Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline

2022-5-27 12:00

The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday.

In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year.

Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing up existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti.

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

While the chipmaker didn’t explain the exact sales amount its CMP sales provided, it did tag the value “nominal” and over $155 million in loss from the previous year.

Nvidia Shares Tumble At The End Of Q1

The company experienced strong quarterly growth from 2021 last quarter to 2022 first quarter, increasing by 8% in returns. Thus, making up to $8.98 billion. Its shares also increased by 3% to $1.36 a share. In addition, the chipmaker stated that it’d continue its buyback program reaching 2023 end, and it is worth $15 billion.

Nvidia And The Q2

Nvidia has now been experiencing a steady decrease in interest in the CMP mining chips during this Q2. The reasons why this is so might probably be because of Ethereum’s porting to the Proof-of-staking mechanism. The current bear market, or the recently deployed products from the industry leader—Intel Corporation. We don’t know, but we do know that the tech giant isn’t experiencing a good time at its current turnover.

Q2 isn’t starting as interesting as Q1, and pundits project a 4% loss to $8 billion in turnover. During Thursday after-hours trading, Nvidia (NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have experienced an almost 50% decrease in the year-over-year report, reflecting a poor outlook for tech stocks.

Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

During last year’s Q2, Nvidia encountered a 33% dip from expected returns, reaching $266 million, then $106 million in Q3, and $24 million in Q4. That value has still fallen. The chipmaker revised its expectations for the second quarter (Q2), summing it up to $8.1 billion because of the Russia-Ukraine war, and Lockdown in China.

Nvidia CMP And Cryptocurrency Mining

Nvidia’s Santa Clara-situated CMPs can be effective for mining Bitcoin, Ether, and other digital assets that use the Proof of Work consensus mechanism. In addition, the token’s graphics card, built for gaming, can be effective for mining cryptocurrency except restricted.

Cryptocurrency market falls by 1.20% | Source: Crypto Total Market Cap on TradingView.com

One notable fact is that CMPs are very scarce in supply. Even on secondary markets, it’s rare to find them. Therefore making the chances of sales slimmer and smaller.

Featured image from Pixabay, chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

cryptocurrency company decline cmp chip mining decrease

cryptocurrency company → Результатов: 126


Фото:

Cryptocurrency Malware Infects Over 200,000 Mikrotik Routers

A cryptojacking campaign has affected over 200,000 routers made by Mikrotik, the Latvian networking company.   A Months-Old Vulnerability Exploited Security researchers recently mapped a series of cryptomining attacks, which initially attacked a large number of users in Brazil to create a growing mining botnet by infecting compromised devices with malware.

2018-8-7 07:00


Фото:

UBS: ‘Lack of Stability’ Preventing Bitcoin Going Mainstream

Bitcoin (BTC)–One of the world’s largest investment banks has commented upon the rise of cryptocurrency, and found fault with the scalability and price volatility associated with Bitcoin. The Union Bank of Switzerland, an investment bank and financial services company, has joined the list of Bitcoin detractors who point out the obvious flaw with the currency: […] The post UBS: ‘Lack of Stability’ Preventing Bitcoin Going Mainstream appeared first on Ethereum World News.

2018-8-6 17:15


New Study Finds 88% of Cryptocurrency Exchanges Want Regulation

A new study by crypto-friendly payment company Mistertango reveals that 88% of cryptocurrency exchanges want industry regulation, Finextra reports. The cryptocurrency market is currently trying to change its “Wild West” image that it received as a result of the 2017 ICO boom, the extreme market volatility, and the numerous cyberattacks on investors and exchanges. However, […]

2018-8-3 13:29