When the MLB/NBA/NHL/NFL were first created people complained that they were just trying to exploit popular hobbies for their own monetary gain. However, that turned out pretty well for those who competed in those hobbies, no?
Not only will the competitors have access to a metric-ton of free hardware, but they will also have the opportunity to get paid to overclock. I fail to see the exploitation.
Therefore, if The Overclocker were to gain financially for organizing all of this, I have zero problems with it.
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