Nvidia earns $ 155 million from crypto mining chips in the first quarter of fiscal year

Graphics card maker Nvidia generated $ 155 million in revenue in the fiscal first quarter from chips designed for cryptocurrency mining. The company admitted that crypto miners have also increased sales in the gaming products segment, which remains the main market. Announcing the first tax results for 2022, Nvidia announced that total sales increased by 84% in the first quarter ending on May 2. With the growth of artificial intelligence applications during the epidemic, the increasing demand for graphics processing units (GPUs) played a major role as in the emerging crypto markets. According to Reuters, $ 155 million of the total was allocated to cryptocurrency-specific chips, while Nvidia also acknowledged that cryptocurrency miners are generating sales in the largest gaming card segment, and stated that the company did not disclose its shares. Nvidia expects purchases of CMP chips specifically designed for professional crypto mining to reach $ 400 million in the second quarter. When cryptocurrency prices hit an all-time high earlier this year, Nvidia launched custom mining chips to drive miners' demand away from the main product line. It also limited the mining efficiency of consumer graphics cards to protect the player supply. According to CNBC, Nvidia CEO Jensen Huang said: We hope the CMPs will satisfy the miners and remain in professional mines. On Wednesday, the company said its first-quarter game revenue was $ 2.76 billion, up 106% from a year ago, and data center revenue was up. It rose by 79% to $ 2.05 billion. Nvidia struggles to determine miners' contribution to the 'bigger than ever' gaming market Despite positive news, Nvidia shares fell 1% to $ 621.95.

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