NVIDIA Q3 Revenue Report Confirms Crypto Mining Hardware Sales Run Out Of Steam

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When NVIDIA decided to bank big on dedicated crypto mining hardware, investors remained hesitant. Several m nths later, that hesitation appears justified, as Q3 sales were abysmal. Even though crypto mining efforts are not slowing down, a reversal seems out of the question.

NVIDIA Crypto Mining Sales Plummet

  • NVIDIA took a chance by creating a dedicated line of crypto mining hardware.
  • At the time, the manufacturer hoped to alleviate the frenzied buying of gaming-oriented GPUs by crypto mining enthusiasts.
  • It appears that effort may not yield the expected results, at least in Q3 2021.
  • A corporate fiscal quarter report confirms a 60% decline in crypto mining hardware.
  • Q4 2021 will not offer any improvement and will likely yield an even steeper drop-off.
  • The sale decline from $266 million to $105 million indicates interest in these products wanes.
  • However, the crypto mining hardware has – allegedly – brought in $526 million in revenue for NVIDIA.
  • That is only 3% of the total revenue for the company, but still more than a footnote.
  • The majority of NVIDIA’s income originates from gaming, data center, and professional visualization equipment.
  • Moreover, the company falls well short of its predicted $400 million in revenue during Q2, as only $266 million came in. 
  • The upside is how these low numbers do not hinder NVIDIA’s profit in any way.
  • Sales are still up YoY, and company valuation rose by over 120%.
  • However, that doesn’t mean NVIDIA will keep pursuing crypto mining hardware opportunities. 
  • Additionally, traditional¬ NVIDIA GPUs are more than capable of mining crypto and may remain the go-to option for many miners globally. 

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JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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