Nvidia (NASDAQ: NVDA), an American graphics processing units (GPUs) manufacturer, has recently reported that the company generated $289 mln from processor sales to the crypto market, Bloomberg reports May 10.
This is reportedly the first time Nvidia shared information regarding its revenue from chip sales to the crypto mining market. According to Susquehanna analyst Christopher Rolland, Nvidia’s first-quarter sales from mining hardware were anticipated to be much lower, around $200 mln. Nvidia CEO Jensen Huang explained that they were able to exceed expectations due to increased demand for GPUs from crypto miners, resulting in higher prices. “Crypto miners bought a lot of our GPUs in the quarter and it drove prices up,” Huang claimed, adding that high prices prevented other consumers, such as gamers, from buying into the newest GeForce graphics card series.