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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.
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.
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.
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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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
At least he still has his Beanie Baby collection to retire on.
Sig. Sig. Sputnik
Some Twitter wag gave the best explanation of Bitcoin I've ever seen:
You are welcome on my lawn.
are the previous generation (launched early '17) graphics cards still selling for above the original launch
Previous gen is now back at roughly MSRP, which is still distorted. Prices should fall rapidly over the coming weeks with perhaps a bit of overshoot, maybe great value for games. RX 580 remains highly respectable, especially for Vulkan/DX12 games. Current gen Vega 64 is running about 10% over MSRP right now, way down from what it was. I'm one of those fuck nVidia guys (with good reason) so I don't much care what they cost, but for what it's worth, nVideo MSRP is following about the same trajectory.
When all you have is a hammer, every problem starts to look like a thumb.
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.
The problem with these logistical tracking in the block chain ideas is (among other things) how do you ensure that the physical item matches the coin? How do I ensure that when the coin is given to me, the physical item also is given (and if you have a technique that works, why not just use that instead of the block chain)? Furthermore, what happens if the key for the item's entry in the chain is lost, does that mean the item must also be destroyed? Upon further investigation, adding block chain just adds a layer of complexity with little benefit. Block chain is not going to prevent UPS from losing my packages.
"First they came for the slanderers and i said nothing."
This is because people are finally realizing how impractical cryptocurrencies are.
The problem is cryptocoins have very few legitimate applications beyond resale to the next bigger fool. Once the fool pool is depleted, the value has nowhere to go but down. It will probably never reach $0 though, as there will always be illegal uses (money laundering, drug money, ransomware, etc.) propping up the value.
Also, there are new fools being born every minute. The fool pool can never be depleted because the supply of fools is virtually infinite.