NVIDIA’s Cryptocurrency Mining Processors- the CMP – generated revenues of $266 million in Q2, the company announced in its latest financial results.
Earlier this year, NVIDIA stated it expected the CMP to generate $400 million in revenue.
NVIDIA first released its CMP in response to crypto miners using its GeForce GPUs for mining purposes. This prompted the company to introduce Low Hash Rate (LHR) GPUs such as the RTX 3060 with drivers that curb mining capabilities.
CMP Revenue Fails to Hit Target
Speaking on cryptocurrency mining, NVIDIA CFO Colette Kress said the “combination of crypto to gaming revenue is difficult to quantify.”
She noted 80% of the Ampere GeForce GPUs shipped in Q2 were LHR processors. However, Kress said the company expects “minimal contribution” from the CMP in the future.
The CMP revenue formed part of NVIDIA’s ‘OEM and Other’ Revenue, which generated $409 million – up 25% quarter on quarter.
The NVIDIA CMP and the GeForce hash rate driver limits primarily focused on Ethereum mining. NVIDIA listed its CMP 90HX as having an Ethereum hash rate of 86 MH/s.
However, with the Ethereum 2.0 update set to replace Ethereum mining with Ethereum staking for validating blocks, the CMP may face further struggles in the coming quarters.
NVIDIA’s overall Q2 revenue was $6.51bn – up 68% from the previous year.
Read More: Bitcoin Mining Difficulty: What Is It?
[Featured Photo by Christian Wiediger on Unsplash]