The market for Nvidia chips — mostly valued among those who mine digital currencies like bitcoin or ethereum — seems to be in a bit of a down cycle these days.
The firm’s revenue from crypto-related products is down by more than 50 percent in Q3, down to $70 per unit from $150 per unit during the prior earnings period.
Nvidia’s graphics processing units have seen a massive boost from the great bitcoin explosion (though Nvidia’s GPU products are also popular for gaming and machine learning applications) as GPUs allow miners to better optimize the complex computing work they need to do to mine the currencies.
“Crypto is small for us but not zero, and I believe that crypto will be around for some time,” Nvidia CEO Jensen Huang said on the earnings call.
AMD, which competes with Nvidia in the GPU market, has also warned investors of slowing growth. CEO Lisa Su said noted “some leveling-off of some of the cryptocurrency demand” last month.
Cooling aside, Huang did note that he’s optimistic about the crypto market going forward — and the place of Nvidia’s CUDA GPUs within it.
“The ideal platform for new emerging digital currencies turns out to be a CUDA GPU,” he said.
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