Nvidia has reportedly made $155 million from crypto mining chips in the first three months of 2018, according to a recent report. The report comes from CNBC, which said that the tech companies’ revenue from crypto mining chips has surged over the past months. Nvidia has also stated that it will not enter the crypto mining chip business anymore.
Nvidia may have been late to the game, but that doesn’t mean they’re not making a killing off of cryptocurrency mining. The company reported a whopping $155 million in revenue from crypto-related sales in the company’s fiscal Q1, up from just $35 million in the same period last year. Not too shabby, especially because in the past fiscal, the company had to pay a $2.2 billion fine for violating the terms of their government contracts.
Nvidia, the highly successful chipmaker, made $155 million from Bitcoin mining in the first quarter of 2019, a huge increase on the $100 million it made from mining in the same quarter last year. Nvidia has raised eyebrows over the rise in revenue from crypto mining since it first announced it was releasing a special-purpose processor designed specifically for digital currencies in 2017. While Nvidia has been criticized for its actions, it has maintained that it is not a direct participant in cryptocurrency mining.Graphics card maker Nvidia reported $155 million in revenue from cryptocurrency mining chips in its fiscal first quarter. The company acknowledged that cryptocurrency miners have also contributed to revenue growth in its gaming product segment, which remains its core market.
Leading GPU maker announces record sales of graphics cards backed by cryptocurrency miners
In announcing its results for the first fiscal quarter of 2022, Nvidia announced that total revenues for the first quarter ended May 2, increased 84%. The record $5.66 billion, which exceeded preliminary expectations, was driven by the company’s gaming, data center and professional visualization platforms. The surge in demand for graphics processing units (GPUs) during the pandemic and the growth of AI applications played an important role, as did the explosive growth of cryptocurrency markets. While $155 million of the total was attributed to cryptocurrency chips, Nvidia also acknowledged that cryptocurrency miners were driving sales in its broader gaming card segment, Reuters reported, noting that the company did not disclose their share. Nvidia expects purchases of its CMP chips, which are built specifically for professional cryptocurrency mining, to reach $400 million in the second quarter. Earlier this year, as crypto-currency prices reached unprecedented heights, Nvidia released special mining chips to steer mining demand away from its flagship product line. It has also limited the mining efficiency of its mainstream graphics cards to protect the offerings for gamers. CNBC quotes Nvidia CEO Jensen Huang as saying: We hope that the CMP will satisfy the miners and stay in the professional mines. The company also reported Wednesday that gaming revenue rose to $2.76 billion in the first quarter, up 106 percent year-on-year, while data center revenue rose 79 percent to $2.05 billion.
Nvidia is trying like never before to determine the contribution of miners to the hugegaming market
Despite the positive news, Nvidia shares lost 1% to $621.95, according to data from Reuters. The report suggests that investors may have been spooked by the rise in mining charts for cryptocurrencies, which typically occurs when cryptocurrency values rise. However, in recent days and weeks, cryptocurrency markets have suffered from a series of negative statements and actions by public figures and governments, which have led to widespread price declines. To mitigate the impact of volatile cryptocurrency demand on investor sentiment and address gamers’ complaints about the lack of popular Geforce RTX 30 series cards, Nvidia has used software and technology to make its GPUs less capable of mining cryptocurrencies, while separately offering specially designed CMP chips. This effectively increases our production and supply, says Jensen Huang about the change. The CEO also stressed that the games market is more important now than ever and insisted that the growth trend will continue. While cryptocurrency miners have clearly had an impact on the financial results of Nvidia’s core business, CFO Colette Kress said it’s still difficult for the company to determine how much they have contributed to its gaming division. What do you think of Nvidia’s latest results? Let us know your comments in the section below.
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cards, chips, CMP, CMPs, crypto, crypto mining, cryptocurrency, gamer, gaming, Geforce RTX 30, GPU, GPU, graphics cards, market, miner, mining, Nvidia, revenue, sales, graphics cards Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Nvida is the worlds leading GPU manufacturer and they have recently announced that they have started making specialized mining chips for cryptocurrencies. The chips are called as a specific purpose computing-accelerated platform (SPCC), and are for the use of mining cryptocurrencies such as Bitcoin, Ethereum, Zcash and Monero. The company has just announced that the chips have been approved by mining giant Bitmain.. Read more about nvidia bitcoin mining and let us know what you think.
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