The price drop has been linked to a number of factors , chief among them concerns that regulators plan to introduce new legislation to prevent cryptocoin being used for criminal activities like money laundering and ransomware payments.
Another factor initially linked to the bitcoin price shock was a power outage in the Chinese Xinjiang region in April. Despite the tumble, a GlobalData thematic research report from April noted that financial industry incumbents are increasingly accepting bitcoin, ether and other digital assets.
For instance, Goldman Sachs has launched a new crypto-trading team , Fidelity Investments is preparing to launch its own bitcoin fund , and Morgan Stanley has provided wealth management clients access to two crypto funds. However, in line with the digital transformation the wealth industry is experiencing, many large financial institutions who once slammed the concept, despite having found use cases for the blockchain technology which underpins cryptocurrencies, have now changed their tune and the asset class is no longer being put to the side.
Clearly, mining profitability has taken a hit since cryptos have fallen from all-time highs earlier this year, and that is impacting parts of Nvidia's business. However, it isn't slowing down the company that much as a world's worth of gamers updates their rigs with new GPUs. Kress said the number of global esports participants is fast approaching half a billion people. Video games are big business these days, and Nvidia has a commanding lead on this front.
A temporary slowdown in cryptocurrency mining isn't going to change that. Crypto miners aren't the only non-gaming end market demanding GPUs. Data centers -- the computing units that form the backbone of cloud computing -- are also ramping up their use of GPUs, putting them to work as computing accelerators to handle complex workloads and applications like artificial intelligence AI.
Nvidia has had a flurry of innovation on this front in recent years, unleashing a slew of new chips designed for these data center customers. It also made the acquisition of networking hardware company Mellanox early last year to bolster this emerging area of expertise.
For comparison, when the crypto crash of sent Nvidia sliding backwards during Nvidia's fiscal , data centers represented only about one-quarter of total revenue. They now account for more than one-third of the total. Nvidia is only just getting started on this front, too. Some of its more recent hardware announcements for data centers haven't even begun to be commercialized yet like its Grace central processing units that integrate directly with its GPUs.
This is a huge segment of the semiconductor industry that has long been dominated by Intel. Tens of billions in annual sales are up for grabs if Nvidia's innovations can continue to steadily garner momentum. Long story short, Nvidia's data center segment is a much larger part of its business than it was a few years ago, and it's picking up steam -- especially as it starts to add cloud computing software services into the mix as well.
Fears that the crypto market downturn from this past spring would decimate Nvidia again were overblown.
Granted, another uptick in crypto activity would help, but it isn't a primary catalyst for this chip designer. This is the best long-term semiconductor investment around, as it benefits from multiple secular growth trends in the global economy. Discounted offers are only available to new members. And users are constantly discovering new applications for them, from weather simulation and gene sequencing to deep learning and robotics.
Mining cryptocurrency is one of them. RTX software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining efficiency, by around 50 percent.
That only makes sense. For instance, CMP lacks display outputs, enabling improved airflow while mining so they can be more densely packed.
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