Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline
27 Mayo 2022 - 4:00AM
NEWSBTC
The American Chip developing company Nvidia attests to its dip in
shares due to the CMP (Cryptocurrency Mining Process) sales
decline. The company stated that its 52% decrease for its Q1 of
“OAM and other” investments was because of the decrease in CMP
sales. Nvidia stated this, as explained in a filing on Wednesday.
In 2021, Nvidia recorded $24 million in returns from its CMP
sources; this also recorded a discouraging decrease of 77%
year-over-year. Last year January, the corporation introduced the
CMP product to discourage cryptocurrency miners from storing up
existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti.
Related Reading | Perp Traders Remain Quiet As Bitcoin
Struggles To Hold $30,000 While the chipmaker didn’t explain the
exact sales amount its CMP sales provided, it did tag the value
“nominal” and over $155 million in loss from the previous year.
Nvidia Shares Tumble At The End Of Q1 The company experienced
strong quarterly growth from 2021 last quarter to 2022 first
quarter, increasing by 8% in returns. Thus, making up to $8.98
billion. Its shares also increased by 3% to $1.36 a share. In
addition, the chipmaker stated that it’d continue its buyback
program reaching 2023 end, and it is worth $15 billion. Nvidia And
The Q2 Nvidia has now been experiencing a steady decrease in
interest in the CMP mining chips during this Q2. The reasons why
this is so might probably be because of Ethereum’s porting to the
Proof-of-staking mechanism. The current bear market, or the
recently deployed products from the industry leader—Intel
Corporation. We don’t know, but we do know that the tech giant
isn’t experiencing a good time at its current turnover. Q2 isn’t
starting as interesting as Q1, and pundits project a 4% loss to $8
billion in turnover. During Thursday after-hours trading, Nvidia
(NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have
experienced an almost 50% decrease in the year-over-year report,
reflecting a poor outlook for tech stocks. Related Reading
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High Value During last year’s Q2, Nvidia encountered a 33% dip from
expected returns, reaching $266 million, then $106 million in Q3,
and $24 million in Q4. That value has still fallen. The chipmaker
revised its expectations for the second quarter (Q2), summing it up
to $8.1 billion because of the Russia-Ukraine war, and Lockdown in
China. Nvidia CMP And Cryptocurrency Mining Nvidia’s Santa
Clara-situated CMPs can be effective for mining Bitcoin, Ether, and
other digital assets that use the Proof of Work consensus
mechanism. In addition, the token’s graphics card, built for
gaming, can be effective for mining cryptocurrency except
restricted. One notable fact is that CMPs are very scarce in
supply. Even on secondary markets, it’s rare to find them.
Therefore making the chances of sales slimmer and smaller. Featured
image from Pixabay, chart from TradingView.com
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