NVIDIA Breaks Sales Records due to Miners

Nvidia upbeat current-quarter revenue forecast on Thursday underscored surging demand for its graphics chips used in data centres, gaming devices and cryptocurrency mining
09 February 2018   715

NVIDIA announced on Thursday record revenue for the fourth quarter ended January 28, 2018, stating that demand for Nvidia graphics chips remained at a high level due to the cryptocurrency miners.

Strong demand in the cryptocurrency market exceeded our expectations. While the overall contribution of cryptocurrency to our business remains difficult to quantify, we believe it was a higher percentage of revenue than the prior quarter.

Colette Kress

Chief Financial Officer, NVIDIA

Nvidia’s revenue from gaming, for which it is best known, rose 29% to $1.74 billion, accounting for a more than half of its total revenue in the fourth quarter, and also beating analysts’ estimate of $1.59 billion.

Nvidia said it had a benefit of $133 million in the quarter as a result of recently enacted U.S. tax reform. The company expects to have a tax rate of 12%, plus or minus 1 percentage point, for the quarter. That's down from around 17% previously, Kress said.

In the fourth quarter, Nvidia introduced the Titan V graphics processing unit for desktop PCs, and it also changed the licensing terms for some of its GPUs.

Nvidia said it's expecting $2.9 billion in revenue, plus or minus 2 percent, for the first quarter of its 2019 fiscal year. Analysts were expecting guidance of $2.46 billion in revenue for the quarter.

We have recently reported that AMD, the main competitor of Nvidia, is planning to increase production of graphics cards, which are currently in short supply because of the crypto mining popularity.

South Korea to Toughen Mining Chip Import Rules

Mining chips will have to meet legal requirement for importation, such as safety and sanitation certifications
19 April 2018   123

In South Korea, foreign-made crypto mining chips import rules can be complicated in the near future.

As reported by CoinDesk with reference to the statement of the Korean Customs Service (KCS) the government agency added mining chips to the list of goods that must meet certain criteria established by the current legislation for importation into the country, including certificates of security.

New requirements were introduced after the customs service discovered an increase in the number of mining chips imported into the country. So, in November and December last year, according to KCS, 454 mining chips were imported to the country for a total of 1.3 billion won ($ 1.2 million).

Since the mining devices consume a significant amount of electricity and produce a lot of heat, their operation is associated with an increased risk of fires.

To neutralize these risks, the service will monitor the safety of imported devices in accordance with the requirements established by the National Radio Agency.