GPU Makers See Crypto Mining as Short-Term Sales Boost
Graphics card manufacturers are riding high on renewed interest in cryptocurrencies.
While historically the slowest time of the year for these businesses, Q2 is proving lucrative for Nvidia and Advanced Micro Devices (AMD) as interest in ethereum and other cryptocurrencies has exhausted graphics processing unit (GPU) inventories.
That's because, while not designed for the technology, GPUs from product lines such as Nvidia's GeForce and AMD's Radeon can be used to mine ethereum and other popular public blockchains, including litecoin, NEM, dash, monero and NEO. This means that by running special software, these hardware components allow users to compete for lucrative rewards. (On the ethereum blockchain, each block is now worth nearly $2,000).
And as the value of these digital assets has surged in the second and third quarters, GPU companies have seen booming demand. Nvidia posted a record $2.23 billion in revenues for the quarter ending June 30 – a 56 percent increase over the prior-year quarter and $280 million above the company's forecast.
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Some are selling out due to the people that buy multiple for a mining rig. Some people have mining farms with 13 GPU's per rig, plus many rigs setup. These are generally for Bitcoin and Ethereum mining as they are the harder ones to profit from, unless you have a lot setup for it!