Bitcoin Miners Defy Skeptics as Hash Rate Rises

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 “no contribution” to revenues from cryptocurrencies in the near future after Q2 miner sales fell far below expectations. Nvidia sold $18 million in crypto miners — nowhere near analysts’ predictions of $100 million.

Undeterred IPO Plans

Nvidia’s 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 — 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 — and one which many experts tend to overlook. Though mining revenue is down, Bitcoin’s hashrate is currently at an all-time high — which means that more computational power is being lent to the world’s 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 Nvidia’s disappointing Q2 results and Bitmain’s, Canaan’s, and Ebang International Holdings’ plans to launch IPOs? Do you think Bitcoin’s hashrate will only continue to rise? Let us know your thoughts in the comments below!