Sales of GPUs to crypto miners fall even faster than expected
There was a six-month period where it was nearly impossible to get a high-end graphics card for crypto mining.
Nvidia warned at the time that the demand would slow but it's fallen faster as crypto prices have collapsed.
"Crypto largely disappeared" from demand, founder and Chief Executive Officer Jensen Huang said today. "We're projecting no cryptomining going forward."
Nvidia said it had expected about $100 million in sales of chips bought by currency miners in the fiscal second quarter. Instead, the total was $18 million in the period, and that revenue is likely to disappear entirely going forward, the company said.
A few months ago Nvidia generated sales of $289 million to crypto miners but warned that could fall by two-thirds, instead it's fallen by 94%.
Shares of NVDA are down 3% today but the long-term chart is absolutely insane:
As an aside, I owned a few NVDA shares in 2011 and sold them for peanuts...sigh.
