No Investors Misled Over Crypto Mining Boom, Nvidia Claims

No Investors Misled Over Crypto Mining Boom, Nvidia Claims
фото показано с : bitcoinist.com

2019-12-7 15:04

Nvidia has urged a US judge to dismiss a case brought by investors who say it misled them over crypto mining revenues. The company claims that the plaintiffs had cherry-picked information and relied on analysts who were clearly speculating on its financials.

Lack Of Transparency Over Crypto-Mining Demand

The case was initially brought, back in December 2018, following disappointing Q3 results which saw a significant drop in the share price. Investors sued on the basis that they had been misled by the company over cryptocurrency mining demand.

Nvidia claims that analysts (including one from Morgan Stanley), were perhaps surprised by the Q3 results because they had been using a flawed model, which assumed a static demand for gaming chips.

Whilst Nvidia’s core business has been in the gaming sector, the rise in popularity of crypto mining saw additional demand for its GPU units.

Mining Specific Hardware

To take advantage of this new sector, Nvidia produced a mining-specific processor called the Crypto SKU in May 2017. Sales of this hardware were recorded in a general business segment, away from the gaming segment.

However, many cryptocurrency miners still preferred to use the GeForce gaming chip, and revenues in the segment continued to climb.

Investors claim that company executives led them to believe that higher gaming revenues were separate from the cryptocurrency mining boom, telling analysts that the majority of crypto-related sales came from the Crypto SKU.

They claim that it wasn’t until August 2018 that Nvidia admitted that crypto-related revenue was also tied up in the gaming segment. At this point, it became clear that weakening demand for cryptocurrency miners was affecting gaming-revenues.

Cherry Picking

However, Nvidia says that the investors are cherry-picking two or three corporate statements, and ignoring others which show that the company did give transparent information about its revenue streams.

It also says that no specific facts linking losses to specific disclosures, nor information on who knew about the alleged wrongdoing was given.

The investors claim that Nvidia was trying to deliberately ‘falsely minimize’ how much it was bringing in through crypto-related sales.

What do you think about Nvidia’s claim? Share your thoughts in the comments below! 

Image via Shutterstock

The post No Investors Misled Over Crypto Mining Boom, Nvidia Claims appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0413084 (-100%)

claims mining nvidia crypto misled investors information

claims mining → Результатов: 126


Фото:

FATF ‘Absurd’ Bitcoin Exchange Rules Will Reduce Crime, Researchers Admit

The FATF ‘Travel Rule’ that cryptocurrency proponents have described as “absurd” will result in a mass shift to compliance among Bitcoin exchanges, new data claims. FATF Rules Move Closer To Law In a report issued on September 9, Crystal Analytics, the dedicated offshoot of mining giant Bitfury, forecast possible consequences of cryptocurrency rules likely to become law across the globe by June 2020.

2019-9-10 16:00


Chinese investors to make comeback with Bitcoin, claims Dovey Wan

China’s link with cryptocurrency is not only limited to government initiatives but also the local users that still dominate the Bitcoin mining landscape. Primitive Ventures’ Dovey Wan, who also holds deep understanding of China’s financial market, recently claimed the aforementioned reason as the primary factor for China’s sizable local crypto supply.

2019-9-4 19:10


Researcher debunks Craig Wright’s claims of heavy Bitcoin mining during BTC’s early history

Craig Wright’s claims of using between 60 and 100 computers to mine Bitcoin in January 2009 were debunked by crypto researcher SeekingSatoshi. The low hash rate recorded in Bitcoin’s earliest days showed that Wright simply couldn’t have used that many machines to mine the researcher said, uncovering yet another layer of potential lies told by […] The post Researcher debunks Craig Wright’s claims of heavy Bitcoin mining during BTC’s early history appeared first on CryptoSlate.

2019-8-10 02:49


Фото:

Chinese Listed Companies and Bitcoin Mining: Partner or Predator?

This article was originally published by 8btc and written by Lylian Teng. Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.

2019-5-29 18:53


CEX.IO Review [2019] – A Safe, Proven Crypto Exchange

CEX. IO manages to balance the provision of an exchange platform with advanced services and an interface that is visually appealing, easy-to-use and accessible to newer crypto investors. CEX. IO has been in the cryptocurrency business since 2013, starting as a cloud mining provider, and claims to currently have over a million users, ranging from “Bitcoin beginners […] CEX.

2019-5-4 15:31


Coinhive shutdown is failing to stop cryptojacking attacks; 1 million attempts blocked daily, claims report

The world of cryptocurrencies has been subject to both positive and negative developments since its inception. Coinhive, the infamous cryptocurrency mining script, is one of the latter. And while Coinhive was shut down earlier this year, that has not stopped other malicious activities from inflicting pain on the cryptocurrency ecosystem.

2019-5-3 12:30


Bitcoin [BTC] and Ethereum [ETH] mining difficulty predicted to rise by double digits, claims report

The cryptocurrency market’s rapid movement towards mainstream adoption has been an ongoing process, with several factors like mining and hedging coming into play. The cryptocurrency market’s bear run, which is the longest in its recorded history, has not managed to cull the interest among users who wish to delve deeper into the functionalities of the […] The post Bitcoin [BTC] and Ethereum [ETH] mining difficulty predicted to rise by double digits, claims report appeared first on AMBCrypto.

2019-5-1 21:30


Brazilian Police Accidentally Discover Money Laundering Bitcoin Mining Farm

By CCN. com: A report published in local Brazilian news outlet Zero Hora has revealed that Brazilian police have made an arrest in connection with a suspected crypto money laundering scheme. An accidental discovery The report, which was published on April 23, claims that the State Department of Drug Trafficking (Denarc) in Porto Alegre, Rio Grande do Sul came upon a house where cryptocurrencies were being mined as they were on the trail of a suspected drug trafficker.

2019-4-28 14:36


Bitcoin [BTC] halving will not help Bitmain’s case, claims Blockstream’s Samson Mow

Bitmain, the Beijing-based cryptocurrency mining company, recently called off its plan to formally go public with its IPO application at the Hong Kong Stock Exchange after it lapsed. The IPO listing was predicted to be the world’s largest crypto-related IPO, but the collapse of the application added to the news of the firm’s economic retrenchments.

2019-3-28 17:30