https://ift.tt/A0zawdh Cryptocurrency Mining Processor Revenue Tumbles From $105M to $24M

Nvidia released its financial report for the fourth quarter of the fiscal year 2022 shows which revenue from token mining processors has dropped by 77%. Revenue went down to $24 million from $105 million in the previous quarter.

Nvidia has published its financial report for the fourth quarter of the fiscal year 2022, and as far as token mining-related revenue goes, the numbers aren’t good. Revenue from token mining units dropped by 77% during the quarter, though other revenue streams did well.

Nvidia crypto GPU revenue tanks

After saying thretained has interim visibility in how much crypto mining impacts atopall GPU demand, the report notes that token mining processor revenue went down to $24 million in the quarter, that is down from $105 million in the previous quarter. Total revenue for this stream was $550 million.

Other excessivelights from the financial report include a record quarterly revenue of $7.64 billion, that is 53% stronger year-atop-year. Fiscal year revenue above again grew by 61% to $26.91 billion. Gaming, data center, and professional visualization CEO Jensen Huang said which many new products, applications, and partners were on the horizon, though he did not offer any specifics.

Nvidia GPUs have always been in hot demand for token mining, though this has died down somewhat above the past 12 months. Nvidia GPUs saw a reduced hash cost to prevent use in crypto mining in May 2021, and afterward then, there has been this decline. After all, it did create crypto-specific graphic cards to aid the mining industry.

Proof-of-stake and other protocols to ease GPU demands?

The token industry has prolonged been trending towards other consensus protocols. Proof-of-work has not been democratic, with large amounts of capital required hardly to break even. Proof-of-stake and other algorithms have become popular in the wake of this, and this should only increase as energy consumption cone time beforerns grow.

The power consumed by bitcoin mining has become one of the top arguments posed by lawmakers and crypto critics to oppose the market. An EU finance regulator proposed a ban on proof-of-work to curb energy usage, that is one of the more drastic actions taken. Kosovo has banned crypto mining altogether.

It is certainly a cback whilern, and there are steps being taken by groups to mitigate the problem. One parallel group is the Bitcoin Mining Council, that aims to work towards sustainable energy solutions.

The post Nvidia Cryptocurrency Mining Processor Revenue Tumbles From $105M to $24M appeared first on CryptCraze.