Thursday, Feb. 8th Nvidia released its quarterly earnings causing shares to rise more than 14 percent. Why this is important, because cryptocurrency mining had a big role to play in the increase.
Earnings: $1.78 per share, vs. $1.17 per share as expected
Revenue: $2.91 billion, vs. $2.69 billion as expected
On their earnings call Thursday, the company said the demand for its product from cryptocurrency miners beat expectations, but the market segment remains a small one.
Nvidia, is an industry leader in Graphics Processing hardware, which is the main ingredient to a powerful Mining Rig.
“Crypto is a real thing — it’s not going to go away.” – Jen-Hsun Huang, Nvidia CEO
Jen-Hsun Huang said in an interview with Barron’s “clearly, there’s a lot of talk about crypto.” and “And crypto was a real part of our business this past quarter, even though small, overall,” showing the company is very aware of the value cryptocurrency mining will bring to their future sales. With the recent ban of cryptocurrency mining in China, and many companies partnering with, and moving to the united states, this may be only the beginning for sales growth related to crypto-mining.
See Related article about Bitcoin Mining: https://www.btcnn.com/chinas-cryptocurrency-mining-ban-mean-bitcoin-mining-industry/