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More importantly, one major challenge is finding an income source to fund the money that the server will be giving away. I considered in-game marketing the players, but that goes against the Mojang EULA.
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In-game advertising is technically against the EULA.
You might want to consider Minetest, which comes without an EULA, and has gained quite some traction lately. Having a fully open sourced codebase would be more alongside with Bitcoin's transparency anyway.