CHAPEL HILL – Merito Alpha, which lets gamers and computer users earn money by renting idle processing time to mine for cryptocurrency, has raised $1.1 million of an equity round aimed at $1.3 million, from 25 investors, according to a regulatory filing.

Founded by Evan Neal, managing member, in Janurary 2017, Merito Alpha says that it “connects the dots between gamers and cryptocurrency mining. Merito is an automated software application that turns any gaming PC into a money earning machine.”

Merito rents a computer’s spare time. After downloading Merito, gamers can earn income passively and receive payouts via PayPal, Steam Games or gift cards.

Merito users’ hardware is utilized to mine for cryptocurrencies, and pays by the minute for computer processing time. Merito says that it automatically shifts currencies as market values change to ensure maximum customer earnings.

According to the Merito web site, average users can make from $30 to $60 a month and the software will not damage user’s computers.

Merito has not returned WRAL TechWire’s phone and web site requests for additional information. Its web site appears to be under development with most features currently place holders.

It does offer this video: