RATE Group | Nvidia Quits Crypto Due to Low Profit, Not Because of Decline in Demand
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Nvidia Quits Crypto Due to Low Profit, Not Because of Decline in Demand

22 Aug Nvidia Quits Crypto Due to Low Profit, Not Because of Decline in Demand

Posted at 02:44h in Cryptocurrency News by

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nvidia cryptocurrency mining

The world’s largest graphic card and chip maker Nvidia has officially put an end to its crypto venture, with the official announcement of its CFO Colette Kress.

In a statement, Kress said:

“We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.”

Jensen Huang, the CEO at Nvidia, echoed the negative sentiment of Kress, adding that the profitability of its cryptocurrency-focused mining chips has declined substantially, as the price of cryptocurrencies moved to a downward trend.

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