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Toward the end of that year, a slump in Bitcoin and other crypto prices prompted miners to try unload their hardware, unleashing a flood of cheap, used Nvidia graphics cards onto the market. Back in 2018, its graphics processors were also popular with miners. Last year’s surge of interest in the line of Ampere chips isn’t the first time Nvidia has had big exposure to the volatile cryptocurrency market. Near midday on Tuesday, Ethereum was trading at $1,755.86, but last year, when the price was $300 to $400 range, RBC Capital Markets analyst Mitch Steves estimated one of Nvidia’s RTX 3080 cards would net miners about $3 a day, and take 233 days to achieve profitability. BMO Capital Markets analyst Ambrish Srivastava estimated overall first-quarter cryptocurrency revenue was about $650 million.īitcoin’s drop to below $30,000 Monday and the decline in Ethereum, particularly, may have spooked investors who are betting that high cryptocurrency prices will continue to drive Nvidia’s chip sales. Kress’s figures don’t include the videogame graphics chips that miners are buying–some of those used by gamers can also be put to work mining. Management expects crypto revenue of $400 million for the second quarter. In its fiscal first quarter, which ended in April, Nvidia sold $155 million of its crypto chips, according to finance chief It throttled the videogame cards’ mining functions.

The chips were so popular among miners-videogame players may use one or two, while miners use many, many more-that Nvidia designed a version of the semiconductors that are specifically designed for mining.

The company’s most recent exposure to cryptocurrencies dates back to last year, when miners discovered that its Ampere-based graphics chips were good at producing Ethereum. The stock is up 74% over the past year, while the PHLX Semiconductor index, or Sox, has risen 51%.