Nvidia News: Graphics card maker Nvidia generated $ 155 million in revenue from chips designed for cryptocurrency mining in the first fiscal quarter. The company noted that crypto miners also increased sales in the gaming products segment, which remains its main market.
Announcing its first 2022 financial results, Nvidia announced that its total revenue increased by 84% in the first quarter that ended on May 2. The record $5.66 billion figure, which exceeded preliminary expectations, comes from the company’s gaming, data center and professional visualization platforms. The increasing demand for graphics processing units (GPUs) during the pandemic has played an important role with the growth of AI applications, but so are the emerging crypto markets.
Revenue from cryptocurrency mining reached $155 million
As Reuters reported, $155 million of the total is attributed to crypto-specific chips, while also admitting that cryptocurrency miners drive sales in the larger playing card segment. Nvidia expects purchases of CMP chips specifically for professional crypto mining to reach $ 400 million in the second quarter.
As cryptocurrency prices hit all-time highs earlier this year, Nvidia launched its custom mining chips to drive miners’ demand away from its most important product line. It also limited the mining efficiency of regular graphics cards to protect supply for gamers. Nvidia CEO Jensen Huang told CNBC:
We hope that CMPs will satisfy miners and remain in professional mines.
On Wednesday, the company said its first-quarter gaming revenue reached $2.76 billion, up 106% from a year ago, while data center revenue reached $2.05 billion, up 79%.