Nvidia's revenue from crypto mining processors has dropped from $105M to $24M

Nvidia's financial report for the fourth quarter of fiscal year 2022 reveals a 77% decrease in revenue from cryptocurrency mining processors. From $105 million in the preceding quarter, revenue dropped to $24 million.


Nvidia has released its financial report for the fourth quarter of fiscal year 2022, and the results aren't encouraging in terms of cryptocurrency mining revenue.
Nvidia

Nvidia has released its financial report for the fourth quarter of fiscal year 2022, and the results aren't encouraging in terms of cryptocurrency mining revenue.


During the quarter, revenue from bitcoin mining units fell by 77%, but other revenue streams performed nicely.


Nvidia's cryptocurrency GPU revenue has plummeted


The report states that cryptocurrency mining processor sales fell to $24 million in the quarter, down from $105 million the previous quarter, despite the fact that it has limited visibility into how much crypto mining effects total GPU demand. This stream brought in $550 million in total revenue.


A record quarterly revenue of $7.64 billion, up 53% year over year, is another highlight of the financial report. Revenue for the fiscal year increased by 61% to $26.91 billion.


Gaming, data centers, and professional visualization are all examples of professional visualization. Many new products, applications, and partners are on the horizon, according to CEO Jensen Huang, though he did not provide any specifics.


The demand for Nvidia GPUs for cryptocurrency mining has always been high, albeit it has slowed in the last year.


In May 2021, Nvidia GPUs had their hash rate decreased to prevent them from being used for crypto mining, and the trend has continued since then. It did, however, develop cryptographic graphic cards to aid the mining sector.