Nvidia reported total quarterly revenue of $387 million in its OEM segment-up nearly 150% from the prior-year period-so the company is effectively saying that about 75% of this business came from crypto-specific processors. “Looking into Q2, we expect crypto-specific revenue to be about one-third of its Q1 level.” “Cryptocurrency demand was again stronger than expected, but we were able to fulfill most of it with crypto-specific GPUs, which are included in our OEM business at $289 million,” Kress said. Speaking to analysts during the firm’s latest earnings conference call-in the wake of its solid Q1 2019 report-executives like Kress and CEO Jensen Huang were much more detailed with their answers to crypto-related questions. In fact, Nvidia CFO Colette Kress told analysts that cryptocurrency’s contribution to the company’s business was still “difficult to quantify” as recently as the Q4 2018 conference call.īut that task has apparently gotten easier, or Nvidia has finally decided to pull the curtain back a little more. Nvidia has been reluctant to acknowledge the new business it has seen from crypto miners, with management seemingly eager to guard itself from the volatility associated with cryptocurrency market. Still, cryptocurrency mining-a process that sees users rewarded with new coins or tokens when they volunteer their own computing power for blockchain maintenance-can be profitable when executed correctly, and miners continue to pick GPUs made by Nvidia and rival AMD AMD to power the top-end computers needed for the task.
While datacenter demand continues to rise and self-driving cars approach their commercial debut, cryptocurrencies have tumbled from their New Year highs and appear more volatile than ever. But of course, not all of these new businesses are made the same.
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