NVIDIA minted $155 million from crypto mining chips

Cha-ching! Leading graphics card manufacturer NVIDIA has earned $155 million in revenue from chips designed for cryptocurrency mining in this first quarter.

The company announced its first fiscal 2022 results, admitting that crypto miners have also pushed up sales in the much larger gaming products segments that remains its main market. NVIDIA did not disclose that share, however.

According to the chipmaker, total revenue rose 84% in Q1 that ended on May 2. The record high $5.66 billion figure exceeded preliminary expectations, and comes from the company’s gaming, datacenter, and professional visualization platforms.

Some $155 million of this total has been attributed to crypto specific chips, and NVIDIA expects purchases of its CMP chips to reach $400 million in the second quarter — these are the newest chips that are made specifically for professional cryptocurrency mining.

NVIDIA CEO Jensen Huang:

“What we hope is that the CMPs will satisfy the miners and will stay in the professional mines.”

The firm also said that its first quarter gaming revenue reached $2.76 billion, which is a very solid increase of 106% from a year ago. Datacenter revenue was up 79% to $2.05 billion.

Despite the positive news, NVIDIA shares lost almost 1% to end up at $621.95, in an implication that investors might have been put off by the surge in card purchases for crypto mining usually occurring when the value of cryptocurrencies rises.

In the past few days, crypto markets have been hit by negative statements and sentiments that have brought prices down across the board.

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave a Reply