Nvidia Pulls Out of Crypto Mining Citing Low Revenue, While Bitmain Tops Their Profits
The persistent bearish mood of the crypto market where Bitcoin has slipped below the psychological price point of $8,000 has taken a toll on the stock price of Nvidia. The graphics chip manufacturing giant is considering taking cryptocurrency mining production off its budget.Nvidia Stock Price DropsNvidia witnessed massive growth in 2017, which was propelled by the demand for its high-end Graphics Processing Units (GPUs), that are used for cryptocurrency mining. However, the company’s stock price, which was at a 52-week high on June 14, has now fallen to $244, owing to the existing market sentiment and declining mining profits.The company was expecting sales of about $100 million for its cryptocurrency mining products in the second quarter of 2018, however, the actual figures turned out to be around $18 million, which left it with a large amount of unsold stock. Bitmain, the Chinese cryptocurrency mining giant which produces ASIC miners,
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