Mining Industry Jackpot – Nvidia Makes $155 Million On Crypto Chip Sales

In part, that growth is attributed to the pandemic; in part, to the development of calculations-heavy technologies such as AI and machine learning – and, in part, to the recent bull run in the crypto market.

Nvidia and Crypto Mining

Earlier this year, Nvidia got fed up with the crazy demand from miners. No joke: its top graphic cards used to fly off the shelves before they could even reach the gaming audience. (GeForce RTX 3070 and RTX 3080 have even been charted as the best for Ethereum mining by Tom’s hardware guide.)

First, the company modified a few models from the GeForce RTX range to detect mining algorithms and halve the effective hash rate.

“This reduced hash rate applies to newly produced LHR cards, not to cards already purchased. We believe this extra step will allow games everywhere to get more GeForce cards at better prices,” said Matt Webbling at Nvidia.

Crypto Chips

Following this announcement, it launched CMP HX: a pro-level GPU explicitly designed for mining. It turns out the latter was a good bet – this quarter, the sales of crypto-specific chips alone brought Nvidia $155 million.

Nvidia representatives claim that the surge in the CMP sales gave its main gaming hardware segment a boost. Although the designated mining chips will remain just a side income for the company, it expects this segment to reach $400 million in revenue in the second quarter.

Any Nvidia fans here? Has mining-impacted your ability to get the latest graphics card?

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