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NVIDIA leaving the industry of cryptocurrencies mining because of low income

The cryptocurrency industry has ceased to generate income for NVIDIA

Representatives of NVIDIA, the world's leading manufacturer of graphics processors, said that it will no longer take part in the competition in the market of crypto-currency mining.

In its new press release from NVIDIA is the largest manufacturer of graphics cards and chips in the world ― has officially confirmed its intention to cease production of products used for the extraction of cryptocurrencies.

According to CFO Colette Kress, NVIDIA analysts predicted decline in revenues from crypto products of up to $100 million, but they fell to $18 million. Although the company has achieved a normal period, today the cryptocurrency space is not her priority.

CEO of NVIDIA Jen-Hsun Huang agreed with his colleague:

"At the beginning of this year, we guessed that the products for crypto currency mining would bring us a lot of money, but now the likely revenue from this direction is recognized as insignificant"

In December 2017, NVIDIA was forced to take special measures to counter the huge demand for video cards purchased for the sake of mining the cryptocurrencies. The popularity of NVIDIA's products among the crypt's earners increased its price several times, which had a negative influence on the purchasing power of ordinary personal computer owners. It got to the point that the company asked retailers to leave a number of video cards for gamers who want to upgrade their PCs.

It is noteworthy that other companies engaged in the development of software for the production of crypts also ceased their activities. For example, representatives of the cloud mining service Hashflare recently stated:

"2018 is a very difficult time for the cryptocurrency market"

At the same time, such well-known companies as TSMC and Samsung have partnered for the production of ASIC equipment, whose power is many times greater than NVIDIA graphics accelerators. Bitmain company went the same way, which earned about 1.1 billion dollars on its ASIC-miners in the first quarter of this year.


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