When NVIDIA decided to bank big on dedicated crypto mining hardware, investors remained hesitant. Several m nths later, that hesitation appears justified, as Q3 sales were abysmal. Even though crypto mining efforts are not slowing down, a reversal seems out of the question.
NVIDIA Crypto Mining Sales Plummet
- NVIDIA took a chance by creating a dedicated line of crypto mining hardware.
- At the time, the manufacturer hoped to alleviate the frenzied buying of gaming-oriented GPUs by crypto mining enthusiasts.
- It appears that effort may not yield the expected results, at least in Q3 2021.
- A corporate fiscal quarter report confirms a 60% decline in crypto mining hardware.
- Q4 2021 will not offer any improvement and will likely yield an even steeper drop-off.
- The sale decline from $266 million to $105 million indicates interest in these products wanes.
- However, the crypto mining hardware has – allegedly – brought in $526 million in revenue for NVIDIA.
- That is only 3% of the total revenue for the company, but still more than a footnote.
- The majority of NVIDIA’s income originates from gaming, data center, and professional visualization equipment.
- Moreover, the company falls well short of its predicted $400 million in revenue during Q2, as only $266 million came in.
- The upside is how these low numbers do not hinder NVIDIA’s profit in any way.
- Sales are still up YoY, and company valuation rose by over 120%.
- However, that doesn’t mean NVIDIA will keep pursuing crypto mining hardware opportunities.
- Additionally, traditional¬ NVIDIA GPUs are more than capable of mining crypto and may remain the go-to option for many miners globally.
Looking to advertise?
We will gladly help spread the word about your project, company, or service.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio.
Contact us if you have any questions: [email protected]