Nvidia’s revenues still hit by death of cryptocurrency

Nvidia has announced its earnings for the second quarter of the 2020 financial year, and it appears that the graphics giant is still feeling the effects of the death of cryptocurrency, with revenue falling by 17%.

A few years ago, the cryptocurrency craze was in full swing, with people able to make a decent amount of money using their graphics cards to ‘mine’ for cryptocurrencies like Bitcoin and Ethereum.

This led to a surge in graphics card sales, with Nvidia (and particularly AMD) enjoying spectacular results (despite shortages in stock).

The huge popularity of cryptocurrency couldn’t go on forever, and when it became harder to make money, sales for graphics cards dropped off sharply.

This was a big blow to Nvidia’s revenues, and as its recent results show, it’s still being impacted. However, while on paper these results don’t look that great, they actually beat analyst expectations, with $2.58 billion (compared to $2.54 billion). This news helped Nvidia’s stock rise…