It seems that the general downward trend that has spread this year in the cryptocurrency space has a negative impact on the sector
Due to falling prices for cryptocurrencies, the largest manufacturer of graphics cards and computer chips Nvidia recently had to abandon the production of mining equipment.
Based on Nvidia's QXNUMX analysis, the cost of mining cryptocurrencies will skyrocket, minimizing profits. MiningThe equipment is no longer profitable for the company.
True miners know that this process requires powerful graphics cards capable of doing the right calculations. For example, mining Bitcoin on the home computer of an individual person is a losing business. The only way today to make a profit from mining BTC is to use a large number of ASICs.
On top of that, the sharp fall in cryptocurrency prices in 2018. The law of supply and demand naturally reduced the prices of graphics processors. Only a few tokens and cryptocurrencies are left that miners can mine using video cards, since their computing power is no longer enough.
According to Nvidia, revenues from sales of graphics processors oriented to mining have dropped significantly from 289 million dollars in the first quarter to 18 million in the second quarter.
Rensen Huang (Jensen Huang), CEO of Nvidia, says that the production of video cards for mining not only does not bring the expected profit, but also becomes unprofitable.
Nvidia’s CFO, Colette Kress, made an official statement:
“We expected that the cryptocurrency sector would bring us about 100 million dollars, and the actual revenues from sales of mining equipment - 18 million dollars, and we do not expect an increase in these indicators in the future. We believe that the period of maximum demand for GPU for mining has already ended, so the company's future will not be focused on the cryptocurrency market. ”