Nvidia Corporation recently revealed the revenue generated by the company’s chip sales in the cryptocurrency market, which amounted to $ 289 million. They are mainly related to GPUs used to extract cryptocurrency.
Nvidia’s notoriety among video game players
Nvidia Corporation is based in the United States, it is known as a supplier of graphics cards for gaming computers. It is also one of the most popular brands for video game players. The graphics cards put on sale by Nvidia improve the rendering of the games and allow a gain in details and fluidity of the images.
Colette Kress, Chief Financial Officer of Nvidia Corp said:
The players were expelled from the market in the last quarter.
Cryptocurrency miners bought a lot of GPUs in the first quarter
Nvidia is the largest GPU manufacturer in the world. Its profits for the first quarter of 2018 reached $ 3.21 billion, and at the same time the demand for cryptocurrency miners during this period also poured in. Nvidia’s estimates were well below this figure – around $ 200 million.
As for the company’s shares, they fell by 3.8%, valuing themselves at around $ 260.13, following the announcement of the first quarter results. Jensen Huang, the CEO of Nvidia said:
Cryptocurrency miners contributed significantly to the purchase of our GPUs during the quarter and this drove up prices. I think a lot of players did not buy the new GeForce.
“There is no way to measure cryptocurrency or gaming sales because many players, when they are not playing, are doing some mining,” he said.
Huang also added:
They buy them to play, but while they’re not playing – while they’re at school, at work, or in bed – they’ll turn on their PCs and do some mining. There is nothing wrong with that. I think that it’s good.
Nvidia tried to control sales as GPU demand exploded. Following an explosion of minors crypto-currencies, graphics cards are starting to dry up and are therefore in severe shortage. Prices have risen up to twice their real value, due to strong demand in some markets.
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