NVIDIA’s family of dedicated GPUs for professional mining, the CMP HX series, has turned out to be less of a lucrative business venture than the company might have anticipated, according to the latest financials divulged in NVIDIA’s fourth quarter and fiscal 2022 earnings report.
As highlighted in coverage by FX Empire, NVIDIA’s mining chip revenue cratered in the fourth quarter of the year, dropping from $105 million to a relatively disappointing $24 million. This represents a 77% drop in value versus what the mining GPU segment managed to achieve in the previous quarter.
NVIDIA’s CMP HX mining series comprises four models. The flagship model is the 90HX, a dedicated GPU for mining that features an Ethereum hash rate of 86 MH/s, 10 GB of memory, and a power specification of 320 watts.
NVIDIA Mining Chip Revenue Plummets by 77% to $24m (FX Empire)
- The microchip maker started producing mining processors for cryptos in February 2021. This was an attempt to protect its GPUs for gamers so that they won’t be converted for crypto mining uses.
- Although the gaming GPUs can be used for crypto mining, the company decided to provide CMP. This is so that mining demands won’t reduce the number of GPUs available for gaming customers.
- The drop in revenue of NVIDIA CPMs over the year results from various factors, including the overall reduced demand for mining. The high energy consumption resulting from Bitcoin mining has led to many stakeholders criticizing the space.