The blockchain bonanza is over for graphics card makers

Enlarge / A Philadelphia cryptocurrency miner snapped this shot of his rig for us earlier this year. (credit: Matthew Freilich)

For almost a year, cryptocurrency miners have snapped up all the graphics cards they could get their hands on. That was a financial windfall for Nvidia and AMD, the leading makers of consumer graphics cards. Both reported soaring profits their last two quarters.

But on Thursday, Nvidia reported its financial results for its second fiscal quarter, which ended on July 29. The results were pretty good overall, with strong demands for Nvidia products for AI and data center applications. However, cryptocurrency-related demand has cratered.

"Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million," said Nvidia CFO Colette Kress. "Actual crypto-specific product revenue was $18 million."

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