Nvidia Posts Record Q3 Earnings, Sales of GPUs to Crypto Miners Reach $175 Million
Nvidia released its earnings for the third fiscal quarter of 2021 this week, showing better-than-expected results, driven by sales of its graphics processing unit (GPU) chips. The graphics processing units produced by Nvidia are mainly used in video game consoles and graphics cards but they have also become popular with cryptocurrency miners, particularly those extracting coins like ethereum (ETH), monero (XMR), and zcash (ZEC).
For the quarter in review, Nvidia sold at least $175 million worth of new generation GPUs to ethereum miners, helping the outperformance, according to a note from RBC Capital Markets analyst Mitch Steves. What do you think about Nvidia’s rising sales of graphics processing units to crypto miners?