NVIDIA could enter the BTC mining market and could restart the product line that is geared towards BTC and other crypto miners so let’s read more in today’s Bitcoin news.
NVIDIA makes graphics processing units for video games consoles and hardware but it was sued by investors in 2019 over underreporting its reliance on purchases for crypto mining rigs as the CFO of the company said that if the demand increases, the company will restart GPU products for the crypto miners.
The total market of the crypto market doubled in less than two months and now stands at $1 billion so the hot market was contemplating playing with the surging market after getting burned in 2018. NVIDIA which is an S&P 500 company, produces graphics processing unites and computer chips and is considering reintroducing the products that were meant towards crypto and Bitcoin miners. In a recent statement to the investors, NVIDIA chief financial officer Colette Kress said:
“If crypto demand begins or if we see a meaningful amount, we can also use that opportunity to restart the CMP product line to address ongoing mining demand.”
The CMP product line removes video elements which makes it great for crypto mining rigs as powerful computers with only one task like to validate crypto transactions on the blockchain network in order to earn crypto. They are still incompatible with video games which is a key industry for NVIDIA. The tension between video games and crypto led to legal issues for the company since 2019 it was waging a court battle against investors that claimed the California-based company allegedly underreported how much of the revenue was from mining by over $1 billion and broke the Securities Exchange Act.
The investors pointed to a drop in the stocks prices of NVIDIA linking it to volatility in crypto prices with the lawsuit targeting the period of 2017 to 2018 while during the same time, Bitcoin’s price moved from $1,400 to about $19,000 and back to less than $4000. The demand for Nvidia’s graphic cards among crypto minters slightly evaporated in the span of three months between September and December the price of the stocks dropping by more than half. No promises were made and Kress said on GPU mining:
“We don’t believe it’s a big part of our business today. Gaming demand is very strong, and we think that’s larger than our current supply.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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