CryptoWinter Reduces the Income of Miners
It was expected that the decline in the cost of the first cryptocurrency led to a decrease in mining activity. Many large pools were forced to slow down their activities and to freeze part of the capacity.
Private miners were affected even more. They stopped mining, that is why difficult times have come for video card manufacturers. Nvidia complains that it suffered a real financial collapse in the fourth quarter of 2018 due to the fall of the market.
Its revenue is 24% less than three months earlier, and 31% less than in the second quarter of 2018 according to the financial report published this week.
Due to crypto winter, Nvidia faced an overabundance of products, which the company tried to sell off. The founder and CEO of the company, Jensen Huang, described the fourth quarter of 2018 briefly:
“It was a turbulent period ...”
Of course, revenues have fallen during the last quarter of the year, but overall, Nvidia has nothing to complain about. Its revenue for the year amounted to $11.72 billion which is 21% more than in 2017. Therefore, Jensen Huang added:
“Our markets are still strong and we are looking forward to returning to sustainable growth!”
Our E-Chat Team Opinion
Our project is not afraid of crypto winter. We will systematically and purposefully implement our plans for expansion. Our type of mining is eco-friendly and economical. Proof of Replication does not involve the use of enormous power. We do not harm ecology and care about the environment!