3 hours ago · 2 min read
Gamers have a new way to mine cryptocurrency with their high-powered PCs
GamerHash combines unused CPU and GPU of gamer devices to mine cryptocurrencies.
Formed in 2017, GamerHash is a well-established project with just under 1 million users and a solid commercial base. In fact, given the commercial premise of the project, it is surprising there are not more copycat companies following their business model. However, it would be hard to catch up now given their early player advantage.
In a nutshell, GamerHash combines unused CPU and GPU of gamer devices to mine cryptocurrencies. It only works on gamer devices with their powerful graphics cards. No extra electricity is consumed; it takes advantage of the electricity already being used. The software automatically selects which cryptocurrencies to mine from a basket of twelve. The user is unaware of the details but receives a reward in Bitcoin.
The cost of these gamer machines is typically between $4000 and $5000. The more powerful machines are capable of mining more cryptocurrency, but an average machine can generate approximately $100 a month – enough to pay for bills or purchasing digital services or items, while the more powerful machines can earn around $250 per month, providing a possible decent payback of just over a year.
So, the gamer who typically has the machine on 24×7 can earn a passive income without expending extra cost.
The rewards are accrued on a daily basis and once a modest threshold is reached, they are sent to the gamer in BTC and as a bonus, they also get GamerCoin GHX – which they can send to their private wallet such as MetaMask.
GamerHash has also set up a marketplace offering access to big-name brands such as Netflix, Fortnite, Apple and in Poland the GamerCoin can be used in more than 500 IRL stores such as Starbucks.
There are two thrusts behind GamerHash – the first is that it allows gamers to earn value without having to access a bank or credit card. The second is the vision of growing the world’s largest self-financing supercomputer on gaming computers voluntarily contributed by players.
Given that there is an estimate of 3.24 billion gamers worldwide, that’s some army.
But there is more, even if interested parties do not have access to these powerful gaming machines, GamerHash has built-in a Play2Earn model, soon to be available as a mobile app. Users devote their time to simple activities and earn the GamerCoin which can be spent in the GamerHash marketplace.
The main business was launched in South Korea, although the founders are from Poland, with a focus on South East Asia currently.
As Artur Pszczolkowski, CMO and VP of GamerHash explains:
“Everyone with a standard gaming PC can download our app which works in the background, much like a screensaver. The magic sauce of our product is the algorithm that selects the most appropriate cryptocurrency without the gamer needing to do or know anything about the mining. The cryptocurrencies selected for mining tend to be the second level of coins – as cryptocurrency such as Bitcoin is too expensive to mine – so we generally look to mine coins such as Ethereum Classic, Monero, Ravencoin – basically coins operating on proof of work consensus.”
Again the gamers do not need to know about these coins as they are paid in bitcoin and GamerCoin (GHX).
“Other projects in this space typically only offer in-game coupons, but we like to give real value. As it happens two-thirds of our users tend to spend their rewards on the platform and so most of the money earned stays in the ecosystem.”
The marketplace currently has more than 600 digital products for sale, some of which are country-focused. More POS options are being rolled out as GamerHash enters new markets.
“We are also deeply involved in the gaming industry and are early members of the Blockchain Game Alliance with well-known names such as Sandbox, Ubisoft and Polygon. We have been talking NFTs and the metaverse long before it became trendy. The early onboarding of gamers in South Asia who didn’t have GPU cards were instrumental in our setting up the Play2Earn model and now we are also looking to partner with mainstream games that are browser-based such as Games of Thrones.”
GamerHash has been busy setting up partnerships, its OG standing allowing it to make great connections.
Its native token, GHX, is listed on a number of exchanges including Bithumb, KuCoin and Bitcoin.com.
“But we are only aiming for the top 15 exchanges. We see it becoming the GamerCoin used extensively on our marketplace – which is growing exponentially.
Pszczolkowski has big plans for the future and it includes Europe and traditional tech giants.
“We knew we wanted to work with the biggest gaming corporations on the planet and work with Microsoft, IBM, HP etc. so we needed to have all our compliance and regulatory requirements in place. We choose Malta as a natural base as that country is working hard to make crypto compliant.”
“We needed to be fully legit and we used the crypto winter to do the paperwork required to be licensed in Europe through Malta. We really are 100% crypto legit.”
The roadmap for GamerHash is more of an autobahn given its speed of rollout. It expects to have cracked the million user point, in the first quarter of 2022. It is also launching a major NFT marketplace and will offer staking for GamerCoin holders.
“We are also going to start burning tokens starting this month (December) up until June. We intend to burn 72 million out of the total 880 million – so 8% in total over the next six months. This will be great for the community but also we want to emphasize that these tokens are coming from the team pool.
“We are here for the long term and committed to the project.”
Part of the fun aspect to this project is that they partnered with Sandbox more than a year and a half ago – buying a plot of land which they intend to turn into a GamerHash headquarters. Gamers will be able to come to look at the NFT gallery (working with Counter-Strike) and buy the marketplace products.
“We are also setting up a GamerHash NFT fund which will be worth $1million to buy NFTs which we can also present in our gallery on Sandbox including the Counter-Strike NFTs.”
Finally, Pszczolkowski finishes with a humorous anecdote from a mother of a gamer whose son had been liberal in the use of her credit card.
“She contacted me to get advice on what gamer device to buy for her son – so he could earn his own spending money. That made me chuckle.”