Nvidia Made $289 Million from Cryptocurrency Mining in Q1

Otis Hoffman
May 12, 2018

But that number is going to look significantly different at the next quarterly earnings call, with Nvidia anticipating a revenue drop of two-thirds. That was up 68 percent year-over-year from $1.03 billion.

Expectations for the second quarter are that revenue will be approximately $3.10 billion, plus or minus two percent.

The company's OEM and IP segment grew 148% during the same period.

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Chief Financial Officer Colette Kress said that Nvidia expects earnings from cryptocurrency-related sales to drop 65 per cent in the next quarter, down to roughly $100 million.

Given the strong earnings now rolling in, Nvidia's forecast for next quarter is looking positive.

However, Nvidia did readily admit that cryptocurrency had a bigger impact last quarter than it expected. Not only is mining on the downturn, but new Ethereum-capable Bitmain ASICs also threaten to reduce demand for GPUs severely. However, it has been mining's pull on the same resources as Nvidia's core business, its $1.7bn+ games-related product range, that has made headlines. Nvidia managed to secure a deal with several key vehicle manufacturers, and its DRIVE Pegasus AI computing platform with Xavier SoC will probably get the company some future wins. CEO, Jensen Huang stated in the report that Nvidia's "datacentre business achieved another record and gaming remained strong". The company also notes that it is replenishing stock and prices have now fallen to near-MSRP.

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Yeah. Thanks for your question, Toshiya. The gaming market is quite healthy but most smart gamers/consumers are still holding out on the upgrade hoping for either a new GPU at reasonable price, an end of the price-hike for current graphics card, or for the market to get flooded by cheap graphics cards used for cryptomining, which is the worst-case scenario for both Nvidia and AMD, as it will heavily reflect on their future financial reports.

The US company best known for chips that enhance video game graphics has diversified into an array of businesses including artificial intelligence, self-driving cars and digital mining, but investors are most concerned with its inroads in the market for cloud computing. That's good news for gamers who are in need of a GPU upgrade. And so we chose to pull the plug because the distraction was unnecessary and we have too much good stuff to go do.

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