While Nvidia scales back its cryptocurrency mining aspirations, three prominent miner manufacturers are planning to launch initial public offerings (IPOs) â with their eyes set on billions.
There was a time when you could barely get your hands on a top Nvidia graphics card, but those times are long gone. With a steep decline in Bitcoin and cryptocurrency prices comes an increase in average users unplugging their miners or using their graphics cards for gaming.
As noted by Reuters, the US-based chipmakers expect âno contributionâ to revenues from cryptocurrencies in the near future after Q2 miner sales fell far below expectations. Nvidia sold $18 million in crypto miners â nowhere near analystsâ predictions of $100 million.
Undeterred IPO Plans
Nvidiaâs results have done little to deter prominent Chinese mining equipment manufacturers Bitmain, Canaan Inc., and Ebang International Holdings, however. All three companies are planning IPOs â but some experts are skeptical.
Nevertheless, mining interest on the macro level is still as strong as ever.
Hash Rate Hits All-Time High (Again)
Quinlan certainly has a point â and one which many experts tend to overlook.
Though mining revenue is down, Bitcoinâs hashrate is currently at an all-time high â which means that more computational power is being lent to the worldâs most famous blockchain than ever before.
Drawing More Attention
The three companies IPO plans will undoubtedly draw regulatory scrutiny from Hong Kong authorities, but it is clear that each sees mining as a viable business going into the future.
What do you think about Nvidiaâs disappointing Q2 results and Bitmainâs, Canaanâs, and Ebang International Holdingsâ plans to launch IPOs? Do you think Bitcoinâs hashrate will only continue to rise? Let us know your thoughts in the comments below!Â
