Nvidia Corporation, an American technology company, based in Santa Clara, California, is not worried about the recent downturn in the sale of cryptocurrency. Nvidia designs graphics processing units or GPUs for cryptocurrency mining, but this is a small part of the company’s portfolio.
Bloomberg has reported that cryptocurrency mining-related products or GPUs manufactured by Nvidia, reported earnings of $70 million down from $150 million during the second quarter.
In response to the downturn in cryptocurrency, Nvidia’s CEO Jen-Hsun-Huang stated, “For some time, we’re going to see that crypto will be a small, but not zero, part of our business.”
Nvidia’s CEO further remarked that demand for its processors for mining comes and goes with the whims of the cryptocurrency market. Huang did say that “cryptocurrencies and blockchain are here to stay.” There are long-term advantages to manufacturing graphics processing units (GPUs) for the cryptocurrency market.
The decline in earnings from the manufacturer of cryptocurrency related products is due to the changing demand of the currencies. The cryptocurrency market is highly volatile, but this volatility will not affect Nvidia’s focus on their core business in the gaming market.