Although digital coin prices have skyrocketed throughout 2021, Nvidia has not made any money from building digital shovels for miners.
See also: Intel CEO vows to "challenge" Nvidia
The kind of processors that Nvidia makes, GPUs, can be used to efficiently extract ethereum by solving complex mathematical problems. In March, the company unveiled versions of its chips specifically targeted at cryptocurrency professionals called CMPs.
Nvidia said Wednesday that CMP sales fell 60 percent in the most recent quarter and that product line sales are expected to fall slightly in the fourth quarter.
Nvidia CMP card sales fell from $ 266 million in the quarter ending in August to $ 105 million in the most recent quarter, which ended in October.
Adding $ 155 million in CMP sales since the May quarter, the chip maker now says it has total revenue of $ 526 million over the life of the product.
The lack of traction for the CMP has not hurt Nvidia at all. Its share increased over 123% on an annual basis. He said in a earnings report on Wednesday that total sales were up 50% year-on-year and earned $ 3,2 billion in a quarter selling graphics cards to gamers and computer makers.
In 2018, a drop in cryptocurrency prices hit Nvidia shares and sales as used graphics cards hit the used hardware market, lowering prices.
2021 is different. This year, the GPUs Nvidia's latest generation of gamers found it difficult to find in retail stores because they were running out too quickly.
When Nvidia announced CMP cards in the spring, they were explicitly framed as a tool to keep the GPU offering available to gamers, rather than industrial miners.
Source of information: cnbc.com