In February, as cryptocurrency prices spiked, Nvidia released new processors specifically for mining crypto. They can’t power a computer monitor, but they can generate valuable ether coins.
On Wednesday, the company provided an update on how its cryptocurrency, or CMP, cards are faring in the market. It booked $155 million in revenue from CMP cards in its fiscal first quarter, which ended May 2, and expected sales of $400 million in the current quarter — impressive numbers for a brand new product line.
But Nvidia CEO Jensen Huang talks about the new product line not as an exciting frontier for the company, but as a bone thrown to cryptocurrency obsessives to protect gamers. As it turns out, gaming processors — Nvidia’s original and core business — are still its most important, generating $2.76 billion in revenue, an increase of 106% from last year.
The reason Nvidia is now dabbling in crypto chips is to save the supply of graphics processing units, or GPUs, for gamers, Huang explained. While GPUs can be used for mining, the CMP chips can’t be used for gaming, and it’s easier for Nvidia to manufacture the CMP chips.
The CEO says its core gaming market is the largest