From Cryptovest
Nvidia is looking bearish as the company doesn’t have any good news to share about its GPU sales during this quarter. Its most recent quarterly report and forecast suggest that the decline in demand for cryptocurrency mining is hurting the company.Read more: https://cryptovest.com/news/nvidia-braces-itself-for-rough-ride-following-lower-demand-from-miners/The chipmaker projects that by the end of Q2 2018, sales to cryptocurrency-oriented customers will dive by as much as two-thirds of the previous value of $300 million. Even keeping in mind that the company makes most of its revenue from gamers and that it earned $3.21 billion in revenue in the first quarter of this year, a loss of $200 million in potential revenue has investors watching.
Nvidia has taken a hit in its stock price and is down $5 from Thursday.
Joseph Moore, an analyst at Morgan Stanley, isn’t too worried about the drop in demand from miners, projecting Nvidia’s stock price at $273 per share. He said that the market would settle once the company pulls through the turbulence.
As a miner I like that I will be facing less competition to acquire new equipment. I'm by no means large scale. I operate a 7 gpu rig right now with eyes on filling that eighth spot. I've been waiting to see what their new cards look like first though. I'm hoping to get a consumer priced volta card to really bring up the hashrate.
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