Share this article
Nvidia Says Q4 Crypto Miner Demand Was as Weak as Expected
Nvidia has cut its 4Q revenue forecast, which already factored in reduced demand for GPUs used in crypto mining.
By Nikhilesh De
Updated Sep 13, 2021, 8:50 a.m. Published Jan 28, 2019, 8:30 p.m.
Make us preferred on Google
Nvidia had more disappointing news for investors Monday, but for once the cryptocurrency mining slump was not directly to blame.
In updated guidance released Monday, the graphics card manufacturer warned it now expects to report only $2.2 billion of revenue for its fiscal 2019 fourth quarter, which ends Jan. 31, down from a previous estimate of $2.7 billion.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The earlier forecast had already factored in a drop in demand for graphics processing units (GPUs) used in crypto mining, Nvidia said, and sales of the extra graphics cards have kept pace with those expectations.
"Exiting Q3, we estimated channel inventory would be largely depleted within one to two quarters, or between February and April," CEO Jensen Huang wrote in a letter to shareholders. "Our view of that today remains unchanged."
The problem is that economic woes and uncertainty, particularly in China, hurt demand for GPUs among Nvidia's other customers – gamers and data centers.
"Q4 was an extraordinary, unusually turbulent, and disappointing quarter," Huang wrote.
Nvidia will report its full fourth-quarter results on February 14.
The company has been warning of a "substantial decline" in revenue from cryptocurrency miners for some time now.
Nvidia anticipated bringing in $100 million during the second quarter of fiscal 2019, but only saw $18 million.
"Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward," chief financial officer Colette Kress said during an earnings call last summer.
Its competitor, AMD, had likewise cautioned that a drop in demand for GPUs by miners would "materially" impact its GPU business.
Nvidia image via michelmond / Shutterstock
Mehr für Sie
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Was Sie wissen sollten:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Mehr für Sie
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
Was Sie wissen sollten:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
