Monday, September 27, 2021
Home Crypto News Market Nvidia Recognizes Miners Contribution To The Growth Of Its Business As Nvidia...

Nvidia Recognizes Miners Contribution To The Growth Of Its Business As Nvidia Sales Are Up 84% In First Quarter Of 2021

- Advertisement -

Nvidia sales are up 84% In the first quarter of 2021 as compared to the first quarter of last year. The company acknowledged the contribution of miners to the growth of the business.

Despite the global semiconductor shortage, Nvidia beats the Wall Streets forecast. According to CNBC, Nivida made revenue of $5.66 billion, whereas analysts expected revenue of $5.41 billion, and earnings per share, $3.66 per share versus expected $3.28 per share.

Sales of graphics processing units (GPUs) rose 81% to $3.45 billion. Gaming segment revenue grew 106%.

According to the company, over the past year, demand from the video game industry has more than doubled. In the gaming sector, revenues reached $2.76 billion.

Nvidia CFO Colette Kress said:

Gamers and students are behind the increased demand for GPUs, and that it is expected that the current upgrade cycle would continue to be strong through the rest of the year. Sales of its consumer GeForce graphics processors drove the increased revenue in its gaming division, in addition to chips it sells to game console makers.

Particular GPUs for cryptocurrency miners, introduced in March, brought Nvidia $ 155 million.

“Nvidia said Wednesday that it believed cryptocurrency miners were partially responsible for its increased revenue, but “it is hard to determine to what extent.”

The company indicated that in the long term, demand from the mining sector might decrease. It depends on the state of the market and changes in the standards and mechanisms of cryptocurrencies, including but not limited to the upcoming Ethereum 2.0 standard.

Recall that in February, Nvidia halved the hash rate of the desktop GeForce RTX 3060 video card to make the model less attractive for miners.

In March, the company decided to reduce the hash rate in three more graphics cards – Nvidia GeForce RTX 3080, 3070, and 3060 Ti.

- Advertisement -
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

PortAventura World With 5.2 Million Yearly Visitors Becomes the First Theme Resort to Accept Bitcoin as Payment at the Hotels

The Spanish amusement and leisure park - PortAventura World - would be the first in its field to add bitcoin payments. The initiative would... reports 130% client growth in 1H 2021

Gibraltar, -, 27th September, 2021, Trading volumes soar by 197% on fast-growing European crypto platform affirming rising levels of crypto adoption among global investors,...

VanEck lists TRON ETN on Euronext Paris and Amsterdam

Singapore, Singapore, 26th September, 2021, TRON has announced that VanEck Vectors TRON ETN (VTRX) will be listed on the Euronext exchanges in Paris and...

Paul Pierce, Phil Ivey, Mr. Beast and Joe Lubin Tonight In Virtue Poker’s Awaited Celebrity Charity Poker Tournament

Xbiex, Malta, 26th September, 2021, Virtue Poker is excited to host The Celebrity Charity Poker tournament that commences tonight, September 26, at 11 pm...

Kawaii Islands Nets $2.4M In Private Token Sale For Its Anime Play-to-earn Metaverse

Tortola, British Virgin Islands, 25th September, 2021, Play-to-earn blockchain games continue to take the world by storm, and Kawaii Islands is ready to throw...

Microstrategy CEO, Michael Saylor On China Banning BTC And Crypto: “Nothing Has Created More Wealth In The Past Decade Than Technologies Banned In China”

Microstrategy CEO, Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 108,992 BTC. Michael Saylor is among the...

Bloomberg Chief Commodity Expert, Mike Mcglone Says That Bitcoin May Still Hit $100,000 In 2021, According To Him He Has Underestimated One Thing And...

Bloomberg leading commodities strategist, Mike McGlone provides a reason why the Bitcoin still has a chance of hitting the $100,000 price line by the...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.