Nvidia makes huge profits from mining

Graphics card maker Nvidia made $155 million in profits from chips designed to mine cryptocurrency during the first fiscal quarter. The company acknowledged that miners also boosted sales in the gaming products segment, which remains its main market.

 
The company announced its first financial results for 2022, revealing that its total revenue increased by 84% in the first quarter that ended on May 2.
 
The record figure is $5.66 billion, which exceeded initial expectations, and comes from the company's gaming, data center and professional simulation platforms.
 
The increasing demand for graphics cards (GPUs) during the Corona epidemic, along with the growth of artificial intelligence applications, played a major role in increasing profits, but the boom in the cryptocurrency markets also played a role.
 
While $155 million of the total is attributable to crypto-mining graphics cards, Nvidia also acknowledged that crypto miners have boosted sales in the gaming card segment.
 
It expects CMP purchases, designed specifically for professional cryptocurrency mining, to reach $400 million in the second quarter.
 
The CEO of the company noted that the gaming market is now larger than ever and stressed that the growth trend will continue.
 
And while miners have clearly affected the financial results of Nvidia's core business, CFO Colette Chris was quoted as saying the company was still finding it "difficult to determine to what extent" miners contributed to the gaming division.