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Nvidia’s crypto GPU revenue drops from $105M to $24M

Nvidia's financial report for Q4 of fiscal year 2022 indicates a 77 percent reduction in income from cryptocurrency mining processors.

Nvidia has released its financial report for the fourth quarter of fiscal year 2022, and the stats for cryptocurrency mining income aren’t so promising. Income from bitcoin mining units fell by 77% during the quarter, while other revenue sources performed nicely.

The highlights of the financial report includes:

  • Cryptocurrency mining processor revenue fell to $24 million in the quarter, down from $105 million the previous quarter.
  • Stream’s total income was $550 million.
  • Quarterly revenue of $7.64 billion, a 53 percent increase year over year. 
  • Revenue for the fiscal year increased by 61 percent to $26.91 billion.

Gaming, data centres, and professional visualisation are just a few examples. CEO Jensen Huang stated that numerous new products, applications, and partners were on the way, but he did not provide any details.

Nvidia GPUs have always been in high demand for cryptocurrency mining, however, this has slowed slightly in the last year. In May 2021, Nvidia GPUs witnessed a reduction in hash rate to discourage use in crypto mining, and this fall has continued since then. It did, however, develop cryptographic graphics cards to help the mining sector.

 

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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