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Nvidia targets $ 150 million in revenue from the new Ethereum mining processor

Source:

Nvidia announced yesterday, Monday, April 12th that it expects and estimates to generate $ 150 million in revenue in the first quarter of 2022, by manufacturing its new “CPM” processor.

The company had previously forecast a $ 50 million rise to double its forecast in its latest announcement.

Ethereum Mining Wizard from “Nvidia”:

Nvidia’s new “CMP” processor was first announced in February of this year and is primarily designed to mine Ethereum, the second largest cryptocurrency by total market cap.

Nvidia’s trend towards manufacturing Ethereum mining processors came amid rising global demand for mining chips, especially with the spread of the Corona virus, as Nvidia told Nvidia that the total first-quarter revenues, including sales of “CMP”, will be higher than previous expectations of 5.3 billion. Dollars.

Nvidia CFO, Colette Chris, said in a statement accompanying the announcement:

Aggregate demand remains very strong and continues to outpace supply while our channel stocks remain very lean.

We expect demand to continue to outpace supply for much of this year.

When launching the “CMP” processor in February, Nvidia clarified that the new “CMP” products targeted the specific needs of Ethereum mining and did not meet the specifications required for a GeForce GPU.

As a result, the company said it does not affect the availability of GeForce GPUs to gamers.

Previously, cryptocurrency miners had chosen Nvidia’s GPUs to mine cryptocurrencies, which led to a significant shortage of graphics cards in the market and angered the computer gaming community that represented Nvidia’s primary market.

Continued demand from miners:

Ethereum is beginning to shift towards the long-awaited Ethereum 2.0 upgrade, which will see the blockchain transition to the quota consensus model.

This will eventually make Ethereum mining a thing of the past, but this transition will not end overnight, and the network still relies on the Proof of Work mechanism, the same energy-hungry mechanism used in Bitcoin and many other cryptocurrencies.

Currently, Ethereum requires highly efficient mining equipment, as network difficulty has reached record levels, indicating increased competition between the two minerals.

Likewise, the hash rate of Ethereum, another key metric that represents the aggregate computational power used to mine and process transactions, has reached record levels as well.

The demand for Ethereum and its mining, the currency rate played the lion’s role in it, as the currency rose to a new record high above $ 2228.

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