Nvidia projects crypto mining revenue to triple by the end of Q1 2021
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Nvidia recently held an Investor Day conference for shareholders, where they revealed their estimates for when they think the global graphics card shortage will ease up by. But the Green Team also revealed they are expecting crypto mining revenue to triple by the end of the first quarter.
More specifically, their revenue estimate for their new Cryptocurrency Mining Processor (CMP) lineup for â
industrial-scale cryptocurrency miningâ has been increased from $50 million to $150 million by the end of the first quarter of 2021 (May 2nd).
That seems to suggest that their new CMP range has been quite the success. The main reason behind the range of crypto mining cards (apart from capitalizing on the latest craze) was to bring some of the miners away from the gaming segment towards a crypto-focused area, hopefully freeing up availability for actual gamers in need of a new-gen GPU.
The smugglers were carrying Nvidia CMP 30HX s, which are specifically designed for cryptocurrency mining. Graphics cards used for cryptocurrency mining cash14/iStock
Bitcoin s recent boost from electric automaker Tesla s $1.5 billion investment in the digital currency has led to a spike in Bitcoin miners crunching numbers via warehouses full of servers.
With GPU demand and prices at an all-time high, it looks like some of these miners are turning to smuggled goods to boost their output. As a
TVB News report explains, Hong Kong authorities intercepted a fishing boat outside of Hong Kong International Airport that was smuggling up to 300 Nvidia CMP 30HX graphics cards.
Crypto miner astonished that Nvidia RTX 3080 plays games, too pcgamesn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pcgamesn.com Daily Mail and Mail on Sunday newspapers.
Nvidia’s latest beta drivers unlock RTX 3060 Ethereum cryptocurrency mining. This is likely a mistake from Nvidia, as the company was trying to nerf mining performance with the RTX 3060.
Mining companies like
Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT) have seen their share price rally by over 1000% in the past six months that followed the surge in cryptocurrency prices.
The attractive fees to be earned in cryptocurrency mining operations have made the business a lucrative investment for many companies that have been focused on moving into the space.
On March 8, Norway-based oil and gas giant
Aker (OTC:AKAAF) announced it would set up its own Bitcoin mining unit.
The company would set up a unit called Seetee for its mining operations and will reportedly place all of Seetee’s liquid assets in Bitcoin.