Nvidia Quits Mining Hardware Market

August 24, 2018

The US-based company Nvidia is a colossus in the industry of hardware components and is among the 100 key companies on the Nasdaq and S&P information boards. The American company with almost 25-year-long background declared in 2017, it would develop crypto mining branch. Many believed, Nvidia would become the market leader but it did not.

The story began with miners who decided using the company’s GPUs to mine cryptocurrency and Nvidia saw dramatic video card sales growth сamong the new target audience different from gamers. This is supposed to be the primary factor for the company to enter the mining hardware market.

Leaving of Free Will?

As the Nvidia’s financial director Colette Kress stated, the stage of profound changes is behind:

“Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward”.

“Although crypto revenue may not be large <…> we did get the great effect of selling just about everything and our margins really been able to benefit from that.”

In 2017 the world witnessed rapid cryptocurrency price growth and it was expected to play the pivotal role in the matter of demand growth for Nvidia products among miners.

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