RATE Group | Nvidia Calls Off Cryptocurrency Mining Production Amid Low Earnings
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Nvidia Calls Off Cryptocurrency Mining Production Amid Low Earnings

18 Aug Nvidia Calls Off Cryptocurrency Mining Production Amid Low Earnings

Posted at 12:18h in Cryptocurrency News by

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Graphics chip manufacturing giant Nvidia saw huge growth in late 2017 and throughout most of 2018 as demand for its high-end Graphics Processing Units (GPUs), used for cryptocurrency mining, skyrocketed. The recent bear market has caused demand for GPUs to dwindle, leaving Nvidia to readjust its strategy.

Nvidia In Its Heyday

It seems Nvidia is throwing in the towel on the development and production of its cryptocurrency mining focused graphics cards and chips.

Nvidia has seen some explosive growth over the last few years and is currently seeing a 68% increase in value in the past year alone (indicated below in yellow), although this week the stock price has slipped almost eight percent (indicated below in red).

Nvidia’s biggest rival, Advanced Micro Devices (AMD), also saw record highs recently, gaining more than 100% in just the past quarter.

Nvidia was especially successful riding the waves of the huge cryptocurrency boom of November and December, gaining an impressive 42%…

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