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.
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.