Nvidia CEO: Cryptocurrencies will stay for a long time
Nvidia is showing outstanding results in the wake of the rise in popularity of cryptocurrency mining. Yesterday the Californian company released its earnings for the second quarter of this year. Growth was 56% year-over-year, with the graphics processing unit (GPU) business generating $ 1.9 billion.
Nvidia CEO Huang Renxun has high hopes for selling his hardware to future miners. He told VentureBeat about this: “Cryptocurrencies and blockchain are with us for a long time. They will grow over time. It is quite clear that new coins will come to the market. Obviously GPUs are excellent for critography. GPUs are in a very advantageous position “.
Nvidia CFO Colette Kress made a similar statement, citing the rise of cryptocurrency markets as the main driver of GPU sales growth.
“The revenue line for hardware sales includes GPUs designed for home computers, laptops, and cryptocurrency mining,” she said. “The recent surge in cryptocurrency prices has led to an increase in demand for GPU hardware.”.
Note that Juan’s comments are strikingly different from those of his competitors – AMD. AMD CEO Lisa Su said last month that her company does not view the cryptocurrency mining market as a long-term growth driver. However, she added that AMD will continue to follow developments in the space.
The demand for GPUs among cryptocurrency miners has skyrocketed in recent months. They use graphics cards to add new blocks of transactions to cryptocurrency blockchains. For this they receive rewards in the form of freshly minted coins. GPUs are used to mine cryptocurrencies such as Ethereum and Litecoin. In contrast, special ASIC chips are primarily used for bitcoin mining today..
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