Nvidia reports a huge decline in GPU sales for cryptocurrency extraction | News and opinions

The demand for graphic cards in the world of cryptocurrency mines seems to collapse.

On Thursday, Nvidia reported a huge decline in GPU sales for cryptocurrency platforms during the second quarter of this year, when the value of Bitcoin dropped to an annual low. Nvidia originally expected "specific revenue for cryptocurrency products" to reach $ 100 million during the quarter, but it actually amounted to only $ 18 million, Colette Kress's CFO said in an earnings request.

This is a massive decline from the first quarter of this year when Nvidia earned $ 289 million from "cryptographic GPUs". Going forward, the company now expects a "negligible contribution" in the sales of graphics cards to the mining market and will no longer include them in future financial forecasts, executives said.

" In the beginning of the year, we thought and planned that cryptography would be a larger contribution for the rest of the year," added Jensen Huang , CEO of Nvidia. "But at this moment, we consider it immaterial for the second half."

According to Huang, the company began to see an increase of sales of the GPU in the third quarter of last year, amid the price increase of Bitcoin, which you can extract using Nvidia graphics cards. In December, the price of virtual currency reached nearly $ 20,000 per currency, causing a run for GPU demand.

But since then, the entire cryptocurrency market has largely gained. The price of Bitcoin has dropped to around $ 6,300 per coin. Even other virtual currencies that can be mined have fallen prices.

The good news? If you are a player, the prices of Nvidia graphics cards are back to normal levels. During the cryptocurrency boom, the cost for many Nvidia GPUs has been briefly doubled, according to PCPartPicker, which has a website that tracks current prices. If you want to save money, you can also consider buying used graphics cards.