The High Demand for Cryptocurrency Mining Equipment was Unexpected in 2017
The fact that more and more people and even companies have become interested in mining activities is no secret. In fact, several cryptocurrency mining centers have opened last year in different locations around the world. Now, the demand for cryptocurrency mining equipment shows how great the growth has really been.
Nvidia surprised by demand for cryptocurrency mining gear
Nvidia has been one the most popular manufacturers of cryptocurrency mining GPUs. The company said that the demand from miners in 2017 has been so great that the company was not able to anticipate it.
The highest growth was registered in the fourth quarter of the year, when Nvidia reported a record revenue.
The company revealed at that time that its revenue had increased by 34%.
Nvidia confessed to the fact that one of the main reasons for this huge growth is the fact that cryptocurrency miners have been buying its graphics cards in bulk. The founder and CEO of the company, Jensen Huang, said that 2017 had been a great year for the company in terms of sales:
“We achieved another record quarter, capping an excellent year. In a powerful sign of our progress, attendees at Nvidia’s GPU Technology Conferences reached 22,000, up tenfold in five years, as software developers working in AI, self-driving cars, and a broad range of other fields continued to discover the acceleration and money-saving benefits of our GPU computing platform.”
The fact that sales linked to cryptocurrencies were higher than what the company expected was also confirmed by the CFO of Nvidia, who said that the demand "exceeded our expectations." Some analysts have reportedly claimed that Nvidia obtained no less than hundreds of millions due to cryptocurrency related sales. The company itself did not reveal a number.
