When the crypto chips are down companies often seek alternative methods of generating income. Gaming equipment giant Razer wants to pay gamers to mine crypto using their graphics cards.
The new crypto rewards program is called ‘Razer SoftMiner’, and it enables users to put their GPUs to work mining “Silver” which according to the firm is not actually a cryptocurrency. The catch for the miners is that they don’t get to keep what they mine but will get rewarded in the way of discounts or offers from the company. In a Tweet the firm stated;
“Have a gaming rig on idle at home? Here’s a new way to score Razer Silver: launch Razer SoftMiner on your PC and start racking up Silver—one step closer to the reward you want, for doing nothing at all.”
It does come with the caveat that running the software “uses a substantial amount of your GPU power,” according to PC Gamer. The FAQ goes on to explain;
“We work with crypto mining technology to harness your computer’s GPU. In turn, we award you with Silver, giving you access to Razer’s ecosystem and suite of rewards.”
In other words the San Francisco based company will be keeping the crypto that users mine and offering them other tokens to trade for ‘rewards’. It has not specified which cryptocurrency will be mined but it will have to be one that can be done using graphics cards and not higher powered hardware. There does not seem to be an advantage for users that can simply install their own software to mine crypto which they can at least keep themselves.
Razer has added that mining speed will be affected by the specifications of the GPU and obviously the amount of idle time that can be dedicated to it. “If you have the proper setup, you can earn approximately 500 Razer Silver or more within a day!,” it added without specifying the value of this ‘silver’.
Someone had crunched the numbers and came out with a value of around $0.44 per day mining at full power, or $0.0009 per token. Another pinch is that the silver mined expires after a year so it must be redeemed before then which prevents amassing a whole lot of it.
Considering the cost of electricity and the wear and tear on the hardware this does not sound very lucrative at all. A win for Razor it seems, especially if it can accumulate enough crypto at low prices and then sell the stash when the markets recover.