Nvidia to Quit Mining Race Due to Low Profit

At the same time, Nvidia's main business is showing solid results
23 August 2018   1500

Leading manufacturer of video cards and chips Nvidia announced its decision to stop focusing on the cryptocurrency minning. Main reason - low profit. This is reported by CCN.

CFO Nvidia Colette Kress said that until the end of 2018 the company does not expect sales growth in this segment.

We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. 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.
 

Colette Kress

CFO, Nvidia

Nvidia CEO Huang Jenshun also noted that the profitability of minning chips, which the company produces, is declining due to the market decline. At the same time, Nvidia's main business is showing solid results.

Thus, in the second quarter, Nvidia's sales in the gaming sector grew by 52% to $ 1.8 billion, while revenue from data centers grew by 83% to $ 760 million.

Media to Report on Canaan's IPO Date

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3B
12 November 2019   96

Canaan Creative, a Chinese manufacturer of bitcoin mining equipment, will conduct an initial public offering on the leading NASDAQ stock exchange on November 20. This is reported by The Block, citing its own sources.

Bitmain rival filed an IPO on October 28 and expects to raise $ 400 million. Underwriters are Citi Group, Credit Suisse, Galaxy Digital and four other companies.

At the same time, it remains unknown at what price the company intends to place its shares.

Rumors that Canaan is considering an IPO in the United States appeared at the beginning of the year. This is the third attempt by the company to conduct an initial public offering - earlier Canaan unsuccessfully tried to conduct an IPO in Hong Kong and mainland China.

According to the submitted documents, last year the net profit of the manufacturer of miners Avalon amounted to $ 8.3 million with revenue of $ 394 million. However, in the second half of 2018, Canaan lost $ 16.7 million amid falling bitcoin prices.

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3 billion.