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NVidia is closing its crypto venture due to low profits

Aug 25, 2018

The world’s largest graphic card and chip maker Nvidia has officially put an end to its crypto venture, with the official announcement of its CFO Colette Kress.

The main issue with NVidia's cryptocurrency branch is that the demand for GPU mining has declined. There is only a handful of tokens and cryptocurrencies which miners can produce with GPU miners, because of the lack of computing power in the chips used to create graphic cards.

ASIC mining chips or mining equipment that are developed specifically to mine cryptocurrencies, are being improved at an exponential rate by the key players in the cryptocurrency mining sector, and as such, it is difficult for miners to rely on graphic cards and chips that are not designed to mine crypto to produce digital assets.

Nonetheless CEO Jensen Huang voiced his reasons for the low interest in mining GPUs is tied to the downward trend of cryptocurrencies. This could be seen as questionable as the demand for mining is still growing and the main conglomerate in the mining sector, Bitmain, is showing great success with profits doubling that of NVidia's.

Source: CCN

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