Nvidia Doesn't Believe Crypto Mining Is The Reason For GPU Shortages

The company CFO says that supply issues would've been the same with or without the resurgence of mining profitability.

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Nvidia believes that the popularity of its latest Ampere-powered GPUs, which has seen them largely out of stock for several months, is not solely due to the popularity of cryptocurrency mining, the company's CFO reported during its latest earnings quarter.

Nvidia CFO Colette Kress participated in the Raymond James Institutional Investors Broker Conference Call, explaining that the demand for the company's latest range of GPUs would have affected supply as much as it has even if mining didn't become as profitable again as it has.

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"Our quarter for gaming, for example, probably would have been the same with or without crypto because we're supply constrained," Kress explained, via WCCFTech. "So we'll continue to watch this. We believe that our CMP product will allow us better visibility for understanding the size of crypto within our quarter."

Nvidia is keenly aware of the demand for mining focused GPUs, however, with the company announcing a whole new range of hardware specifically for that market. CMP GPUs will be specifically designed for mining popular currencies such as Ethereum, while hashing rates on the just-released RTX 3060 have been reduced to try and ensure that only gamers are picking them up.

That won't help stock issues in the short term, with Nvidia and AMD expecting supply to be problematic at least until the second half of 2021. How Nvidia plans to supply its GeForce customers and now its new CMP customer base has yet to be determined.

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