Bitcoin, Crypto Mining News

Nvidia Expecting To Earn $50 Million From Cryptominers

Nvidia’s recently-announced crypto-mining processor (CMP) should draw in around $50 million in revenue in the first quarter of FY 2022, the company announced Wednesday.

The prominent graphics hardware manufacturer shared its expectations for the new product on a conference call, following better-than-expected Q4 earnings

Nvidia published record revenue in Q4 in both its gaming and data center segments, with gaming bringing in $2.5 billion.

Nvidia predicts that crypto mining contributed $100 million to $300 million to its gaming segment in Q4. 

Nevertheless, CFO Colette Kress noted Wednesday that the company couldn’t accurately track or quantify its gaming GPUs’ end-use since they are sold to graphics card manufacturers and then onto distribution. 

The rise in cryptocurrency mining has led to a chip shortage for gaming, which Nvidia hopes to alleviate with the new CMP. The new chip will start shipping in March, and Nvidia plans to sell it directly to industrial miners

“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Kress said. “CMP products will let us gain some visibility into the contribution of cryptomining to our overall revenue.”

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