ASUS Announces Crypto Mining Venture Despite Bear Market

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AsusTek Computer Inc. or more popularly known as ASUS has collaborated with Quantumcloud to convert idle graphic cards into crypto miners.

According to a November 29 report by Tech Radar, Taiwan-based computer and electronic component manufacturer ASUS has announced its partnership with “innovation factory” Quantumcloud.

The team up will give ASUS graphic card owners an opportunity to mine digital currencies like Bitcoin and Ethereum while a GPU is on idle mode. The Tech Radar report also indicates that it turns an ordinary ASUS graphics card into a GPU which can “potentially earn a passive income by installing Quantumcloud’s software.”

Owners of ASUS graphics card can download Quantumcloud software which enables them to use the GPU’s processing power to mine for digital currencies. The software also allows users to set up a wallet, execute conversions, transfers, and others processes, directly off the software, eliminating the majority of the estimation involved in crypto mining.

The moment the software is installed and cryptocurrencies are mined, users may also choose the digital payouts through PayPal or WeChat.

According to ASUS, all user and financial data are protected under the General Data Protection Regulation (GDPR). This makes sure that crypto mining is a safe and secure activity.

ASUS’ move to join the crypto mining industry is rather an unexpected move most probably because many of ASUS’ rival companies, which have joined the crypto mining venture, have incurred huge financial losses. Now, many are abandoning the industry.

American tech company Nvidia ventured into crypto mining during 2017’s cryptocurrency bull run.

Crypto mining activities require specialized mining hardware specifically developed for the job. However, graphic cards, like the ones manufactured by companies like Nvidia, AMD, and ASUS, can also be utilized for crypto mining albeit on a lesser capacity.

The price increase of cryptocurrencies like Bitcoin and Ethereum has resulted in skyrocketing demand and sales of GPUs caused by the crypto craze.

Nvidia has responded to the astronomical demand by increasing the production of their GPUs. However, the tech company now regrets the move as the sales of their crypto-based product took a massive tumble, which also resulted in huge losses for the companies. Nvidia CEO Jensen Huang has stated that “the crypto hangover lasted longer than we expected.”

Interest in crypto mining has nosedived in the wake of the cryptocurrency bear market of 2018.