This story has been updated with Nvidia’s decline to comment. Taiwan-based computer hardware producer Nvidia reportedly earned nearly $1.35 billion more due to crypto and blockchain than it had stated. The numbers were calculated by RBC Capital Markets analyst Mitch Steves, financial news website Market Insider reports on Jan. 31. Steves reportedly said in a note released on Jan. 30 that that according to his calculations, Nvidia generated about $1.95 billion in total revenue related to cryptocurrency and blockchain, noting that the official company’s statement said that it generated around $602 million over the same time period. His calculations reportedly …

Ethereum (ETH) core developers have delayed the decision to implement Application-Specific Integrated Circuit (ASIC)-resistant proof-of-work (PoW) algorithm ProgPoW. According to an Ethereum core developer meeting on Feb. 1, the team wants to wait until the algorithm is audited by a third party. Ethereum core developer Hudson Jameson declared during the call that “there is a group forming or multiple groups forming to perform an independent audit on ProgPoW.” He explained that the audit is an attempt to establish how effective the algorithm would be in leveling the playing field for different kinds of hardware used to mine crypto, including GPUs, …

United States transnational IT company Advanced Micro Devices (AMD) released its Q4 revenue report on Jan. 29, broadly conforming to analysts’ fears of a continued slowdown. AMD, which like other graphics hardware manufacturers has suffered due to the cryptocurrency bear market, produced quarter-on-quarter revenue losses of 14 percent. Its gross margin was down 2 percent versus Q3, while its net income fell from $122 million to just $38 million. As Cointelegraph reported, investors had previously warned about possible losses for AMD prior to the report’s release, arguing that the lasting effects of the volatile cryptocurrency market would continue to impact …

Taiwan-based computer hardware producer Nvidia updated its financial estimates for Q4 for the fiscal year of 2019, according to a press release on Jan. 28. The company is reflecting weaker forecasted sales in its gaming and data center platforms, which comes from excess mid-range channel inventory following the slump in cryptocurrency markets. Q4 revenue is expected to be at $ 2.20 billion, opposed to the previous projection of $2.70 billion according to a statement released by Nvidia on Jan 28. The cryptocurrency mining frenzy drove up demand for Nvidia’s graphics processing units (GPUs). However, once the demand began to disappear …

Ahead of the release of Advanced Micro Devices’ (AMD) fourth quarter (Q4) report for 2018, analysts state that the company could still be facing problems due to a “crypto hangover,” business news site MarketWatch reported on Jan. 25. The firm is expected to release the report after markets close next Tuesday. Susquehanna financial analyst Christopher Rolland reportedly said that AMD has managed expectations well, but lower retail prices for graphics processing units (GPU) could still cause problems. AMD’s popular Radeon RX580 GPU, which has been widely used by crypto miners, was recently being sold for $180, down 67 percent from …

Ethereum (ETH) core developers have reached a tentative consensus to implement a new proof-of-work (PoW) algorithm that would decrease the divide in efficiency between ASIC and GPU mining on the network. The development was discussed in a meeting today, Jan. 4. During the meeting, developer Hudson Jameson noted he had heard “very little dissent” to implementing “ProgPoW,” which has so far been trialed via client implementations running on the “Gangnam” testnet. As previously reported, a testnet is essentially a simulated version of the primary network that allows developers to try out upgrades or run smart contracts without having to pay …

Graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners. Schall law firm announced the lawsuit on Dec. 24. The complaint states that “the Company made false and misleading statements to the market.” Namely, according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” Schall states that the GPU producer also declared: “Any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company’s …

The drastic decrease in crypto mining profitability has hit graphics processing unit (GPU) producers like Taiwan-based Nvidia hard. In Q4 2018, the firm experienced a massive sell-off of its shares, cutting the stock price by 54 percent and making it the worst performer in the S&P 500, CNBC reports on Dec. 21. From 2016 to September 2018, Nvidia’s market value markedly increased from $14 billion to $175 billion as demand for its GPUs in artificial intelligence (AI) and cryptocurrency mining grew. In May, the firm reported its profits from crypto mining for the first time while forecasting a two-thirds drop …

AMD’s popular Radeon RX580 graphics processing unit (GPU), which has been widely used by crypto miners, is now being sold for $179.99, gaming magazine PC Gamer reported on Thursday, Dec. 19. This means that the GPU, which reached a peak average price around $550 in February 2018, has seen a 67 percent price drop throughout the bearish year, dubbed “Crypto Winter” by some crypto entrepreneurs. As Cointelegraph previously reported, the year-long bear market has had a significant effect on the crypto mining industry, with dramatic drops in revenue forcing many miners to quit the industry and sell off their equipment. …

United States-based gaming hardware manufacturer Razer has redesigned its native virtual currencies and loyalty system and launched a desktop mining app, according to a blog post published on Dec. 12. Founded in 2005, Razer has become a leading gaming hardware and software manufacturer in the U.S., Europe, and China. The company’s software platform reportedly has more than 50 million users. In the first six months of 2018, Razer’s revenues were $274.2 million. Razer has redesigned its native reward system and virtual credits Razer zGold and Razer zSilver. Launched in 2017, the virtual currencies have subsequently gained over 5 million users, …

Taiwan-based tech giant ASUS has partnered with GPU mining platform Quantumcloud to allow users to mine crypto via their graphic cards, multinational tech media TechRadar reported Thursday, Nov. 30. According to the agreement, ASUS graphic cards owners will be able to mine crypto through Quantumcloud software and withdraw earnings using PayPal or Chinese app WeChat. The new partnership allows gamers to monetize idle GPUs when the units are not occupied by graphic-consuming processes by mining cryptocurrencies such as Bitcoin (BTC). However, Quatumcloud does not guarantee specific profits or outcomes for users, stating that users have to consider usage costs on …

A year long bear crypto market appears to have had a negative impact on the profitability of cryptocurrency mining. In spite of this, Bitcoin miners still managed to generate $4.7 billion in profit in the first six months of 2018. Constantly growing competition between big mining pools and the increasing difficulty of Bitcoin’s algorithm make getting the first cryptocurrency less profitable and weight the scales against small players. Miners shut off their machines, and card manufacturers suffer losses. In particular, AMD representatives, whose last quarter fiscal report, published on Oct. 24, demonstrated that revenues from the sale of mining Graphics …