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An badyst at RBC Capital Markets says Nvidia has generated $ 1.95 billion in total revenue from bitcoin and crypto-mining, "far more than the $ 602 million reported by Nvidia .
According to RBC's Mitch Stevens, from April 2017 to July 2018, Nvidia should have generated about $ 2.75 billion in revenue, according to hashrate data for Ethereum and other exploitable cryptos.
Stevens also pointed out another interesting fact: Nvidia accounts for 75% of gpu and AMD's market, the remaining 25%. AMD is another popular title that is doing well because of their Bitcoin and Crypto revenues.
These are estimates based on his badysis of the company's results reports according to the Business Insider, in which we read:
"According to AMD's guidance, cryptographic exposure was $ 234 million in the first quarter of 2018, which is approximately 25% of the total revenue generated by cryptography." Steves added.
It is unclear what proportion of ethereum hashrate is in the literature, with some even suggesting that it does not exceed 10%, while others say it reaches 60%.
There is, however, a potential correlation between Ethereum hashrate and Nvidia's share price, although it may be too early to determine its magnitude.
Below is an image of Ethereum hashrate extraction over time.
We can see that the price of Nvidia has increased since 2016, this small rise in the 1920s somewhat resembling the little hashrate (and price) of the same year.
Refer to the photo below for a quick look at the NVidia share price.
Of course, there was a lot happening in October on the stock market. There was a mini-bear in all stock indexes, so correlation does not imply causality.
However, the correlation is good enough for it to be a mere coincidence, so there could have been causality.
In 2017, the explosion of the price of Ethereum resulted in a stock-out of the Gpus, while people were eager to search for coins in new coins. Equity investors may then have allocated a portion of their funds to gpus manufacturers: Nvidia and AMD. A certain correlation is therefore to be expected.
If sales of gpu to minors reach almost $ 3 billion, then they may be very exposed to the prices of cryptography and industrial mining.
Overall, we are seeing companies moving away from the mining model because of the bear market we are currently experiencing with cryptography.
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