Nvidia says "Goodbye" to Crypto Business, but remains in the game

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An American technology company Nvidia officially stopped conducting cryptography.

Nvidia is the world's largest chip and graphics card company incorporated into Delaware and based in Santa Clara, California. Designs graphic processing units (GPUs) for gaming and professional markets, as well as systems on chip units (SoCs) for the mobile computing and automotive market. Its primary GPU product line, labeled "GeForce", is in direct competition with the "Radeon" products of Advanced Micro Devices (AMD). Nvidia has expanded its presence in the gaming industry with its handheld Shield Portable, Shield Tablet and Shield Android TV. In addition to GPU production, Nvidia offers parallel processing capabilities to researchers and scientists that enable them to efficiently execute high-performance applications. They are distributed in supercomputing sites all over the world.

In 2017, Nvidia enjoyed significant growth driven by the demand for its high-end GPUs, used for cryptocurrency mining. In March of this year, Nvidia collaborated with Arm to bring deep learning technology to IoT devices, which contributed to the company's popularity. However, in May, the Nvidia encryption boom began at the end, as the GPU draw request has declined. There is only a handful of tokens and cryptocurrencies that miners can produce with minuter GPUs, due to the lack of computing power in the chips used to create graphics cards. Furthermore, the current situation on the cryptography market is not optimistic. Bitcoin has slipped below the psychological price of $ 8,000, its current price is $ 6,682, according to CoinMarketCap. Because of the decline in mining profits, Nvidia's stock price, which was at most 52 weeks on June 14, fell to $ 244.

The company anticipated sales of about $ 100 million for its mining products of cryptocurrency in the second quarter of 2018, but the actual data turned out to be around $ 18 million, which left a large amount of unsold shares.

Nvidia CFO, Colette Kress, said:

"We believe we have reached a normal period like us" I do not see the time of substantially no cryptocurrency as we move forward. Our revenue forecasts anticipated cryptocurrency-specific products down to around $ 100 million, while actual revenue for specific crypto products was $ 18 million, and we now expect a negligible contribution. "

Jensen Huang, CEO of Nvidia, added that profitability of its cryptocurrency-oriented mining chips declined substantially, as the price of cryptocurrencies has shifted to a downtrend.

Nvidia is now focusing on development of its strengths in the field of computer games, artificial intelligence and data processing Two days ago, the company announced the launch of the Geforce 20 series chips with the new chip architecture of Turing, which will be much more efficient than its GTX 1080 Ti cards and GTX 1080 base.

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