Nvidia estimates $150 million in revenue from new crypto mining product in Q1 of 2022 fiscal year

Computing {hardware} maker Nvidia is projecting as a lot as $150 million in revenue for its crypto mining-specific product line through the first quarter of the agency’s 2022 fiscal year.

The $150 million revenue estimate was included in an April 12 release, which got here months after the agency confirmed that it will produce and promote so-called Cryptocurrency Mining Processor or CMPs. That move in February got here because the agency responded to its gamer buyer base’s outcry over GPU provides being snapped up by crypto miners as soon as they hit the market. 

As famous in Monday’s launch:

“The firm additionally raised its first-quarter revenue estimate for its new CMP product for industrial-scale cryptocurrency mining to $150 million, up from $50 million beforehand anticipated.”

Nvidia’s Q1 FY 2022 ends on April 27, encompassing the prior three months.

Nvidia didn’t present any further data concerning the estimates. However, latest revenue figures from the Ethereum mining area — which makes use of GPU merchandise like Nvidia’s — counsel that demand for such {hardware} will proceed amid a interval of heightened digital asset costs.

The worth of ether, the native cryptocurrency of the Ethereum community, hit a new all-time excessive on Monday. Per Coinbase knowledge, ETH is presently buying and selling at about $2,145.

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About the Author: Daniel