Nvidia Drops Crypto From Low Profits Not Decline In Demand

The worlds largest graphics card manufacturer, nVidia, has called it quits on their crypto endeavors in an official announcement from CFO Colette Kress.

“We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.”

The CEO of nVidia, Jensen Huang, also shares Kress' sentiment with the decline in price of cryptocurrencies has led to profitability from mining hardware declining significantly.

The problem with nVidias decline in profitability is that GPU mining is on the decline. With few cryptocurrencies still being capable of being mined with GPUs and the rise of ASICs. Companies such as Samsung, Bitmain, and Canaan are seeing are seeing rapid growth. This move by nVidia cannot be attributed to the general trend of crypto markets.