- Crypto mining firms have helped Nvidia to achieve a new all-time high
- With mainstream cryptocurrency adoption, the demand for GPUs for mining operations are skyrocketing
- The graphics card manufacturer Nvidia revealed that the firm recorded more than $6 billion worth of revenue in its second quarter of FY2022
- The revenue of Nvidia has been rising since the firm announced the launch of its GeForce RTX 3000 series ‘Ampere’
- The sales of the crypto mining processors lineup have summed $266 million
Crypto mining can potentially help generate a passive income. Individuals can mine digital currencies from home also. Amid the global COVID-19 pandemic we the rate of unemployment has increased due to lockdowns. Following the scenario, several are seeking other means of earning some passive income. Hence, mining digital currencies are getting more popular. On the other hand, the firms involved in the mining industry are acquiring more rigs to win the hash race. Ultimately, the demand for GPUs is soaring, which helped Nvidia achieve a new all-time high.
Nvidia generates a quarterly revenue of $6.507bn
A recent post shared by the graphics card manufacturer Nvidia revealed that the firm had achieved a new all-time high. According to the post, the firm recorded more than $6 billion worth of revenue in its second quarter of FY2022. Notably, the quarter ended on August 1, 2021, marking a more than 68% increment over a year.
As per the shared post, the sales of Nvidia are driven by the high demand for high-end gaming GPUs. Such GPU demand came for Proviz applications and crypto mining operations.
Nvidia’s products gaining acceptance
We have observed that the revenue of Nvidia has been rising since last September. At the time, the firm announced the launch of its GeForce RTX 3000 series ‘Ampere’. It is also noteworthy that the latest released cards managed to gain acceptance among gamers.
Moreover, in Q2 2021 we observed that the graphics card manufacturer’s products for automotive applications also surged. Alongside the revelation of higher earnings of more than $6 billion, the firm posted a $2.374 billion net income in Q2 of the financial year 2022. The aforementioned factors brought more than $622 million in Q2 FY2022.
Third quarters always seems successful
It has been noted that the third quarter for firms like Nvidia is profitable in comparison to previous quarters. Notably, it is considered that the PC makers place their orders while preparing for the holiday season.
Also, the graphics card manufacturer revealed that the sales of the crypto mining processors lineup had summed $266 million. Indeed, the latest figure is significantly up from about $150 million in previous quarters.
Nvidia’s CMP sales will collapse
In recent days Ethereum has attracted several eyes in the cryptocurrency market. The price of the second-largest cryptocurrency by market cap has been soaring. However, the profitability in ETH mining has witnessed a swoop. Following the scenario, the firm expects that the sales of its Nvidia CMP will collapse.
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