In the first quarter of 2021, Nvidia’s sales rose 84% year over year. The company acknowledged miners’ contribution to the growth of its business, but said it was ‘hard to assess’.
Despite a global semiconductor shortage, Nvidia’s financial results beat Refinitiv’s consensus forecast. According to CNBC, analysts expected revenue of $5.41 billion against actual of $5.66 billion, and earnings per share of $3.28 versus $3.66 a share.
GPU sales rose 81%, to $3.45 billion. In the compute and networking segment, which includes processors for data centres, the figure rose 88%, to $2.21 billion.
As the company states, over the past year demand from the video-game industry grew more than twofold. In this segment, revenue reached $2.76 billion. Special GPUs for cryptocurrency miners, introduced in March, brought Nvidia $155 million.
“Revenue from the gaming segment grew by 106% year over year, reflecting demand for GeForce GPUs. […] We believe the direction has also benefited from demand from miners, although it remains difficult to assess to what extent,” said Nvidia Chief Financial Officer Colette Kress.
The company noted that in the long run demand from the mining sector could either fall or, conversely, rise. This depends on market conditions, as well as “changes in the standards and mechanics of cryptocurrencies, including, but not limited to, the forthcoming Ethereum 2.0 standard.”
In February, Nvidia halved the hash rate of the desktop GeForce RTX 3060 to make the model less attractive to miners.
In March, the company decided to reduce the hash rate further on three GPUs — Nvidia GeForce RTX 3080, 3070 and 3060 Ti.
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