The South Korean cryptocurrency markets have moved differently from the rest of the world for a long time. This was due to the “Kimchi premium” issue, which caused Bitcoin (BTC) to be traded at a much higher price than it should have been on local exchanges compared to the rest of the world.
Nowadays, one of the platforms developed with the latest technologies aims to benefit from the intense interest in digital assets in the country with the competitive expansion of services that act as a bridge between crypto money and games.
GamerHash says it has garnered more than 570,000 users in three years and is currently expanding its growth targets in South Korea. In this context, it is estimated that it will have a user base of 1.5 million customers by the end of 2021.
Focusing on games, digital products and NFT markets, GamerHash enables players to mine cryptocurrencies using their PCs. Crypto miners and gamers are in a race to acquire globally scarce Nvidia graphics cards. In such a market environment, the importance of carrying out both transactions at the same time increases.
According to GamerHash data, this business model offers an efficient solution to uncover the unused transaction potential. There are an estimated 2.5 billion players worldwide, and video game sales reach hundreds of billions of dollars a year, according to data.
How is it working?
GamerHash allows users to share their increased computing power by running applications in the background. This software then determines the most suitable cryptocurrency for mining and rewards the players. The co-founders of the project say that the system helps eliminate some of the technical barriers that may exist in crypto mining, and that their tools can be used without any additional costs.
All these transactions are carried out on a marketplace where games, gift cards and collectibles can be purchased without the user needing a bank account or credit card. More than 600 products can currently be found in the GamerHash store. A peer-to-peer market for non-fungible tokens (NFT) will soon be available.
The company is also aware that not all players are equipped to mine cryptocurrency profitably. In this context, it offers a separate feature called Play & Earn (Play and Win), allowing users to participate in the system by completing tasks such as downloading mobile applications and playing certain games.
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GamerHash recently announced that they have partnered with names like Sandbox and Enjin on the Blockchain Game Alliance, one of the world’s most influential crypto and gaming associations. Platform; He is optimistic that GamerHash will announce new partnerships in the future, such as the ones it already has with Chainlink and Aeternity.
Another important step is the listing of the platform’s native cryptocurrency GamerCoin on Bithumb. This cryptocurrency for players is licensed in the European Union. The technical paper for the project was registered by the Malta Financial Authority in 2020.
Stating that the expansion to South Korea is a very important development, GamerHash marketing manager, Artur Pszczolkowski said, “The country is known for its power to adopt cryptocurrency and is also a ‘place for gamers’ for a large percentage of players in the community. Many e-sports figures come out of this. This is a place that GamerHash desperately wants to be in. “
The GamerHash concept first emerged in early 2017 and has passed many important thresholds over the past four years. Going forward, the platform is developing a beta version of a desktop application for macOS devices. It is also working quickly for a marketplace and mobile app for NFTs focusing on gaming and e-sports organizations.
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