Sector strategist Abhinav Davuluri had been anticipating a slowdown, with a crash in crypto prices contributing to the decline that may continue for a few more quarters. Nvidia’s second-quarter results provide some clues about GPU demand, with its gaming segment down 44% over the last quarter and 33% over the last year. It also makes you wonder: if difficulty increases with the power of miners, and difficulty is high today, how much has crypto already moved onto specialized hardware? If there weren’t enough headwinds for GPU crypto miners already, they still have to contend with the increase in mining difficulty affecting both Bitcoin and Ethereum networks.
The truth is, they’re kind of bad for each other, with graphics cards inefficient compared to increasingly used purpose-built mining hardware, buyers pricing out gamers, and crypto getting a bad rap for the wasted electricity. Why Nvidia Stock and Crypto are Breaking Upįirst of all, much of the ongoing split between crypto and Nvidia’s GPUs has been blamed on the fall of bitcoin prices to multi-year lows.
But the relationship was never meant to be.
Explore more Stock of the Week episodes hereĪndrew Willis: Bitcoin and other cryptocurrencies have been calling it quits with graphics cards for mining purposes and we’re likely seeing the fallout from the break-up in Nvidia stock ( NVDA).
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