Nice write up now too19 Apr 2019 07:15
While the average punter may not know the intricacies around mining Bitcoin, one key fact is that it requires a hefty amount of computing power.
Bitcoin mining works by having computers solve algorithms, essentially maths problems, in order to make sure transactions on blockchain (a digital records book) are valid.
When computers solve these problems, their owners are rewarded with Bitcoin, and the more computing power they have the faster they can mine.
One group of users that have access to large amounts of computing power are video gamers, who require high-end graphics and speeds to play. However, their systems often do not use all their potential when gaming.
Enter Online Blockchain, which this week launched a system designed to exploit this excess processing power, sending it shares 7.9 per cent higher to 20.5p
Known as Freeloadr, the free application uses spare computing power sitting in video game consoles and PCs to mine Bitcoin, rewarding their owners with points that can then be redeemed for new games.
The firm has pitched it as a win-win: the company gets extra processing to help it mine Bitcoin, while gamers get the chance to earn free games.
With around 2.2billion gamers worldwide and Bitcoin currently trading at $5,243 a piece, gaining even a small slice of their combined excess power for mining could, quite literally, allow the firm to print its own money (Bitcoin that is).