Prices are dropping like a rock for the GPUs in demand from crypto miners. Bitcoin waffles around $20K for ninth straight day. thesamreynolds and liqquidity report
in the last quarter, putting it almost at MSRP. In February, the card was being sold for around $2,000; now it's just over $1,100.fast enough as inventory piles up from mining farms trying to offload supply.
All this is being felt on Nvidia’s bottom line. During recent earnings, the company said its gaming line was down 33% on-year to $2.04 billion — sharper than executives anticipated. Itsalso fell, but sales of these chips represent a small fraction of the silicon the company sold to miners. In many ways, executives at Nvidia couldn’t be happier. Jensen Huang, Nvidia’s CEO, never was too comfortable with miners pilfering what he thought should have been for gamers or other users of the chips.
“Gaming is growing, workstation is growing, AI hyperscale data center is growing, high-performance computing is growing. Quite frankly, I'd prefer that our GPUs were built to be used in those areas,"at the company’s annual technology conference in 2018."My preference would be, of course, that we allocate them for the people we build them for, but there's a logical reason for why [they use] Nvidia GPUs, because it's the world's largest distributed supercomputer.
It looks like Huang, and Nvidia will get their way. They just need the grit to deal with a few quarters of decline which comes just as the broader PC sector comes off its Covid supercycle. The question is, will it recover as quickly without mining? Investors,
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