Nvidia Leaves Crypto Industry Due To Low Income

Colette Kress, director of the financial department of Nvidia, partly stressed that the manufacturer of video cards and chips does not hope for sales growth from the cryptoindustry until the end of the year.

“We thought that we had reached a normal period and there was no point in pinning hopes on the cryptoindustry in the future. We had hoped that the profit from sales in this segment would fall to about $ 100 million, and as a result, the mark was reached $ 18 million. In the future, revenues from this direction will be insignificant, ”she said.

After his speech at Computex 2018, which took place in China in June, Huang Renxun, CEO of Nvidia, said that the company has more will not the latest models of video cards have been produced for a long time. Although in March he thought that despite pressure from regulators, cryptocurrencies will continue to be popular for years to come. He also notes the fact of a decrease in profitability from the production of mining chips due to a drop in public interest in the cryptocurrency market. While the crypto market is in crisis, Nvidia’s core business is showing solid and consistent results.

Thus, we can assume that Nvidia is leaving the cryptoindustry, as the second quarter brought the company almost $ 2 billion from the gaming direction, and the profit from data centers reached $ 760 million.

In early July, we reported that the residents of Russia lose interest in cryptocurrency mining. The demand for mining equipment is at a standstill, even at this moment, when the price for it has dropped by half.

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