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Nvidia Is Giving Up On the Cryptocurrency Mining Market (latimes.com)
"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.
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.
ASIC! ASIC! ASIC!
Can we call cryptocurrency dead yet? And blockchain?
Lot of suckers lost money, but my sympathy is limited because it was such a stupid idea to begin with.
Not only has millions of tonnes of greenhouses gases been produced due to mining, it has also produced millions of graphics cards that are now useless due to being fried alive by mining, which will now be in a third world waste dump now as they are too hard to recycle. meanwhile bona fide users of graphics cards have had their supplies disrupted, had their prices more than doubled and have had to wait an extra year for new hardare to come out because nvidia was too busy making mining cards to do r&d. Anyone who made “money” from mining should have it seized under environmental protection laws.
NVidia not making profit here? Let's look at why. 1) You need to be able to understand what the hardware/software stack below you is doing in the cryptocurrency world. Because more often than not, that one black box that you don't understand is where your bitcoin / other cryptocurrency is going to get stolen from. And yet Nvidia is actively hostile to those of us who live and die by drivers that are FLOSS. Nevermind that NVidia drivers are buggy as hell, we can't fix the official ones.
2) NVidia has been openly hostile to cryptocurrency miners, expressing publicly that they would prefer their cards go to gamers. They are not content to shut up and take our money, they didn't want it.
3) Their contact/support blocks tor users Which, guess what? There's a significant overlap with cryptocurrency users, given the concern we have over our privacy.
tl; dr nvidia didn't care when one of the biggest windfalls ever hit them, and now the market is starting to move past them. Good.
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This is because people are finally realizing how impractical cryptocurrencies are. There are simply too many variables. Too many things that can go wrong. Security measures continue to prove ineffectual as more and more high profile thefts persist. And let's not forget that for something that was supposed to "set people free" from fiat currencies, they fail to realize that government controls the manufacture of the technology and the infrastructure on which it depends (i.e. power grids, communication transport).
If people truly want a new way of doing things, look to the old ways: commodities, practical skills, and the bartering and trading of such.
Complete layman's understanding of the subject here, so, EILI5....
I know that some currencies are moving to proof-of-stake vs. proof-of-work, does that take hardware out of the equation completely?
Also, I've read that some mining has now been taken over by dedicated hardware, the ASIC mining rigs. Isn't this a classic case of dedicated hardware (ASIC) vs. general purpose platform (GPU)?
It seems that over time the general-purpose platform would win (especially with the constantly increasing performance of GPUs) since, theoretically, an open platform could advantage of software/algorithmic efficiency increases much more quickly.
Don't get me wrong- I'm stoked that I'm going to be able to do 4k 60fps gaming finally, but I just can't shake the feeling that crypto is going to be a thorn in this gamers' side for quite a while longer.
Good grief, izn't being a gamer tough enuf alredy?? ;~)
Let it die already! Or at least move to coins a bit more practical then proof-of-work with their race to build ever more specialised hardware.
are the previous generation (launched early '17) graphics cards still selling for above the original launch msrp? an example: 1050ti launch msrp 139. still selling for a crypto-inflated 169-199+ when they should be under 99 by now with the next gpu chips on the verge of release. and this isn't even a "mining" card, it's what some gamers have been resorting to because the pricing of the higher-end cards is even worse than this.
Not only has millions of tonnes of greenhouses gases been produced due to mining
If you want to troll you have to use some figure that sounds like someone somewhere might actually believe it. According to you the atmosphere is 100% CO2 at this point. I'm still breathing pretty well.
it has also produced millions of graphics cards that are now useless due to being fried alive by mining
This also seems rather absurd; I have a friend with a dedicated mining rig and something like 16 cards - why would miners "Fry them alive"?? The longer the cards last the more money they make so the miners treat the GPU's like tender infants and take great pains to cool them properly. There is no reason those cards will not last 10x longer than a GPU in the average PC sold to someone in a dusty house.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
This means they wonâ(TM)t make as much off their video cards.
Crypto has not disappeared, it's just you can barely break even with it nowadays. The reason it's not as profitable as it was in the past 12 months is not even due to the depreciation of crypto-currencies, it's because mining difficulty has increased several-fold (it's increased/decreased automatically following the changes in network hashing rate). It's quite possible that the next crypto-craze will again make mining profitable.
Don't listen to the Mining cultist, that sh*t was and always will be, a fad and the only reason it ever had any value, is because some dumbasses attributed value to it.
Now it's going away and they are crying.
I got a 1060 for $270 with a 20% off coupon on top of that about 2 years ago. Nowadays I'm lucky if I can find one for $300 (assuming it's not a refurb or one of the b grade ones like PNY or eVGA). I have seen a few RX580s for 8gb though. I'm looking forward to seeing what Intel does in a few years, but they're a long way off...
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Some Twitter wag gave the best explanation of Bitcoin I've ever seen:
You are welcome on my lawn.
I'm guessing they were surprised when the crypto-mining folks bought up all their cards, then looked into their APIs and what the crypto-minors needed, guessed at the market, and said "Nah. 1% does this shit, the rest of em want to run over pedestrians in some GTA variant".
So they're short selling.
When mining jumps on the new devices, swallows the entire available supply, burps, and screams for more, while regular owners are asked to pay $1000 for a mid-range device, they can laugh all the way to the bank.
Chas - The one, the only.
THANK GOD!!!
HOPEFULLY the price of video chips/cards comes down. And hopefully this whole crypto-mining garbage goes away.
Maybe if nvidia was expecting 100m in sales but only made 18m they should have done something about their supply of chips. Even at the extremely inflated prices what cards did exist were flying off the shelves. The only one they have to blame for not making that 100m target is themselves and the supply of chips/cards that they and their board OEMs had out on the market.
My understanding was that Nvidia's kit was terrible for GPU mining. That might be outdated, but I know it was the case in 2013.
I'll buy the GTX1080 card from you for $50 miners
Nobody didn't see this coming, unless they were wildly misinformed and/or stupid.
Kriston
"We're projecting no cryptomining going forward...." Heh, then they obviously don't know too much about cryptomining since there's no projecting what cryptomining be like from one month to the next.
miner will think they will get near new prices for there burned out cards.
its all tied to bitcoin even all the clone currency's. people would mine the easier clone currency to buy bitcoin. but now that bitcoin has crashed hard and levelling off its over. see the miners where not dumb they where pumping up the price of bitcoin to cash out before the wall street traders invaded the currency. they knew once they invaded they would cash the currency short selling and they did.
A big lol to all the stupid nerds here trying to defend Bitcoin
They're predicting that the cryptominsers won't use NVidia hardware. That seems a reasonably safe bet, and rather than spending more of their research and production on chpsets or cards aimed at a very small market segment for NVidia. New, politically exciting markets may be interesting to examine or even participate in, but they're not necessarily _profitable_.
You know inflation is about as healthy as a pathogenic outbreak or a literal explosion, yes?
Stability aka "stagnation" IS long-term survival. Anything that isn't stable, WILL die. At the very least, when some resource runs out.
And that deflation you are talking about is only there to balance out the inflation. Unlike now, where there is only inflation, aka everybody but some gamblers getting poorer every day!
ATI to double down on GPU mining.
This is a stupid long term move by NVidia, and will be as memorable as "no one will ever need more than 640K of RAM".
Define burned out? Youre better off buying a used mining card than a used gaming card.
Hardly, carbon cycle is natural 750 gigaton per year, as for human it is around 30 gigaton (or that order of magnitude). A million tons CO2 is not even a sizzling drop on a hot stone in the sahara.
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the prices in my country are EXACTLY the same as they were since march, *uck them, the new wow expansion works on my rig, no need to buy a new computer and nvidia card in another 2 years, it will be 12 years old by then
f them
f them
and then f them again
That and most algorithms you could mine with GPU cards, you can now mine with FPGA miners.
These net you 40x increase in hash rate over a 1080ti in most cases off of roughly the same power consumption, and most miners who made anything during the initial phase of GPU mining alt coins have moved / invested profits to keep mining with FPGA on alt coins.
AMD has been the #1 choice for the last 3 years. You still cannot buy a Vega 56 or Vega 64 at MSRP or less, they are still inflated and out of stock.
stop it mining card are run full tilt all there lives by the time there for sale there half dead. they have way more stress then a gaming card. only someone trying to pawn off that junk would call them better.
You realize lower core voltage and adequate cooling(no hot cold cycles) your hardware lasts 10x as long right? Learn something before you spout your bullshit. Also "Full tilt" you realize when it is bashing it is literally using a tiny fraction of the circuitry on the silicon right? This is the problem with slashdot. People who have no fucking clue how shit works wants to chime in and tell someone they're wrong about something. Moron.
whatever you say reseller.
Sorry, I horde electronics. You would never catch me selling a GPU. In fact I hope a lot of the population is as dumb as you so I can get a bunch of cheap cards and PSU's. Have fun buying your $2000 Consumer(lol) GPU. You are why Nvidia thinks they can sell the 2080 for double what the 1080 debuted at.