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.

Comments

The true cost of mining

[xack]

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.

Re:The true cost of mining

[gman003]

Right, I forgot about those.

They might still be useful in SLI/Crossfire configurations. Only one GPU needs video outputs for that to work. Do mining-specific cards still have the SLI edge connector?

Re:Is it dead yet?

[mikael]

In the very beginning, one man paid for two pizzas using 10,000 bitcoins, which at the highest price would have been $80,000,000

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