Crypto Mining News! Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1

Crypto Mining News! Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1 thumbnail

Crypto Mining News!

Crypto Mining News! Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1

Graphics cards maker Nvidia has earned $155 million in revenue from processors created for cryptocurrency mining during the first fiscal quarter. The company admitted that crypto miners also have pushed sales up in the gambling products section which remains its principal market.


Crypto Mining News! Leading GPU Maker Reports Record High Video Card Sales Supported by Crypto Miners

Announcing its first quarterly results for its financial year 2022, Nvidia revealed its overall revenue rose 84% in Q1 that ended on May 2. The record high $5.66 billion figure, which exceeded preliminary expectations, comes from the company’s gaming, data centre and professional visualization platforms. Surging demand for graphics processing units (GPUs) throughout the pandemic, together with the development of AI programs have played a significant part, but so have booming crypto markets.

While $155 million of the total have been credited to crypto-specific chips, Nvidia also confessed that cryptocurrency miners have boosted earnings in its bigger gaming card section, Reuters reported, noting that the firm didn’t disclose their share. Nvidia expects purchases of its CMP chips, made especially for professional crypto mining, to reach $400 million in the next quarter.

As cryptocurrency costs were reaching their all-time highs earlier this year, Nvidia launched the mining processors to divert miners’ requirement from its main product lineup. Additionally, it restricted the mining efficacy of its regular graphics cards to protect supply for players. Nvidia CEO Jensen Huang was quoted by CNBC stating:

What we expect is that the CMPs will meet the miners and will remain in the expert mines.

On Wednesday, the company also stated that its first-quarter gaming revenue reached $2.76 billion, an increase of 106% from a year ago, while data center revenue was up 79% to $2.05 billion.

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Despite the positive news, Nvidia shares lost 1% to $621.95, based on data provided by Reuters. The report suggests that investors might have been set off by the spike in card purchases for crypto mining generally occurring when the value of cryptocurrencies rises. In the previous weeks and days, however, crypto markets are hit by a series of negative statements and moves by public figures and authorities that have brought down prices across the board.

Crypto Mining News! Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1

to decrease the effect of the volatile crypto requirement on investors’ opinion and address complaints by players over shortages of their popular Geforce RTX 30-series cards, Nvidia has used technology and software to create its GPUs less acceptable for crypto mining when offering the purpose-built CMP chips individually. “It effectively increases our production and supply,” said Jensen Huang, commenting on the changes.

The chief executive remarked that the gambling market is currently bigger than ever before and highlighted that the growth trend will continue. Though crypto miners have obviously influenced the financial results of Nvidia’s core business, even after the processors were substituted, CFO Colette Kress was quoted saying that the business still finds it “difficult to ascertain to what extent” they’ve contributed to its gaming division.

What do you consider Nvidia’s most current revenue data? Tell us in the comments section below.

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cards, chips, CMP, CMPs, Crypto, crypto mining, Cryptocurrency, players, Gaming, Geforce RTX 30, GPU, GPUs, Graphics Cards, marketplace, Miners, mining, Nvidia, earnings, sales, video cards

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