ASUS Announces Crypto-Mining Partnership Despite Market Challenges
ASUS has announced a partnership with Quantumcloud that turns idle graphic cards into cryptocurrency miners.
ASUS Partners with Quantumcloud
Taiwan-based computer and electronic component manufacturer AsusTek Computer Inc., most commonly known as ASUS, has partnered with “innovation factory” Quantumcloud, reports Tech Radar.
The partnership will allow owners of ASUS-branded graphics cards to mine for cryptocurrencies like Bitcoin and Ethereum, while a GPU is idle. According to the report, it turns a regular ASUS graphics card into a GPU that can “potentially earn a passive income by installing Quantumcloud’s software.”
ASUS graphics card owners will be able to download Quantuncloud software that allows them to tap into the GPU’s processing power, and use it to mine for cryptocurrencies. The software also provides users with the ability to set up a wallet, perform conversions, transfers, and more, right from the software, removing much of the guess work out of cryptocurrency mining.
Once the software is set up, and cryptocurrencies have been mined, users can also opt for digital payouts via PayPal or WeChat.
ASUS says that all customer user and financial data is protected under the General Data Protection Regulation (GDPR), so ASUS GPU owners can rest assured using their graphics card to mine for cryptocurrencies is a safe and secure process.
Interest In Crypto Mining Dwindles as ASUS’ Competitor Shares Suffer
ASUS continuing down the path of cryptocurrency mining is a surprising move. This is due to the fact that some of ASUS’ biggest competitors across a number of industries are suffering major financial losses due to their investment in supporting the cryptocurrency mining craze last year, and are now fleeing the industry.
California-based Nvidia went all-in on cryptocurrency mining at the peak of the 2017 bull run. Cryptocurrencies can be mined using specialized mining hardware designed for the task, however, graphics cards, the same ones that companies like Nvidia, AMD, and ASUS produce, can also be used – albeit less effectively – to mine for cryptocurrencies.
As the price of Bitcoin and Ethereum began to climb throughout 2017, so did sales, and thus demand, of GPUs. Store shelves everywhere were left empty as those hooked by the crypto craze sought to increase their cryptocurrency holdings any way they could.
But as the cryptocurrency bubble popped, interest in cryptocurrency miningevaporated as portability dropped.
GPU-manufacturers like Nvidia were taken by surprise by the initial demand, thinking that they had a new revenue stream to tap into. Nvidia responded by increasing production of its GPUs, but is now regretting that decision as sales of its cryptocurrency-based products have declined significantly, reducing the company’s annual financial projections.
The news of lowered revenue expectations sent Nvidia shares plummeting by 17%. Jensen Huang, Nvidia’s CEO, explained that “the crypto hangover lasted longer than we expected.”
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