Nvidia “never had plans for cryptocurrency” ahead of its doomed fling with miners

Nvidia CEO Jen-Hsun Huang has confirmed that the company “never had plans for cryptocurrency”, despite its massive impact on the company's financials and inventory. The graphics giant, which is still operating in an over-fed market, was one of the biggest gainers, and subsequent losers, of the crypto-crash, eventually lending to a dramatic share price crash in October 2018. But Huang says it hadn’t planned for that massive surge in demand that would later leave it high and dry. In a press conference over in Tel Aviv, Huang claims that “cryptocurrency found us”. Meaning the cryptocurrency scene, set on churning over huge numbers of hashes every second to strike crypto-gold, required accelerated computing power, and its only option (barring AMD, of course) was to buy up as many Nvidia GPUs as possible. The meteoric rise in cryptocurrency left Nvidia in an advantageous position. And the company chased the cryptocurrency rabbit - as evident by the looming oversupply still ravaging its financials to this day. It was selling more GPUs than it could muster, and evidently decided to cater to that market by shipping a whole lot more out to the channel.