AsusTek Computer Inc. has entered a partnership with GPU mining platform Quantumcloud which will allow users of its computers to mine cryptocurrencies with the idle GPU power. According to technology news outlet Techradar, the Taiwan-based tech firm will allow owners of its graphics cards to mine crypto using software provided by Quantumcloud.
How the System Works
Cryptocurrency mining involves intensive computations performed by GPUs which consume substantial energy. In the case of ASUS GPU mining, users who opt in will be able to mine cryptocurrency like bitcoin [BTC] when their devices are not occupied by games and other graphics processing activities.
When cryptocurrency is mined, they can be converted through the Quantumcloud software and withdrawn via payment processors like PayPal and WeChat client.
The partnership hopes to take away the “complexity” of cryptocurrency mining which Asus says puts discourages many from the process. The users also get to earn from the process although the company did not guarantee how much profit will be gained. “[Users] can potentially earn a passive income by installing Quantumcloud’s software,” the statement read.
Profit from crypto mining operation depends largely on energy cost and the value of cryptocurrency mined. Asus noted that users who decide to mine crypto using their GPUs will have to calculate the profit based on their usage.
“You’re probably not going to make a huge amount, so don’t quit your day job just yet, but it could prove a nice little income to buy the odd bit of DLC.”
A GDPR Compliant Mining App
According to the report Asus claimed that the process is compliant with the latest EU General Data Protection Regulation (GDPR) guidelines which ensure the privacy of consumer data such as personal and financial details. It noted that other mining apps lack this GDPR standard.
ASUS Crypto Mining Rigs
This latest crypto-related partnership comes shortly after ASUS partnered with multinational chip maker AMD, Sapphire, ASROCK, MSI, and other major tech companies to produce eight new crypto mining rigs.
Dip in Crypto Mining Demand
In general, the crypto mining industry has taken a hit following the prolonged downturn in cryptocurrency markets which have seen the value of mined coins drop more than 80 percent from their all-time highs in 2017. As Smartereum reported, the latest slump in BTC price has discouraged several miners who have decided to suspend mining or quit altogether. Mao Shixing, founder of the third-largest mining pool F2pool estimated that 600 to 800 thousand miners have now suspended bitcoin mining operations in the midst of this latest crises.
Major manufacturers of mining equipment have also reported poor returns as the demand and price of GPUs have gone down with the crypto market. Nvidia financials, for instance, showed a huge gap created by unfulfilled expectations from the crypto mining community.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.