Nvidia, one of the largest technology companies in the world, published a new earnings report and an interesting detail was reached about Ethereum (ETH) miners in the light of the report. According to one analyst’s claims, the report disclosing earnings for the third fiscal quarter of 2021 sold $ 175 million of graphics processing units (GPUs) to Ethereum miners.
With the income report shared by Nvidia this week, it was understood that the company earned more than its estimates. In the report, the graphics segment revenue reached $ 2.79 billion, while this amount was previously estimated at $ 2.1 billion by analysts. In addition, analyst Mitch Steves, who made a claim in the light of the data of the report, claimed that $ 175 million graphics card hardware was sold to Ethereum miners.
“More powerful hardware may be needed with Ethereum 2.0”
The analysis on Ethereum miners came from Mitch Steves, an analyst at RBC Capital Markets. Steves claimed that Ethereum miners exchanged $ 175 million worth of GPUs from the Nvidia market. Nvidia stated that the graphics cards produced by customers using a new technology, especially Ampere, attracted a lot of attention. In a similar statement, it was determined that the gaming industry increased company revenues by 37% to $ 2.27 billion.
Steves also underlined that with Ethereum 2.0, which is planned to be launched in the near future, miners must turn to more efficient hardware. The solutions offered by Nvidia can meet such needs of miners, according to Steves.
It is known that units produced by Nvidia, especially Ampere, are popular among miners of Ethereum, Monero (XMR) and Zcash (ZEC). However, hardware known as ASIC is preferred by Bitcoin (BTC) miners who need much higher performance hardware.
Increase in bitcoin mining rewards
A recent analysis revealed that the recent Bitcoin rally has significantly increased Bitcoin mining revenues. Bitcoin mining rewards were halved last May, dropping from 12.5 BTC to 6.25 BTC. However, the analysis site Glassnode, in a recent post, revealed that the difference that occurred with this halving was closed when the Bitcoin price, which was around 9 thousand dollars during the halving, increased to the level of 18 thousand dollars.