Companies attempting to ride the coattails of the cryptocurrency industry is nothing new, promotions involving crypto in some way shape or form have been undertaken by cunning and forward thinking PR teams for many years; if implemented correctly, it can often open the doors to a wider demographic, but if done badly, companies stand to lose quite a bit of integrity.
The gaming equipment manufacturer, Razer, recently tried their hand at some crypto marketing. The company announced their new crypto rewards program on Twitter:
Have a gaming rig on idle at home? Here's a new way to score Razer Silver: launch Razer SoftMiner on your PC and start racking up Silver—one step closer to the reward you want, for doing nothing at all.— R Λ Z Ξ R (@Razer) December 12, 2018
Check out Razer SoftMiner now: https://t.co/PRND2BQ3xU pic.twitter.com/qrHXCdQrjC
the program, dubbed Razor Softminer, ‘rewards’ users for the use of their GPU. GPU power will go toward mining “Razer Silver”.
Here’s the catch, Silver isn’t actually a cryptocurrency but instead, acts rather like racking up reward points, which in turn can be used for discounts on Razer products.
So what exactly is the hash power used for if Silver isn’t a cryptocurrency? That’s not exactly clear. Judging from a statement from the company, it appears that they do use the hashpower to mine cryptocurrency, only they don’t provide the specifics…
“We work with crypto mining technology to harness your computer’s GPU. In turn, we award you with Silver, giving you access to Razer’s ecosystem and suite of rewards.”.
Furthermore, it appears that mining “silver” may only benefit the company itself, as one Twitter user pointed out:
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.— Scott Chicken (@scerstt) December 12, 2018
That being said that means you earn at most £0.35 per day mining at full power.
So each Silver is worth £0.0007.
Big yikes— Tis the season to be editing ☃️ (@YourEditorSeb) December 12, 2018
Other users started to jump on the bandwagon:
That expire after a year so our best gear is unretrievable. Thank God I stopped using Razer years ago— Will (@2poundWheel) December 12, 2018
Yo I'm excited to get involved with this.— Ben Dizzy Moody (@DizDotTV) December 12, 2018
I'm just going to need to forward my electricity bill to you every month and have you pay it.
I think that's a fair exchange.
Hell yeah boys we can install a bitcoin miner for razer now!!! FOR FREE!!!— Max (@LurifaxYT) December 12, 2018
This stands as a cautionary tale to other companies that would look to undermine (excuse the pun) the acumen of the cryptocurrency community.