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Home Cryptocurrency news

ASUS Announces Crypto-Mining Partnership Despite Market Challenges

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 3min read
Crypto
Advertisement

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.”

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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.

Related Reading: ASUS Introduces 20 GPU Motherboards for Crypto 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.

Related Reading: Nvidia Pulls Out of Crypto Mining Citing Low Revenue

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 mining evaporated 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.”

Featured image from Shutterstock.
Tags: crypto miningGPUNVidiaQuantumcloud
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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