Livepeer Wants to Make GPU Mining Profitable Again, Plans Release of New Methods to Earn Crypto
GPU miners, often forgotten by most companies, could find a new way to earn cryptocurrencies soon. Livepeer, a prominent decentralized video streaming platform, is ready to debut its newest product, which is said to be called Streamflow, this week.
With Streamflow, both crypto miners and developers can use the idle chips of their GPUs to make money. The founder of the company, Doug Petkanics, affirms that there are millions of GPUS sitting out there without doing anything and that they could be generating money for their owners if they were used.
“The millions of GPUs out there that are mining cryptocurrency, ethereum, zcash, grin, monero, they have video encoding on those chips that can’t hash cryptocurrency,”
Doug Petkanics, Livepeer’s founder explained, “They are sitting there doing absolutely nothing.”
Basically, the idea is that people can continue to mine whatever it is that they are mining using their GPUs, but they will also be able to use an idle part of the GPU structure to earn ETH in fees and Livepeer’s LPT tokens as rewards for participating in the network.
Petkanics believes that this can be seen as additional revenue for miners without basically any new costs at all. This way, they can simply make their life more profitable than before without any problems.
Right now, however, Livepeer is still in Alpha testing stage. The mining is not based on GPUs yet, only CPUs, meaning that miners could not simultaneously use their equipment to mine tokens for major networks and for Livepeer at the same time as of yet. The changes will officially happen as soon as the company launches upgrades to the system, which will use the Merkle mining system.
Recently, Livepeer had an $8 million USD seed equity round, in which the company received the funds for most of its operation moving forward.