Cryptocurrency mining processor Nvidia’s revenue drops from $105 million to $24 million
Nvidia released its financial report for the fourth quarter of fiscal 2022 shows that revenue from cryptocurrency mining processors fell by 77%. Revenue fell to $24 million from $105 million in the prior quarter.
Nvidia released its financial report for the fourth quarter of fiscal 2022, and when it comes to revenue related to cryptocurrency mining, the numbers are not good. Revenue from cryptocurrency mining units fell 77% in the quarter, although other revenue streams performed well.
Nvidia crypto GPU revenue pools
After stating that it has limited visibility into the impact of cryptocurrency mining on overall GPU demand, the report notes that the cryptocurrency mining processor’s revenue fell to $24 million. dollars in the quarter, compared to $105 million in the prior quarter. The total revenue from this stream was $550 million.
Other financial report highlights included record quarterly revenue of $7.64 billion, up 53% year-over-year. Revenue for the year also rose 61% to $26.91 billion. Gaming, data center and professional visualization CEO Jensen Huang said many new products, apps and partners were on the horizon, though he didn’t provide any details.
Nvidia GPUs have always been in high demand for cryptocurrency mining, although that has slowed somewhat over the past 12 months. Nvidia GPUs saw a hash rate cut to prevent use in crypto mining in May 2021, and since then there has been this drop. However, he created crypto-specific graphics cards to help the mining industry.
Proof-of-stake and other protocols to alleviate GPU requirements?
The cryptocurrency industry has long been moving towards other consensus protocols. Proof of work has not been democratic, with large amounts of capital needed just to break even. Proof-of-stake and other algorithms have become popular as a result of this, and this is only expected to increase as power consumption issues increase.
The energy consumed by bitcoin mining has become one of the main arguments put forward by lawmakers and crypto critics to oppose the market. An EU financial regulator has proposed banning proof of work to reduce power consumption, which is one of the most drastic measures taken. Kosovo has completely banned crypto mining.
This is certainly a concern, and groups are taking steps to alleviate the problem. One such group is the Bitcoin Mining Council, which aims to work towards sustainable energy solutions.
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