Nvidia, one of the industry-leading manufacturers of computer hardware, has been recently involved in cryptocurrency mining. This move on their part did lead to a decrease in their stock options. However, Jensen Huang, the company CEO and founder, has no plans to back down.
According to Huang, while speaking to Mad Money TV host Jim Cramer, cryptocurrency is here to stay. He noted how these decentralized currencies became popular and popular the previous year which also lead to an increase in the interest level of most of these currencies. Now granted, with the drop in the cryptocurrency craze, the company’s share prices also suffered.
Expanding on the precise reason why Nvidia entered the cryptocurrency market, Huang explained that their devices were the perfect candidate which could meet the high processing demands of crypto-mining. Alongside, Huang also mentioned how they are currently manufacturing GPUs which are ideally suited for mining cryptocurrencies. Similarly, blockchains - the technology underlying each cryptocurrency, also needs a powerful computer which can be used to distribute all over the world, and at the same time be safe and immutable. The Nvidia manufactured GPUs are also ideal for this task as well.
Afterward, Huang went on to acknowledge all the advancements that are being done in the field of blockchain technology. He noted that the technology would be of huge influence in the near future. He further predicted that blockchains along with cryptocurrencies would play a huge role in the GPUs that are coming out in the recent future.
Finally, he stated that despite there being a growing craze in cryptocurrency market, it will not be the sole driver for their future plans of expanding the business. Nvidia who is currently known for dealing hardware for the gaming industry and also for their involvement with data center industries to intended to see crypto-mining as a future core business, but at the same time, they are also investing in the autonomous car driving industry and professional graphics visuals.