Monday, July 22, 2024

Nvidia reports Q3 decline in crypto mining chip sales

The expectation is that the sales of Crypto mining products will be very low in Q4.

Even though the crypto market is growing, Nvidia hasn’t made huge profits from mining products. The reports of Q2 and Q3 show that sales dropped 60%, with the expectation that the sales will drop even more.

Nvidia stated in its quarterly financial statements that CMP (cryptocurrency mining processor) sales fell from 266 million in the second quarter to $105 million in the third quarter (that ended in October). Nvidia claims to have earned $526 million in revenue during the product’s existence, accounting for approximately 3% of the total $19.27 billion in revenue during the same period. The company’s overall revenue comes almost entirely from the sales of games, data centers, and professional visualization equipment.

Last quarter was the same as far as CMP sales. Nvidia outperformed Wall Street assumptions by producing more than $6.5 billion in benefit. However, the company still failed to meet its crypto-mining GPU line profitability target for Q2 2021.

During the Q1 earnings call, Nvidia CFO Colette Kress anticipated a $400 million income for the organization’s digital currency mining processor line in Q2. In the subsequent quarter, Nvidia sold CMPs worth $266 million, shy of its objective by a 33% edge.

Even though CMP doesn’t have the desired traction, the profits haven’t been damaged. Nvidia’s value has been rising this year with 123%, and the sales were up 50% (year-on-year). Also, the graphic cards sales amounted to $3.2 billion in one single quarter. According to Nvidia, this isn’t necessarily linked to the crypto market.

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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