FX.co ★ Nvidia calls off its crypto venture

US chip behemoth Nvidia has throwed in the towel on production of its cryptocurrency-focused mining chips.

According to Nvidia CFO Colette Kress, the company is leaving the cryptocurrency sector.

Nvidia noted a decline in mining chips sales. “Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward,” Kress detailed.

According to experts, lack of interest in cryptocurrency has been the reason behind Nvidia’s decision to back out of the mining industry.

Meanwhile, Nvidia’s core gaming business is doing well. Gaming revenue was up 52% at $1.8 billion in the second quarter, while data center revenue reached $760 million, up 83%. The GPU business made up the vast majority of Nvidia's revenue at $2.66 billion.