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A call transcript from CEO of Nvidia, Jensen Huang, reveals that the recent line of GPUs made for cryptomining could total $555 million in sales.
It seems as though each week there is something new going on in the world of GPU and PC technology. Unfortunately, none of this information seems to pertain to whether there is any hope on the horizon that graphics cards and other hardware will become readily available soon, although AMD’s CEO did seem optimistic about the situation recently. However, this hasn’t stopped the likes of Nvidia making bank despite the current global shortages.
In a recent call transcript, CEO of Nvidia, Jensen Huang, revealed that the company’s recent line of GPUs that have been designed to be better suited for cryptomining have been making a tidy profit for the tech conglomerate. In the transcript, Huang said that Cryptocurrency Mining Processors, or CMPs, used in current graphics cards had generated a revenue of $155 million in Q1, with a further $400 million expected in Q2. This means these GPUs, which are not designed with gaming in-mind, are expected to reach around $555 million in sales, all within the span of a few months.
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While this sounds like a massive figure, it’s worth pointing out that very recently, Nvidia also reported over $5.6 billion in revenue for the first quarter of 2021. That being said, $555 million for CMP products alone is still arguably a huge figure, especially given that there is an ongoing deficit causing problems for the manufacturers of hardware, as well as the customers looking to buy them. It’s also impressive given that GPUs for cryptomining were only launched earlier this year to try and combat some of the issues.
For those who aren’t aware, what sets CMP products apart from standard Nvidia GPUs is the former do not meet the hardware requirements for them to be suitable for gaming. Instead, CMP cards pull focus from regular GeForce graphics cards so cryptominers aren’t buying products in bulk which are better suited for gamers. Earlier this year, AMD also said it may start looking into cryptomining GPUs as well.
The shortages have been blamed on two major factors: the COVID-19 pandemic causing chaos to the economy, and people looking to mine for cryptocurrency buying so many GPUs that there have been little left over for other consumers. One company even boasted about purchasing 18,000 Nvidia GPUs, spending nearly $30 million. However, despite the deficit, Nvidia appears to be doing well for themselves. With the millions made from CMP cards alone, the question remains about how much more the company would have made were it not for low supplies.
Source: Seeking Alpha
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