Recently, the media have reported that the US chip maker giant Nvidia has decided to withdraw from the cryptocurrency industry due to the decline in the profitability of cryptocurrency. A year ago, the company also planned to make a splash in the industry. However, whether the industry loses momentum or the company is defeated, the GPU and semiconductor manufacturers have officially withdrawn from the mining industry.
Nvidia’s Chief Financial Officer Colette Kress said, “We believe we have reached a normal period, and we expect that the company’s future development will no longer involve cryptocurrency. We used to expect the revenue of cryptocurrency-related products to be 100 million yuan. U.S. dollars, but only 18 million U.S. dollars. We now expect the contribution of cryptocurrencies to future earnings to be negligible."
Nvidia (NASDAQ: NVDA) is a chip manufacturer and a global force in the technology industry. In indicators that reflect the economic conditions of an industry, such as SNDAQ and Standard & Poor's, Nvidia ranks steadily in the top 100. The company announced more than a year ago that it would enter the cryptocurrency mining industry, which is well known. At that time, the company seemed to be an industry leader soon. But the result is not so.
Leave or be turned away?"Although cryptocurrency revenue is not high," Nvidia's CEO emphasized, "but it still has an impact on our sales of products and the replenishment of all channels. Therefore, in recent quarters, we have maintained the stability of all channels. It has indeed achieved good results from selling related products and increased our profits." But the old saying of the financial industry: The cryptocurrency industry is cruel.
There are rumors that the company entered the mining industry because of miners’ demand for graphics cards. At that time, most of the graphics card users were gamers. As miners’ demand for graphics cards is increasing and their performance requirements are getting higher and higher, Nvidia has noticed that the demand here is natural. However, that was a period when cryptocurrencies surged in 2017 and prices soared, and then prices have been falling.
CEO Huang Renxun was very optimistic about this experiment at first, but later had to admit that cryptocurrency mining products did not bring much profit to the company. Now, "we think that the contribution of cryptocurrency to the second half of the year is negligible" and decided to withdraw. Cryptocurrency mining industry.
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