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NVIDIA says cryptocurrencies add nothing to the society - VideoCardz.com

NVIDIA sees cryptocurrencies as useless to the society NVIDIA GPUs used for cryptomining, Source: NC Micheal Kagan, NVIDIA Chief Technology Officer said that cryptocurrencies do not bring anything useful to society, reports The Guardian. There is a better use for all that processing power, such...

videocardz.com

Micheal Kagan, NVIDIA Chief Technology Officer said that cryptocurrencies do not bring anything useful to the society, reports The Guardian. There is a better use for all that processing power, such as artificial intelligence, as the company is now focusing its data-center business on LLM (Large Language Model) AI tech, he adds.

In 2021, NVIDIA made its first attempt to stop the cryptocurrency boom impacting the RTX 30 GPU series. A new variant of RTX 3060 GPU was released featuring “Lite Hash Rate” technology which was said to reduce the mining efficiency. This technology was later added to the rest of the RTX 30 GPU series with some exceptions. However, just a couple of months later, cryptomining software developers were partially able to overcome the limitations of the LHR algorithm, and slowly unlocking full mining performance a year later.

In 2022, NVIDIA was forced to pay 5.5 million dollars as part of the settlement with the SEC (U.S. Securities and Exchange Commission) because they did not inform the investors on how mining impacts the GPU demand. Furthermore, according to the SEC filing, NVIDIA was aware of cryptocurrency mining driving part of their business and even claims that NVIDIA senior management wanted to go after the crypto mining market, as reported by CNBC.

The last cryptoboom had a massive impact on the GPU market. With GPU prices skyrocketing (and unfortunately remaining) at unimaginable levels. It may take months if not years before GPUs return to normal prices, if that is going to happen at all.

Good to see NVidia denouncing mining for the uselessness that it is for the world.
Although a bit hypocritical, considering how much money they made during the mining boom.
And that they are still trying to push the exorbitant prices of that era, to regular gamers.

 

[Ownage]

Co-rekt.

 

[feynoob]

 

[chromhound]

But your revenue is down by 21% from last year...

 

[T4keD0wN]

Nvidia is still stuck on the denial stage of grief.
Cant wait for the bargaining one.

 

[BennyBlanco]

I bet their shareholders disagree

 

[Puscifer]

Nvidia is still stuck on the denial stage of grief.
Cant wait for the bargaining one.

I'm sorry but they can also go screw themselves, we knew cards like the 4080/4090 existed when suddenly they spun up one last farm before it became useless.

What they mean to say is "We lost the ability to eat off this ourselves after fleecing millions of people out of their COVID checks and desperation to make money in a time of uncertainty and without AI enterprise customers buying our 4080s/4090s for cheap processing we'd be fucked"

 

[HL3.exe]

Fuck off captain hindsight. Where was this retoric from Nvidia while they were profiting during the crypto boom.

 

[Rentahamster]

Except their bottom line

 

[poppabk]

Nvidia - Friendship ended with cryptominers, now AI is my best friend.

 

[Lord Panda]

Gross hypocrites given that they profited immensely from the crypto boom, and did sweet fuck all to curb mining until the very end when they were called out on it.

 

[diffusionx]

I hate Nvidia so much it's unreal

 

[NecrosaroIII]

They're not wrong

 

[ChorizoPicozo]

normal society. but we are talking about the fucked up society.

 

[Sgt.Asher]

Nvidia is still stuck on the denial stage of grief.
Cant wait for the bargaining one.

I hope it's a bargain for me.

 

[Dirk Benedict]

NVIDIA says cryptocurrencies add nothing to the society - VideoCardz.com

NVIDIA sees cryptocurrencies as useless to the society NVIDIA GPUs used for cryptomining, Source: NC Micheal Kagan, NVIDIA Chief Technology Officer said that cryptocurrencies do not bring anything useful to society, reports The Guardian. There is a better use for all that processing power, such...

videocardz.com

Good to see NVidia denouncing mining for the uselessness that it is for the world.
Although a bit hypocritical, considering how much money they made during the mining boom.
And that they are still trying to push the exorbitant prices of that era, to regular gamers.

Despite me having an Nvidia GPU in my rig, fuck Nvidia. Fuck this company and fuck me for chasing stupid shit during covid.

 

[Ownage]

My GTX 970 and my i7 4770 are still flexing all over those 2015 games. I built that rig then, and it's still bulletproof now.

Why pay moar?

 

[Unknown Soldier]

I bet their shareholders disagree

I am an NVDA shareholder, I'm quite happy with the way things are going

 

[Nobody_Important]

And they are correct.

 

[AJUMP23]

Didn’t they sell cards for mining crypto.

 

[Billbofet]

Facts

 

[Kenpachii]

So does the 4000 series.

 

[Nobody_Important]

Didn’t they sell cards for mining crypto.

No they sold cards. They are not responsible for what people to with them and they don't have to support it. That's like saying a car maker supports human trafficking because their vans are favorited by perverts and weirdos.


Once the product is in the consumers hands it is out of theirs. Though I am sure their stock holders was very happy with the outcome. (I was)

 

[ahtlas7]

Sure added a lot of real $$ to their coffers!

 

[GymWolf]

Absolutely hilarious coming from them.

 

[SJRB]

"Crypto is trash," says company that made billions of dollars on crypto.

 

[AJUMP23]

No they sold cards. They are not responsible for what people to with them and they don't have to support it. That's like saying a car maker supports human trafficking because their vans are favorited by perverts and weirdos.


Once the product is in the consumers hands it is out of theirs. Though I am sure their stock holders was very happy with the outcome. (I was)

Crypto Mining GPU for Professional Miners

The best GPU for mining that gives cryptocurrency pros maximum performance. Only through NVIDIA Partners.

www.nvidia.com

Right in the tag from their website:

NVIDIA Cmp Hx
Dedicated GPU for Professional Mining​