Graphics card manufacturer attempts to fool the crypto community

13 Dec, 2018 | Updated: 13 Dec, 2018
by Will Heasman
News
Graphics card manufacturer attempts to fool the crypto community

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: 

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:

Other users started to jump on the bandwagon: 

This stands as a cautionary tale to other companies that would look to undermine (excuse the pun) the acumen of the cryptocurrency community.

Read More: Bitmex study shows mining revenue fell from $13m to $6m following crypto crash

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