Cryptocurrency News Today: Nvidia’s GPU sales finally ‘normalize’ after its crypto-mining craze
Chipmaker Nvidia says its business has finally returned to normal after its Cryptocurrency mining hangover has subsided.
In its latest quarterly financial report, published yesterday, Nvidia posted 17 percent growth in revenue – from $2.22 billion to $2.58 billion – over the last fiscal quarter. Across the same period in the previous financial year, the GPU giant posted revenue of $3.12 billion – a figure largely influenced by increased demand from cryptocurrency miners.
Speaking on a conference call, Nvidia’s chief financial officer Collette Kress told analysts: “Essentially our business is normalized.”
“We’ve reached normalized levels through the last couple of quarters and this quarter, just very similar to what we will see going forward,” Kress added.
However, the boom in revenue was short-lived. Cryptocurrency prices tumbled and as the end of the year closed in, demand from miners dried up. In November 2018, Nvidia posted disappointing results and forecast a bleak outlook for Cryptocurrency mining demand.
Nvidia CEO Jensen Huang said Cryptocurrency mining would