Esports Entertainment Group Inc (NASDAQ:GMBL) has announced that ggCircuit is planning to launch ggFuze, a distributed computing platform next month.
The first application of this product will be a beta version of a custom-built crypto mining application offered to a pilot group of LAN (local area network) centers representing tens of thousands of high-end gaming PCs.
The crypto mining application, originally developed in tandem with Helix Esports and Genji Analytics, enables center owners to utilize idle computing power to passively mine for Ethereum by opting-in with the click of a button. An algorithm will automatically evaluate the given PC’s hardware and optimize the mining of coins, the company said.
“Crypto mining during idle machine time is a request that many of our customers have been asking for and we are excited to be able to offer it as the launch application of our distributed computing product ggFuze,” ggCircuit CEO Zack Johnson said in a statement. “This is a great example of the synergies between ggCircuit, Helix and Genji and I am excited about these companies coming together under the EEG banner.”
ggCircuit is a B2B software company that provides cloud-based management for LAN centers, a tournament platform and integrated wallet/point-of-sale solutions for enterprise customers, the company said.
Helix eSports, for its part, owns five esports centers, including two of the five largest in the US, where they provide esports programming and gaming infrastructure. Esports Entertainment has agreed to acquire ggCircuit and Helix in a combined transaction valued at $43 million, the company said, which it expects to close this quarter.
“As a center owner, I know how valuable it can be to get extra revenue from the idle computing power in our facilities.” Helix eSports cofounder Jack Vandervelde said. “We’re pleased that through ggCircuit’s network, other centers can have access to this solution at the click of a button.”
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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