Nvidia Sold $175 Million Worth of GeForce RTX 30 GPUs To Crypto Miners

[TOMPPIX]

 

NVIDIA's GeForce RTX 30 series graphics cards based on the Ampere GPU architecture launched last month and have been short in supply ever since. Reports coming in from financial analysts suggest that NVIDIA had sold a huge chunk of its gaming Ampere GPUs to miners which might indicate why there's an immense shortage and why we won't see a proper retail supply till 2021.

 

Quotes

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For the quarter in review, NVIDIA sold at least $175 million worth of new generation GPUs to ethereum miners, helping the outperformance. The analyst had guided sales to miners to come in at $150 million for the quarter".

Steves noted that the upcoming network upgrade of the Ethereum blockchain, also known as Ethereum 2.0, which is scheduled to take place sometime in December, demands that miners switch over to more efficient mining hardware. NVIDIA's new Ampere GPU chips are thought to meet that need".

 

this is seriously not okay, these cards are meant for gaming not sitting in a warehouse mining cryptocurrency. Nvidia just lost a lot of respect.

 

https://www.tweaktown.com/news/76468/cant-buy-new-ampere-gpu-thats-because-nvidia-sold-them-to-miners/index.html

https://news.bitcoin.com/nvidia-posts-record-q3-earnings-sales-of-gpus-to-crypto-miners-reach-175-million/

[Arika]

1 minute ago, TOMPPIX said:

this is seriously not okay, these cards are meant for gaming not sitting in a warehouse mining cryptocurrency

says who?

 

Miners are customers too. Why are "gamers" more entitled to new GPUs than anyone else?

[TOMPPIX]

3 minutes ago, Arika S said:

says who?

 

Miners are customers too. Why are "gamers" more entitled to new GPUs than anyone else?

Ummm Nvidia.

[Moonzy]

7 minutes ago, TOMPPIX said:

these cards are meant for gaming not sitting in a warehouse mining cryptocurrency.

wh... what?

since when can people tell me what im allowed to do on my hardware?

[TehDwonz]

Just now, Moonzy said:

wh... what?

since when can people tell me what im allowed to do on my hardware?

I think this is a jealousy-thread tbh.

[leadeater]

3 minutes ago, Moonzy said:

wh... what?

since when can people tell me what im allowed to do on my hardware?

I think the point was at some point in time Nvidia said something about getting these in to the hands of gamers, or something like that. Basically someone is wanting to point out that this seems a bit two faced if that was the case. 

[GoldenLag]

2 minutes ago, leadeater said:

I think the point was at some point in time Nvidia said something about getting these in to the hands of gamers, or something like that. Basically someone is wanting to point out that this seems a bit two faced if that was the case.

wasnt that comment in regards to scalpers and the use of bots? so not related at all to the cryptomarket?

[Moonzy]

1 minute ago, leadeater said:

I think the point was at some point in time Nvidia said something about getting these in to the hands of gamers, or something like that. Basically someone is wanting to point out that this seems a bit two faced if that was the case.

it's a free market, whoever have the cash will get the cards

nvidia doesnt care if you use it as a paper weight, they're flying off the shelves.

 

no business will lower their sales/profit just because someone wants them to do it

[leadeater]

1 minute ago, GoldenLag said:

wasnt that comment in regards to scalpers and the use of bots? so not related at all to the cryptomarket?

Dunno, it's not like a pay much attention to what Nvidia (sales people) say. Fat stacks of cash talks, we all know that lol.

[leadeater]

5 minutes ago, Moonzy said:

it's a free market, whoever have the cash will get the cards

nvidia doesnt care if you use it as a paper weight, they're flying off the shelves.

 

no business will lower their sales/profit just because someone wants them to do it

Well yes, but there is still something to be said about a company publicly saying one thing and then doing something else. That has nothing to do with money, said companies just shouldn't make statements like that if they have no intention of following it through. In same same way equally stupid people shouldn't make claims about having good availability while knowing that will not and could not possibly be the case.

 

But who am I to recommend companies not say stupid things 

[porina]

If true, then disappointing from a gamer perspective.

 

I do wonder, in what form do these sales take place. Presuming nvidia are selling the 30 series FE to miners, since if AIBs were involved we might hear more separately. I'd guess more likely 3070 and 3080 since the high VRAM and cost of the 3090 is unlikely to make that attractive, unless the miners get different much pricing. Will the miners have to pay over retail rates to get up the queue? Or is there essentially some discount for a bulk buy? It could go either way. You might say, why would nividia discount a card they know they can sell at higher price, there could be efficiencies of scale to make fewer large sales more attractive over many smaller sales at higher price.

 

So just how many GPUs is $175M worth? If we split the difference between 3070 and 3080, let's say an average cost of $600 each. That's nearly 300k units. Do we have an estimate of how many have got out regular sales for comparison? 

[SupaKomputa]

Well if nvidia can sell that much, AMD will sell even more as radeon cards usually perform better in cryptos.

Not only they screw the gamers, but also the AIB partners for not having enough chip supplies.

[Blademaster91]

Mining farms shouldn't be more entitled to gaming graphics cards than the consumer these cards should be sold to. This is nvidia saying one thing, claiming theres "unprecedented demand" and saying they're trying to keep up but actually doing another thing lying to the consumer and selling directly to mining companies. Not sure if that's even legal but nvidia has enough money to avoid any legal trouble. 

[Master Disaster]

8 minutes ago, Blademaster91 said:

Mining farms shouldn't be more entitled to gaming graphics cards than the consumer these cards should be sold to. This is nvidia saying one thing, claiming theres "unprecedented demand" and saying they're trying to keep up but actually doing another thing lying to the consumer and selling directly to mining companies. Not sure if that's even legal but nvidia has enough money to avoid any legal trouble. 

How exactly are they lying? I'd like a sourced quote from Nvidia saying anything in relation to miners not getting cards.

 

Fun fact: Nvidia are a business, shocking I know but its true. They are in it for the profit and they owe nothing to anybody, Miners are customers in the same way Gamers are, Nvidia can choose to sell their cards to whoever they choose. Its called the free market for a reason.

 

22 minutes ago, porina said:

So just how many GPUs is $175M worth? If we split the difference between 3070 and 3080, let's say an average cost of $600 each. That's nearly 300k units. Do we have an estimate of how many have got out regular sales for comparison? 

Why does it even matter? Nvidia could have sold every card they had ready for the launch directly to miners (I have my suspicion that AMD did) and there would be nothing any of us could do about it other than start a Twitter brigade.

 

Their business, their product.

[Arika]

24 minutes ago, TOMPPIX said:

Ummm Nvidia.

20 minutes ago, leadeater said:

I think the point was at some point in time Nvidia said something about getting these in to the hands of gamers, or something like that. Basically someone is wanting to point out that this seems a bit two faced if that was the case. 

 

I'm assuming you're refering to a statement in January 2018 (almost exactly 2 years ago) made by Boris Bohles, PR manager in Germany during the last crypto-currency boom. with the exception of a severely outdated and empty linked-in profile, i can find no evidence that he still works for NVidia.

 

So unless we're holding companies to statements made by former employees from 2 years ago, companies are allowed to change.

[leadeater]

5 minutes ago, Arika S said:

 

I'm assuming you're refering to a statement in January 2018 (almost exactly 2 years ago) made by Boris Bohles, PR manager in Germany during the last crypto-currency boom. with the exception of a severely outdated and empty linked-in profile, i can find no evidence that he still works for NVidia.

 

So unless we're holding companies to statements made by former employees from 2 years ago, companies are allowed to change.

For me I dunno, just saying the sentiment likely comes from something most likely relating to something like that. I couldn't care less what Nvidia says, so much is out of their control anyway. I can wait how ever long it takes to get something i want, not going to die waiting.

[AlTech]

27 minutes ago, porina said:

If true, then disappointing from a gamer perspective.

 

I do wonder, in what form do these sales take place. Presuming nvidia are selling the 30 series FE to miners, since if AIBs were involved we might hear more separately. I'd guess more likely 3070 and 3080 since the high VRAM and cost of the 3090 is unlikely to make that attractive, unless the miners get different much pricing.

MLID was saying that Nvidia is just wholesale selling GA102 and GA104 dies to Mining companies and that they produce their own coolers, bios, drivers etc.

[AlTech]

26 minutes ago, SupaKomputa said:

Well if nvidia can sell that much, AMD will sell even more as radeon cards usually perform better in cryptos.

Not only they screw the gamers, but also the AIB partners for not having enough chip supplies.

This time AMD has nerfed RDNA2 mining performance on purpose to avoid them being used for mining.

[Moonzy]

Just now, AluminiumTech said:

MLID was saying that Nvidia is just wholesale selling GA102 and GA104 dies to Mining companies and that they produce their own coolers, bios, drivers etc.

if it was just dies, the unit count should be much higher, unless it's $600 per chip, that'd be quite insane

[AlTech]

Just now, Moonzy said:

if it was just dies, the unit count should be much higher, unless it's $600 per chip, that'd be quite insane

that would include each chip + memory since Nvidia doesn't sell GPUs without also selling VRAM.

[SupaKomputa]

3 minutes ago, AluminiumTech said:

This time AMD has nerfed RDNA2 mining performance on purpose to avoid them being used for mining.

really? they made so much money on mining cards, why would they ever do that?

[GOTSpectrum]

57 minutes ago, TOMPPIX said:

this is seriously not okay, these cards are meant for gaming not sitting in a warehouse mining cryptocurrency. Nvidia just lost a lot of respect.

I buy GPUs specifically for folding, I have four running atm, they have never seen a game. Is this also not okay or am I good? 

 

Y'know just seeing as you seem to the person to ask about what GPUs can be used for even though I've paid for them. 

[leadeater]

Just now, GOTSpectrum said:

I buy GPUs specifically for folding, I have four running atm, they have never seen a game. Is this also not okay or am I good? 

No, it's terrible. It means I'll never catch you in points!

[RejZoR]

54 minutes ago, Arika S said:

says who?

 

Miners are customers too. Why are "gamers" more entitled to new GPUs than anyone else?

Because selling them to miners sets no loyalty, creates no ecosystem, creates a very short term infusion of cash with zero long term income. Miners just buy whatever brings them best mining ratio. Gamers on the other hand, if ecosystem is good and NVIDIA generally does that well creates loyalty, people return to them even if prices may not be the lowest, gaming as such is a perpetual thing and people buy again and again. Mining craze only lasts short time and then no one gives a fuck about it.

 

NVIDIA is in no dire need for quick bucks. But building a reliable and steady stream of graphic card sales is something you want. It's the steady reliable and predictable increase in income that every company wants. Making quick buck is when you only have a company to milk it and sink it. It would be stupid of NVIDIA going this approach because we know they are really for along term mission here.

 

And same really goes for AMD too. They need to build up the ecosystem and make sure it's strong so they can hook up people and create loyalty. Going foer quick buck and selling cards to miners would be stupid thing to do for same reasons I've stated for NVIDIA. AMD too doesn't need a quick buck. They've come far with RDNA and Ryzen, it would be stupid to ruin that and look at it short term.

[Moonzy]

5 minutes ago, RejZoR said:

Mining craze only lasts short time and then no one gives a fuck about it.

that's what people have been saying since 2013, and yet here we are

 

5 minutes ago, RejZoR said:

But building a reliable and steady stream of graphic card sales is something you want.

it's more like miners are more willing to use bots to buy up cards for their use

even if nvidia dont sell it to them directly, they could've just bought it from legit sources

 

"bots isnt fair" well, welcome to the real world, kiddo