Nvidia Is Giving Up On the Cryptocurrency Mining Market
"Nvidia's nine-month crypto gold rush is over," reports the Los Angeles Times. An anonymous reader quotes their report: "Our core platforms exceeded our expectations, even as crypto largely disappeared," founder and Chief Executive Jensen Huang said Thursday on 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 sudden 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.

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