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Crypto News | Nvidia Ethereum Mining GPUs Underperformed in Q2, Reveals Financial Report

Crypto News | Nvidia Ethereum Mining GPUs Underperformed in Q2, Reveals Financial Report

Although the second network is about to move to proof-of-stake, major Bitcoin (BTC, 4.65%) mining companies and mining machine manufacturers are increasing their investment in Ethereum (ETH, 8.33%) mining.

According to Nvidia's second-quarter earnings report, the performance of Ethereum mining GPUs did not meet expectations. Although the company noticed a record 68% increase in total revenue.


Nvidia Q2 revenue soared 68%, while crypto mining cards performed poorly. Nvidia announced its financial report for the second quarter of the fiscal year 2022. According to the report, the technology giant's revenue has increased by 68% over last year. However, despite such huge improvements, the company's cryptocurrency mining processor (CMP) product line failed to meet expectations. Nvidia launched this series of GPUs for Ethereum miners earlier this year. These cards do not have most of the features of gaming GPUs but provide high hash rate performance. These CMP cards generated $266 million in revenue for the second fiscal quarter ended August 1. However, the company expects to generate at least US$400 million in revenue, which is US$134 million higher than the result.

However, as the company broke multiple records, the company's performance in other areas was higher than expected. Datacenter revenue was approximately US$2.37 billion, an increase of 35% last year.

Compared with last year, graphics card revenue excluding Ethereum, and cryptocurrency mining were US$3.06 billion, an increase of 85%. Nvidia reports that total revenue in the second quarter of the fiscal year 2022 is approximately US$6.5 billion, an increase of 68% over the previous year. Global GPU shortage and Ethereum mining. Due to the COVID, the global shortage of silicon wafers has affected many industries including computer parts.

Supply shortages combined with unprecedented levels of demand mean that the prices of these goods are much higher than usual. Ethereum miners will only make the situation worse. As a solution to combat miners' hoarding of gamers' GPUs, Nvidia released the CMP series.

In addition, the company released a new version of the normal GPU, reducing the mining hash rate to 50%, so that Ethereum miners can purchase CMP cards. However, just a few days ago, a mining software released a solution that increased the computing power by 70%.

Despite these measures, the ETH mining rewards are still viable at a hash rate of 50%, so these cards are removed from the shelves.

Earlier this year, Nvidia CEO Huang Rennin commented on this issue in an interview and cited Ethereum 2.0 as a possible solution.

Unlike proof of work, ETH's shift to proof of stake means that running nodes no longer requires high computing power. Therefore, the demand may be eased. At the time of writing, the price of Ethereum is about $3,000, which has risen by 0.5% in the past 7 days.

"Four years ago, we were told that the mining industry will end, and it is still going on," said Mark Daria, CEO of Bistro, a New York-based consulting firm that focuses on Ethereum mining hardware. Brokerage and management. "This has always been a wait-and-see approach-things tend to take longer than everyone expected."

Now, in the context of a pandemic, the storage and accumulation of encrypted funds is almost one of the most effective ways to increase assets. However, besides Ethereum, what other mining options are profitable?

Filecoin is a blockchain that helps store decentralized data. One of Filecoin's main advantages is data storage, which will allow anyone in the world to purchase the necessary storage on the network. In Filecoin, users pay for storing their files on storage miners.

Filecoin includes its own cryptocurrency (FIL) and blockchain. The Filecoin blockchain performs the function of recording transactions for sending files, as well as evidence from storage miners that they have stored their files correctly.

Filecoin also allows storage providers to sell their storage on the open market.

It is also worth mentioning that the price is competitive, and the price of storage and retrieval is determined by supply and demand. Filecoin provides reliable and powerful storage at a convenient price. Miners compete based on their storage, speed, and of course reliability.

**Regarding Filecoin, what mining products can be provided to users around the world?**

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