According to an announcement from the famous chipmaker Nvidia, the firm has announced a boost in its expectation at the end of the first quarter of next year. In the previous announcement, the firm positioned that it was expecting a turnover of nothing less than $50 million by the first quarter of 2022.
A recent update has put the company’s protection of returns at $150 million, adding a further $100 million income to the previous estimation that it made. The newly developed miner known as CMP is an industrial-grade miner that works for mining Ethereum. The development was first brought to the media around February as the company reiterated its stance to continue making chips for mining the second crypto.
Demand has outpaced the supply of the CMP miners
Their projections were born out of the massive surge in the rise of their graphics chip when the coronavirus pandemic was still fresh in the open. At that period, the firm pointed out that it is expected to sell about $5.3 million worth of all miners, including the newly designed CMP miner.
In their statement, the company pointed out that they have continued to see a huge surge in demand for their miners as, at this point, supply is still low compared to the demand for their graphics chips. The Chief Financial Officer of the firm, Collette Kress, mentioned that with the way things are going, she wouldn’t be surprised that the demand might be ahead of the supply as that was what they were projecting till the end of this year.
When the CMP was launched, Nvidia mentioned that it was built specifically for mining Ethereum as gamers would not be able to use it due to a lack of the GeForce GPU. The company mentioned that even though it looks like they are prioritizing the CMP over the GeForce chips, the availability has not dwindled.
Ethereum inches closer to 2.0 upgrade
In the past, crypto miners have always had to buy the chips from Nvidia, which has contributed to a massive need for the company to provide more chips. It has also caused scarcity of the chips at some point in the last few months. The PC gamers that were usually the recipients of the GPUs also voiced their outrage at the act.
Away from the gamer’s and miner’s angle, Ethereum has continued to perform exceedingly well in the market in the last few days, judging by how near the movement to the Ethereum 2.0 proof of stake model. If this is completed, mining Ethereum would be useless., However, the network might still rely heavily on the miners’ activities, the same used by other digital assets like Bitcoin.
At this point, Ethereum miners have recently been tasked with using very complex miners as the activity on the network is now getting increasingly complex over the last few years. The hash rate of miners have also climbed up to harsh highs in the market.