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 …

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 …

2018 has been a difficult year for Bitcoin and crypto miners. Some of the largest multi-billion dollar businesses in Asia recorded losses in the range of hundreds of millions of dollars. As Japanese internet conglomerate GMO and the industry’s largest mining equipment manufacturer, Bitmain, reportedly struggled throughout the year, the entire sector is said to have ended the year with significant losses, following the trend of the two companies. $320 million loss for GMO GMO, one of the most influential internet companies in Japan, recorded a loss of over $320 million in the fourth quarter of 2018. Following what the …

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 …

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 …

Nvidia released its earnings report for the third quarter (Q3) of 2018 today, Nov. 15, revealing that demand for Nvidia’s graphics processing units (GPUs) among crypto miners has dried up. In the financial results report, founder and CEO of Nvidia Jensen Huang said that the company’s “near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.” Put differently, the cryptocurrency frenzy drove up prices for Nvidia’s gaming cards, but once that demand disappeared, prices did not decrease quickly enough to attract customers who were waiting for more affordable cards. Huang told Reuters: “The crypto hangover lasted …

Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease. In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $204, down almost …

Experts from analytical firm Trefis have forecasted increased sales of Nvidia’s graphics processing units (GPUs) at the end of the third quarter (Q3) of this year, Forbes reported Nov. 13. Trefis notes that, while overall GPU sales will be up, sales from cryptocurrency-related activities will remain in a downtrend. American GPU manufacturer Nvidia is purportedly set to release its Q3 results on Nov. 15, and Trefis experts have predicted an earnings growth by slightly over 20 percent on a year-on-year basis. Revenues will primarily be driven by Nvidia’s gaming GPUs, which are in higher demand due to the new Max-Q …

U.S.-based graphics processing unit (GPU) manufacturer Nvidia stocks fell after announcing its third-quarter estimates, MarketWatch reported August 16. The firm’s revenue was affected by a decrease in crypto mining as digital currency markets slumped earlier this year. Nvidia shares declined more than five percent in the extended session. The closing price in the regular session was $257.44, down 0.6 percent. Nvidia forecasted its third quarter revenue between $3.19 billion and $3.32 billion, lower than the figure predicted by analysts of $3.34 billion. The company reported that crypto mining sales were significantly lower than expected in Q2, adding that it does …

August 12: Crypto markets are seeing solid gains today in a fresh attempt at recovery following recent losses. Bitcoin (BTC) dominance –– or the percentage of total crypto market cap that is Bitcoin’s –– is continuing to see a 2018 record-high percentage, at close to 50.9 percent. After the leading coin decoupled from the wider market yesterday –– holding its gains while other cryptos floundered –– healthy growth has today been distributed across virtually all of the major cryptocurrencies, as Coin360 data shows. Market visualization from Coin360 Bitcoin (BTC) is trading at around $6,310 at press time, up a strong …

Analysts polled by FactSet suggest that Nvidia will see increased revenue this quarter despite “waning” cryptocurrency mining, Marketwatch reported August 10. The purported increase is due to strong demand for gaming devices and data-centers. While analysts suggest that the company’s revenue from crypto mining hardware will decline, the U.S.-based graphic processing units (GPU) manufacturer will see significant growth in its gaming and servers sales. Revenue from Nvidia’s gaming sector is expected to grow by 47 percent to $1.75 billion on a year-on-year basis while data-center revenue is expected to surge 78 percent to $740 million. C.J. Muse, an analyst at …