Record high cryptocurrency prices are only doing good for the manufacturers of the graphics card with which most altcoins are mined, and companies are taking note. On Thursday Jen-Hsun Huang, the CEO of NVIDIA Corp. (NASDAQ:NVDA), attended an earnings call with industry analysts regarding the firm’s latest quarterly performance where he projected a positive view of cryptocurrencies and mining.
“Crypto is here to stay, and the market will grow to be quite large. It’s not likely to go away any time soon. There will be more currencies to come, they will come from different nations,” said Huang. “We stay very close to the market, and understand the dynamics very well.”
Boosting Profits in Low FX VolatilityGo to article >>
He added that the graphics cards producer created specifically for cryptocurrency miners a “special coin-mining SKU” that is “optimized for mining”.
Nvidia reported record revenue for the second quarter ending July 30,2017 of $2.23 billion, up 56 percent from $1.43 billion a year earlier, and up 15 percent from $1.94 billion in the previous quarter. Considering that, it is not surprising that Huang called his attitude towards the new market “rock and roll!”
While investors may be excited about the cryptocurrency mining boom and its effects on the GPU manufacturers’ bottom line, traditional gaming consumers are less enthusiastic about miners crowding them out of the market. Back in June it was reported that the rally in Ethereum prices was causing a shortage of high-end graphics cards by Nvidia’s main competitor, Advanced Micro Devices, Inc. (NASDAQ:AMD).