Razer, the gaming equipment giant, based in San Francisco wants to pay gamers to mine crypto using their graphics cards.
The new crypto rewards program is named ‘Razer SoftMiner,’ and it allows users to put their GPUs to work mining “Silver” which as per the firm is not a cryptocurrency. However, users won’t be able to keep what they mine, but they will get rewarded via discounts or offers from the company.
In their FAQ section, the firm explained that they work with crypto mining technology to harness your computer’s GPU. The firm will award the user with Silver, giving them access to Razer’s ecosystem and host of rewards.
Thus, the company will be keeping the crypto that users mine and providing them other tokens to trade for ‘rewards.’ So far they have 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.
For users who know how to install their own software to mine crypto, Razer doesn’t offer any advantage, as these users can at least keep the mined crypto themselves.
Moreover, Razer has stated that mining speed will be affected by the specifications of the GPU and, of course, the amount of idle time that can be dedicated to it.
The company stated that with a proper setup, a user could earn about 500 Razer Silver or more within one day, but they did not specify the value of this ‘silver.’
Someone else ran the calculations and came out with a value of approximately $0.44 per day mining at full power, or $0.0009 per token. Another issue is that the silver mined expires after a year so it must be redeemed before then which prevents people from compiling a whole lot of it.
Due to the cost of electricity and the wear and tear on the hardware, this does not sound very lucrative at all. It seems to be only a win for Razor, mainly if they can accumulate enough crypto at low prices and then sell the stash when the markets are up.Jessica Zeitz