Arm Holdings, earnings, Ethereum miners, graphics processing unit, Mitch Steves, Nvidia, Softbank

Nvidia released its earnings for the third fiscal quarter of 2021 this week, showing better-than-expected results, driven by sales of its graphics processing unit (GPU) chips. The firm reported graphics segment revenue of $2.79 billion for the quarter, beating analyst estimates of $2.1 billion.

Within the graphics segment also falls the gaming division. Nvidia said that its new line of graphics cards based on a new technology called Ampere drew strong interest from computer and videogame console developers. For example, one of the new models, the Geforce RTX 3080, went on sale in September and sold out immediately.

Nvidia said gaming revenue climbed 37% year-on-year to $2.27 billion, a record for the company.

The graphics processing units produced by Nvidia are mainly used in video game consoles and graphics cards but they have also become popular with cryptocurrency miners, particularly those extracting coins like ethereum (ETH), monero (XMR), and zcash (ZEC).

For the quarter in review, Nvidia sold at least $175 million worth of new generation GPUs to ethereum miners, helping the outperformance, according to a note from RBC Capital Markets analyst Mitch Steves. The analyst had guided sales to miners to come in at $150 million for the quarter.

Steves noted that the upcoming network upgrade of the Ethereum blockchain, also known as Ethereum 2.0, which is scheduled to take place sometime in December, demands that miners switch over to more efficient mining hardware. Nvidia’s new Ampere GPU chips are thought to meet that need.

However, GPUs are no longer effective for mining bitcoin (BTC), which has moved on to more efficient application-specific integrated circuit (ASIC) miners.

Overall, Nvidia reported revenue of $4.73 billion for the quarter, up 57% from a year earlier. Analysts expected revenues of $4.41 billion. The company revealed that it continues to face supply bottlenecks for its chips and cards in the fiscal fourth quarter, which ends in January.

It also said its acquisition of British chip designer ARM from Japanese conglomerate Softbank is expected to be completed by the first quarter of 2022.

Shares of Nvidia fell 0.92% to $532.65 in Nasdaq stock market trading on Friday. Over the past 52 weeks, the stock has reached a high of $589.07 and a low of $180.68.

What do you think about Nvidia’s rising sales of graphics processing units to crypto miners? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1

Graphics cards manufacturer Nvidia has earned $155 million in revenue from chips designed for cryptocurrency mining during the first fiscal quarter. The company admitted that crypto miners have also pushed sales up in the gaming products segment which remains its main market. Leading GPU Maker Reports Record High Video Card Sales Supported by Crypto Miners […]

Xem chi tiết: Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Q1

Nvidia Aims to Get Its GPUs Back ‘Into the Hands of Gamers’ by Reducing Mining Capabilities on 3 Graphic Cards

A major chipmaker keeps making efforts to calm down the gaming community’s anger toward cryptocurrency miners who are taking the lead in buying graphic cards massively, boosting its prices. Nvidia has announced that it will deliberately limit the capabilities for some of its newly graphic cards to keep a balanced inventory for gamers. Cards With […]

Xem chi tiết: Nvidia Aims to Get Its GPUs Back ‘Into the Hands of Gamers’ by Reducing Mining Capabilities on 3 Graphic Cards

Softbank-Backed Wework Adopts Crypto as Form of Payment and Holds in Balance Sheet

Global space provider Wework has announced that it will now accept payment in select cryptocurrencies. The company has partnered with Bitpay and Coinbase for inbound and outbound transactions. In addition, the Softbank-backed company says it will also hold the currency on its balance sheet. Wework Dives Into Crypto Wework announced Tuesday several initiatives regarding cryptocurrencies. […]

Xem chi tiết: Softbank-Backed Wework Adopts Crypto as Form of Payment and Holds in Balance Sheet

Hut 8 Purchases $30M Worth of Nvidia’s GPU Miners, Looks to Push Capacity to 1,600 Gigahash

On Friday, the publicly listed firm Hut 8 announced the purchase of $30 million worth of Nvidia’s dedicated crypto mining GPUs called the Cryptocurrency Mining Processor (CMP). Nvidia CMPs mine the crypto asset ethereum and Hut 8 expects its aggregate operational power will be 1,600 gigahash. Hut 8 Purchases $30 Million Worth of Nvidia’s Dedicated […]

Xem chi tiết: Hut 8 Purchases $30M Worth of Nvidia’s GPU Miners, Looks to Push Capacity to 1,600 Gigahash

AMD Won’t Restrict Crypto Miners From Using Its Graphic Cards

Major chipmaker Advanced Micro Devices (AMD) keeps making headlines amid the battle between crypto miners and PC gamers. Now, the company seems to have made a step forward to become friendlier to those with crypto mining purposes. AMD Doesn’t Want to Follow Nvidia’s Path According to a PC Gamer report, citing a product manager from […]

Xem chi tiết: AMD Won’t Restrict Crypto Miners From Using Its Graphic Cards

Cryptocurrency and Stock Trading Platform Etoro Aims to Go Public Through a $10.4 Billion SPAC Deal

The online cryptocurrency and stock brokerage platform Etoro has announced the company is going public via a deal with a special purpose acquisition company called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal, backed by the banking entrepreneur and Fintech Acquisition Corp V chair Betsy Cohen. Etoro Enters a Special Purpose […]

Xem chi tiết: Cryptocurrency and Stock Trading Platform Etoro Aims to Go Public Through a $10.4 Billion SPAC Deal

Cryptocurrency and Stock Trading Platform Etoro Aims to Go Public Through a $10.4 Billion SPAC Deal

The online cryptocurrency and stock brokerage platform Etoro has announced the company is going public via a deal with a special purpose acquisition company called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal, backed by the banking entrepreneur and Fintech Acquisition Corp V chair Betsy Cohen. Etoro Enters a Special Purpose […]

Xem chi tiết: Cryptocurrency and Stock Trading Platform Etoro Aims to Go Public Through a $10.4 Billion SPAC Deal

AMD Could Release Its Own Crypto GPU to Mine Ethereum to Calm Down the Skirmish Between Miners and Gamers

A U.S. multinational semiconductor company could be preparing the ground to release its own series of cryptocurrency mining processors. AMD is reportedly looking to introduce a GPU for mining Ethereum. AMD Navi 12 Won’t Have Video Outputs According to PC Gamer, the AMD Navi 12, a graphic processing unit (GPU) first introduced exclusively for Apple […]

Xem chi tiết: AMD Could Release Its Own Crypto GPU to Mine Ethereum to Calm Down the Skirmish Between Miners and Gamers

Crypto User Builds a Mining Rig in the Back of His BMW Hybrid Car With Six Graphic Cards

Crypto Broker Voyager’s Q1 Revenue Soars 186%, Assets Under Management Jump to $150 Million

Square Reports Over $1B in Quarterly Bitcoin Revenue for First Time: Q3 Earnings

Concordium Debuts its Business-Oriented Blockchain Mainnet

Doge in Brooklyn: A Local Apparel Store Starts Accepting the Famed Crypto

Iran’s President Wants Crypto ‘Laws and Instructions’ Implemented as Soon as Possible

South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme

Denmark to Revise Tax Law to Target Cryptocurrencies

Other Articles