{"id":487589,"date":"2022-08-25T09:18:03","date_gmt":"2022-08-25T06:18:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nvidia-cites-limited-visibility-into-crypto-minings-impact-on-q2-results\/"},"modified":"2022-08-25T09:18:03","modified_gmt":"2022-08-25T06:18:03","slug":"nvidia-cites-limited-visibility-into-crypto-minings-impact-on-q2-results","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nvidia-cites-limited-visibility-into-crypto-minings-impact-on-q2-results\/","title":{"rendered":"# Nvidia cites limited visibility into crypto mining&#8217;s impact on Q2 results"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c556f11462\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c556f11462\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nvidia-cites-limited-visibility-into-crypto-minings-impact-on-q2-results\/#%E2%80%9D_Nvidia_cites_limited_visibility_into_crypto_minings_impact_on_Q2_results_%E2%80%9C\" >&#8221; Nvidia cites limited visibility into crypto mining&#8217;s impact on Q2 results &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Nvidia_cites_limited_visibility_into_crypto_minings_impact_on_Q2_results_%E2%80%9C\"><\/span>&#8221; Nvidia cites limited visibility into crypto mining&#8217;s impact on Q2 results &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNzgwZTQ0OGEtNmFkOS00MmVmLTk4MjctMTVmNjk2MWMxMmM5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Graphics card giant Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday.\u00a0<\/p>\n<p>The chip giant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nvidianews.nvidia.com\/news\/nvidia-announces-financial-results-for-second-quarter-fiscal-2023#:~:text=NVIDIA%20Announces%20Financial%20Results%20for%20Second%20Quarter%20Fiscal%202023,-Wednesday%2C%20August%2024&amp;text=SANTA%20CLARA%2C%20Calif.%2C%20Aug,19%25%20from%20the%20previous%20quarter\">released<\/a> its financial results for the three months ended Jul. 31y, which revealed a 19% quarter-on-quarter drop in revenue to $6.5 billion, while net income fell 59% to $656 million. <\/p>\n<p>Revenue for its gaming division, which includes sales of its high-end GPUs, fell 44% in revenue from the previous quarter to $2.04 billion, which Nvidia attributed to \u201cchallenging market conditions.\u201d <\/p>\n<p>Kress, who also serves as executive vice president of the company, said Nvidia has limited visibility on how the crypto market affects the demand for their gaming products:<\/p>\n<blockquote><p>&#8220;Our GPUs are capable of cryptocurrency mining, though we have limited visibility into how much this impacts our overall GPU demand.\u201d<\/p><\/blockquote>\n<p>\u201cWe are unable to accurately quantify the extent to which reduced cryptocurrency mining contributed to the decline in Gaming demand,\u201d she added.<\/p>\n<p>While the chip giant\u2019s graphic processing units (GPUs) were designed for gaming purposes, high demand for crypto mining activities over the past few years has contributed to a 320% increase in the company\u2019s share price over the last five years.<\/p>\n<p>Kress said, however, that falling crypto prices and changes in consensus mechanism have in the past impacted demand for its products and the ability to estimate it. <\/p>\n<blockquote><p>\u201cVolatility in the cryptocurrency market \u2013 such as declines in cryptocurrency prices or changes in method of verifying transactions, including proof of work or proof of stake \u2014 has in the past impacted, and can in the future impact, demand for our products and our ability to accurately estimate it.\u201d<\/p><\/blockquote>\n<p>With the Ethereum Merge scheduled for Sep. 15, the network\u2019s consensus change to proof-of-stake (PoS) could further drive down the demand for crypto mining hardware. This could spell trouble for cryptocurrency mining products such as Nvidia\u2019s CMP170 HX which currently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tweaktown.com\/news\/82360\/nvidias-flagship-cmp-crypto-mining-gpu-now-available-costs-4695\/index.html#:~:text=NVIDIA's%20flagship%20CMP%20crypto%20mining%20GPU%20now%20available%2C%20costs%20%244695,-NVIDIA's%20new%20CMP\">costs<\/a> around $4,695.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Nvidia to pay $5.5M as part of SEC case concerning &#8216;inadequate disclosures&#8217; around crypto mining<\/em><\/strong><\/p>\n<p>That being said, cryptocurrencies such as Bitcoin, Litecoin, Monero, and Dogecoin are among the networks still operating on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/view\/pow\/\">proof-of-work<\/a> consensus mechanisms with no observable plans to transition in the future.<\/p>\n<p>Nvidia\u2019s share <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/quote\/NVDA\/\">price<\/a> has also dropped 5.89% over the last 5 days on the NASDAQ.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nvidia-cites-limited-visibility-into-crypto-mining-demand-s-impact-on-q2-results\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Nvidia cites limited visibility into crypto mining&#8217;s impact on Q2 results &#8220; Graphics card giant Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday.\u00a0 The chip giant released its financial results for the three months&#8230;<\/p>\n","protected":false},"author":1,"featured_media":487590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNzgwZTQ0OGEtNmFkOS00MmVmLTk4MjctMTVmNjk2MWMxMmM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74891,75042,117],"class_list":["post-487589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-ethereum","tag-mining","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=487589"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/487590"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=487589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=487589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=487589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}