Cryptocurrency mining craze is almost over but apparently, people are still mining it. However, what I didn’t expect was Razer running a scam with its SoftMiner program.
Razer SoftMiner is a program that allows PC users to turn their gaming machines into mining machines. The application is to mine cryptocurrency when the PC is in an idle state.
Furthermore, Razer gets to keep the mined cryptocurrency while the user is rewarded with Razer Silver. Razer Silver can be used to purchase select items from Razer store.
However, as noted by the Twitter user Scott Chicken, things are not what they seem. According to Scott, the most expensive Razer item that users can buy is Huntsman Elite keyboard which is around £199 and can be purchased for 280,000 Silver.
Just to confirm running this at full power, every single day all day it takes 560 days to earn a Razer keyboard, valued at £199 as of their website.
That being said that means you earn at most £0.35 per day mining at full power.
So each Silver is worth £0.0007.
— Scott Chicken (@scerstt) December 12, 2018
Furthermore, earning this much Razer Silver requires PC users to have their PC mine cryptocurrency 24/7 for about 560 days. This is more than a year and a half and interestingly, Razer Silver expires in 12 months.
Not only that, the amount of electricity used during this process far exceeds the reward and the GPU also wears off after this much mining. Meaning, it is impossible to purchase Huntsman Elite with Razer Silver.
This is clearly a scam that Razer is running with its SoftMiner. Also, it is highly likely that you would need a high-end system just to mine enough Razer Silver in 560 days to exchange them for the Huntsman Elite.
One Twitter user notified that even if you are running a 100W PC for 560 days straight to mine cryptocurrency, the electricity cost will still outweigh the reward.
Speaking of cryptocurrency, with the mining craze caused quite a problems for gamers as the GPUs became short and GPU prices went sky high. However, AMD and Nvidia made a lot of money during this period.
But, with the cryptocurrency craze going down for good, it has caused AMD to miss its target revenue by $50 million. According to AMD, it saw “negligible” gain from cryptocurrency mining.
Apparently, AMD was still expecting cryptocurrency mining to sell more of its GPUs. However, AMD became a victim of its own expectations.