Cryptocurrency boom stimulates Nvidia profit growth

Nvidia Corporation, one of the leaders in the market of processors, GPUs and chipsets, has considerably increased its gains by selling GPUs designed for latest computer games. Jensen Huang, the CEO of Nvidia, told Reuters that the revenue of the company was surprising partly because no analyst expected such a big consumer demand for game GPUs – from people who use them as part of special cryptocurrency mining rigs.

Previously, Bitcoin was the most mined cryptocurrency. The surge of interest in mining with high-performance game video cards emerged due to recent technologies, such as Ethereum. Using their computing resources to process cryptocurrency transactions, miners get a cryptocurrency reward.

“Cryptocurrency and blockchain is here to stay. The market need for it is going to grow. And over time, it will become quite large,” noted Mr. Huang.

In later years, Nvidia expanded the list of technological projects and became interested in cloud computing, artificial intelligence, and self-driving cars. However, the revenue in these spheres did not meet the expectations of the analysts, while the cryptocurrency boom all of a sudden made Nvidia’s traditional business, processor and video card sales, even more profitable.