Published in PC Hardware

Nvidia gives up on crypto miners

by on20 August 2018

Thinks the bubble has burst

Nvidia's nine month crypto gold rush is over and the outfit is giving up on them.

Founder and Chief Executive Jensen Huang said the company’s core platforms had exceeded compnay expectations, even as crypto largely disappeared.

Huang told a conference call: "We're projecting no cryptomining going forward."

Nvidia said it had expected about $100 million in sales of chips bought by currency miners in the fiscal second quarter. Instead, the total was $18 million in the period, and that revenue is likely to disappear entirely in future quarters, the company said.

Investors are expressing their concern at the collapse of what had looked like a billion-dollar business.

Three months ago, Nvidia said it generated $289 million in sales from cryptocurrency miners, but warned that demand was declining rapidly and might fall by as much as two thirds. Even that prediction was too optimistic.


Last modified on 20 August 2018
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