Nvidia raises crypto mining GPU sales forecast for Q1 2022 to $150M

Nvidia raises crypto mining GPU sales forecast for Q1 2022 to $150M

The GPU producer tripled its sales forecast for crypto-mining graphics playing cards from $50 million to $150 million.

Invidia’s enterprise is outperforming in every market platform prompting the GPU producer to increase its forecast for the primary quarter of the fiscal yr 2022. One of the platforms that carried out notably nicely its crypto mining processor (CMP) enterprise that the corporate had to triple its income forecast for the product line.

During its annual Investor Day on Monday, Nvidia introduced that complete income for the primary quarter is already monitoring above the agency’s forecast revealed in its earlier end-of-year earnings name, in accordance to Cointelegraph. In response to the overwhelmingly constructive efficiency in every platform, the corporate upgraded its forecasts for the primary quarter of the fiscal yr 2022.

“While our fiscal 2022 first quarter will not be but full, Q1 complete income is monitoring above the $5.30 billion outlook offered throughout our fiscal year-end earnings name,” Nvidia govt vp and chief monetary officer Colette Kress mentioned in a press launch. “We are experiencing broad-based power, with all our market platforms driving upside to our preliminary outlook.”

The firm’s robust efficiency likewise prolonged to its graphics processing unit (GPU) enterprise. In reality, Nvidia determined to triple its income forecast for its cryptocurrency mining processor lineup.

“NVIDIA’s market platforms embrace Gaming, Data Center, Professional Visualization, and Automotive,” Nvidia mentioned. “The firm additionally raised its first-quarter income estimate for its new CMP product for industrial-scale cryptocurrency mining to $150 million, up from $50 million beforehand anticipated.”

The crypto market rally has pushed costs of common digital currencies similar to Bitcoin (BTC) and Ethereum (ETH) to new information. In reality, BTC simply set a brand new all-time excessive above $64,000 lately earlier than retreating to $63,413 on the time of writing based mostly on information from Coinmarketcap.

With larger costs, crypto mining has turn into very worthwhile, which resulted within the rising demand for crypto mining-focused GPUs. Nvidia’s determination to triple its income estimates for its CMP product is one other indication of the rising demand for crypto mining {hardware}.

“Overall demand stays very robust and continues to exceed provide whereas our channel inventories stay fairly lean,” Colette Kress mentioned. “We anticipate demand to proceed to exceed provide for a lot of this yr. We imagine we could have enough provide to help sequential progress past Q1.”

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