Nvidia Reports Huge Decline In GPU Sales for Cryptocurrency
Posted: Mon Aug 20, 2018 10:13 amNvidia Reports Huge Decline In GPU Sales for Cryptocurrency Mining
Demand for in the cryptocurrency mining world appears to be plummeting.
On Thursday, Nvidia reported a huge drop in GPU sales for cryptocurrency mining rigs during this year's second quarter, when Bitcoin's value sunk to a yearly low. Nvidia originally anticipated "cryptocurrency-specific product revenue" reaching $100 million during the quarter, but it actually came in at a mere $18 million, the company's CFO Colette Kress said in an earnings .
That's massive fall from this year's first quarter when Nvidia raked in $289 million from "crypto-specific GPUs." Going forward, the company now expects a "negligible contribution" in graphics cards sales to the mining market and will no longer include them in future financial forecasts, executives said.
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Demand for in the cryptocurrency mining world appears to be plummeting.
On Thursday, Nvidia reported a huge drop in GPU sales for cryptocurrency mining rigs during this year's second quarter, when Bitcoin's value sunk to a yearly low. Nvidia originally anticipated "cryptocurrency-specific product revenue" reaching $100 million during the quarter, but it actually came in at a mere $18 million, the company's CFO Colette Kress said in an earnings .
That's massive fall from this year's first quarter when Nvidia raked in $289 million from "crypto-specific GPUs." Going forward, the company now expects a "negligible contribution" in graphics cards sales to the mining market and will no longer include them in future financial forecasts, executives said.
Continued...