Nvidia’s disclosure of revenue generation for Quarter 1 of 2021 reveals that the company has collected a revenue of US$ 155 Million. This US$ 155 Million revenue has been collected exclusively from the crypto mining operations that take place in Q1. Nvidia says that the impetus was initially brought by crypto miners who had actually boosted the sales of products relating to computer graphic cards.
Nvidia, a brand that is commonly known by computer gamers, is a company involved in manufacturing and selling computer graphic cards. In the recent past, Nvidia had incorporated crypto and started selling its high-intensity graphic cards which were extensively backed by crypto miners.
The company has made a disclosure of its revenue generation of 2021’s first quarter which was contained in Nvidia’s Quarterly Report. The contents of the Quarterly Report suggested that the graphic card manufacturing company has managed to earn US$ 155 Million in Q1. It was told by the company that this revenue generation was exclusively related to the sales which were prompted by crypto miners. Resultantly, the company has recorded an increase of 84% in the revenue collection from the last year.
Nvidia suggested that the company’s supplies of Graphics Processing Units soared during the time when the pandemic was dominating the world. Similarly, there was high usage of AI applications during the first pandemic which ultimately helped Nvidia to collect further revenues. In addition, the continuous surging of the crypto market globally also played an important role in Nvidia’s revenue generation.
The company also appreciated and duly gave recognition to the crypto miners who too had helped Nvidia in boosting its GPU sales. However, what the miners have earned from Nvidia hasn’t been publicly disclosed by the company. But the company is expecting from miners that by the end of Q2, they will purchase US$ 400 Million worth of Nvidia’s manufactured CMP chips.
When prices of digital assets were skyrocketing in 2021, Nvidia successfully launched its advanced and most efficient crypto mining chips. These chips were developed and designed only for the purposes of fulfilling the requirements of crypto miners.
Jesen Huang, CEO of Nvidia told CNBC that the objective of the company is to ensure the complete satisfaction of its clients from the miners’ pool. With CMPs they can carry out their mining activities professionally while ensuring that efficiency and accuracy, said Huang.
As regards the overall revenue collection, Nvidia told that it had collected US$ 2.76 Billion within the first quarter. This revenue collection also includes sales from the sales of CMP chips as well as GPUs. Nvidia noted that as compared to last year, this year’s Q1 revenue generation has increased almost 106%.
However, with all the stats showing upward trending for Nvidia, but the company’s shares have lost 1% in terms of price.