In February, as cryptocurrency prices boosted, Nvidia released new processors specifically for mining crypto. Although they can’t power a computer monitor, they can generate valuable ether coins.
On May 25, the firm updated how its cryptocurrency, or CMP, cards are faring in the market. Nvidia booked $155 million in revenue from CMP cards in its fiscal first quarter, which ended May 2. The firm anticipated sales of $400 million in the current quarter. Undoubtedly, that’s impressive numbers for a brand new product line.
However, Nvidia CEO Jensen Huang says that the new product line is a helpful hand to cryptocurrency obsessives to protect gamers. Remarkably, gaming processors are still its most important, making $2.76 billion in revenue, a rise of 106% from last year.
Nvidia is now dabbling in crypto chips to save the supply of graphics processing units, or GPUs, for gamers. Meanwhile, GPUs can be used for mining, the CMP chips can’t be used for gaming, and it’s easier for Nvidia to manufacture the CMP chips.
GPUs Fly Off Shelves when They’re in Stock
According to the CEO, the firm’s core gaming market is the biggest it’s ever been. It can’t risk missing out because crypto miners keep buying cards meant for gamers.
Remarkably, it is not easy to find one of Nvidia’s new GeForce RTX 30-series graphics cards.
The cards are trades in a range of $399 – $1,499, depending on the configuration. However, consumers rarely find one online at those prices.
Short supply and high demand suggest they fly off shelves when they’re in stock. When they’re not, buyers pay a substantial premium — sometimes more than double list price — at a reseller.
High demand for GeForce graphics cards was the primary reason Nvidia sales rose in the first quarter, increasing 84% to $5.66 billion, beating Wall Street’s and the firm’s expectations.
Moreover, Nvidia maintains that it still sees huge demand from gamers that won’t end soon.