Are cryptocurrency miners to blame for the poor availability of NVIDIA's RTX 30 series? A new report from Barron's seems to hint at this as investment magazine reveals analysts think NVIDIA sold at least $175 million worth of Ampere-based GPUs to cryptocurrency miners during the firm's fiscal third quarter.
After a two year bear market, cryptocurrency prices have shot up again and this is sparking renewed interest for AMD and NVIDIA GPUs. While it's great news for NVIDIA's and AMD's bottom-line, it's bad news for gamers as it means more competition for the limited supply of GPUs.
For the quarter in review, Nvidia sold at least $175 million worth of new generation GPUs to ethereum miners, helping the outperformance, according to a note from RBC Capital Markets analyst Mitch Steves. 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.