Nvidia’s Cryptocurrency Value Drops More Than Second Quarter

November 10, 2017 10:36 pm Published by
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Chip manufacturer Nvidia said that they will remain “nimble” in its approach to cryptocurrencies after their quarter-over-quarter decline in revenue for related products, according to CoinDesk.com

The company released its third-quarter results on Nov. 9 which included information about how its revenue for cryptocurrency mining-related products came in at only $70 million, a decline from the $150 million during the second quarter.

Nvidia said that the decline was due to an up-and-down marketplace that shifts with demand, with chief financial officer Collette Kress saying that the cryptocurrency market is “volatile” and would not affect the company’s focus on the core gaming market.

Nvidia’s Chief Executive Officer Jen-Hsun Huang also said that the sales of graphics chips are “benefiting” from the growth of cryptocurrency mining.

Huang added:”For some time, we’re going to see that crypto will be a small, but not zero, part of our business.”

The CEO also said that the demand for its products from miners “ebbs and flows” with the market after previously declaring that “cryptocurrencies and blockchain are here to stay” back in August when the company said they saw long-term opportunities in fintech.

WN.com, Maureen Foody

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