Nvidia Corporation, one of the leading graphics processing unit producers, has reported revenue from chip sales for crypto mining. In the Q1 FY 2019 the company generated $289 million from sales to miners, though it expects lower results in Q2, Bloomberg reported.
During the conference call, Nvidia CEO Jensen Huang stated that demand for GPUs in the crypto mining sector had exceeded all expectations. However, they believe that sales to miners may dip by some two-thirds in the future.
“Crypto miners bought a lot of our GPUs in the quarter and it drove prices up...I think that a lot of gamers weren’t able to buy into the new GeForce as a result,” commented Jensen Huang.
It is interesting that the company generated in this sector more than experts anticipated. Specifically, Susquehanna analyst forecast some $200 million revenue for Nvidia over the period under review.
Meanwhile, Nvidia direct rival AMD managed to narrow the gap with the former generating 10% of total company revenue over that period.
Nvidia CEO noted earlier that people will be interested in cryptocurrencies for many years even despite the regulators’ positions.