.nvidia has dismissed the importance of blockchain for its business
Ethereum's Merge upgrade, which marked Ethereum's transition to the proof-of-stake consensus mechanism, unleashed a tsunami of used graphics cards .ditched proof of work, millions of GPUs that were used by miners were no longer needed.
Nvidia Chief Financial Officer Colette Kress admitted that the upgrade negatively affected demand for some of its products.Nvidia experienced an unprecedented sales boom in 2017 because of the GPU mining frenzy that took over the cryptocurrency market. Its crypto-related revenue then sank rapidly in 2018 due to sharply declining cryptocurrency prices.The U.S.
In 2020, a group of investors also sued Nvidia for misleading them about the nature of its sales. However, the company prevailed in court, with the judge arguing that plaintiffs did not manage to adequately prove that the chip giant misled them.The chip giant's revenue for the third quarter reached $5.93 billion, outperforming analysts' expectations.
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