of the cryptocurrency, dubbed Cthulhu Offerings, has been slow but steady since it was announced in September. The “ritual” refers to the distribution of coins, or OFF. Like Bitcoin and other cryptocurrencies, users are able to run the OFF client to slowly generate more coins. The algorithm will adjust the difficulty of mining when half of all the coins are generated so as to pace the release of coins.

From the Bitcointalk post:

During the first and second weeks of the ritual, sacrificial amounts are placed in special, once a day blocks. These blocks are a reward to the worshipper for sacrifice made. During the third and fourth weeks of the ritual the rewards build, small at first, then larger as the worship increases with fervor. During the last five days, the ‘Tharanak shagg,’ or “promise of dreamland,” the ritual reaches final pitch and the daily special blocks are highly increased. Finally Cthulhu will return after the xx665th offering has paid tribute to the Great Old One and he will bestow a bounty deserving of Him upon one lucky worshiper. The ritual can be repeated after six months time, following the great halving.

OFF users have adopted their own slang: coins are “offerings” or “blessings,” the users themselves are “cultists,” and the mining that they do is known as “sacrifices.”

One user commented:

Is not the ultimate love darkness? Is not the ultimate peace, in fact, death? I pray that you amend your offerings to make right that which doth has wronged… 

According to altcoin tracker Cryptocoinrank, 1.8 million OFF have been mined so far, and the price stands at $.00031 per coin. According to the developer, there are no plans for it to “blow up” or go “to the moon.”

In an email to The Verge, Adam McKinney, the developer of the cryptocurrency states, “Offerings was released near the equinox and designed to fit in to the Cthulhu/Illuminati mythos… Its rewards are designed like a ritual and it’s fairly rare as far as alt coins go. It was not released to make money or even to be profitable—it was released because Cthulhu deserves a way for people to waste electricity in his name.”

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