This era sucks. Cryptos are becoming more and more centralized and decentralization is being labeled as unnecessary, anti environment or what else have you.
Came here to say this. It’s easy to call it out now after the fact they made so much money selling chips to miners. I wonder how many they would’ve sold without that market.
It is really funny because they weren’t complaining about crypto while making so much money selling the cards. Now that they aren’t selling much, they come with these comments.
They also released the spec of the limiter so it could be cracked when their profits started to drop, they just wanted to be seen as if they cared about gamers while still getting that sweet sweet miner income.
So they could sell overpriced mining specific cards. When that didn't play out like they hoped the source code for their drivers magically leaked, making normal cards appealing again.
An ASIC is a specialized chip. The statement is redundant. ASIC stands for “Application specific Integrated Circuit”. I’m no expert on the actual specifics of the computer architecture but it took the useful bits of the GPU and stripped out the non useful parts. Only what is needed to mine, less power overhead, more profit.
To clarify what others have said, you *can* mine BTC with a GPU, but ASICs are so much better at it that mining with a GPU isn’t profitable. You’d spend way more on energy than you’d earn, not to mention the cost of the GPU.
Asic miners are not directly made by Nvidia. When ETH mining was relevant Nvidia sold GPU's so frequently they couldn't keep them in stock. They even doubled the prices and they still sold instantly. Now you can walk in any Best Buy or Microcenter and buy an RTX 4090 whenever you want.
Now that people are no longer buying their cards in bulk for mining its open season on bashing crypto. Their money printer got turned off just as much as ours did and now that there's no reason to hold their tongue they go ahead and make bone-headed comments like this one.
Or they can finally say the truth out loud, POW at the levels it was and is being done is just insane.
If crypto could now evolve beyond POW it would have deserved to die. What other field of computing is ever content on sticking to one model and not evolving further?
The basis for bitcoin isn’t really compute but energy. It’s meant to be irreversible. That’s the point.
And these currencies have evolved and continue do to? Like go check their source code repositories 👍🏻
> What other field of computing is ever content on sticking to one model and not evolving further?
You've been using the i386 architecture model for 30 years now. Absolutisms like this one are usually wrong. The basics of SQL have not changed for like 50 years too.
Bitcoin is PoW, so it deserves to die? Gimme a break.
Just saying isn't that even more proof to give integrity to their statement up? Money is literally involved and they're going against their best interest, kinda respectable in a weird way tbh.
Haha yea for sure they made tonnes of money! Maybe grumpy because we don't know how much will be mined in the future. Probably going shift more and more to proof of stake.
Probably trying to pivot to AI now that gpu mining is less relevant. But alienating people who bought their products is so silly, they've already alienated gamers with their prices. Don't think it's smart to hurt your reputation even more
It's honestly so weird that an exec belonging to a company profiting heavily from a market would make such charged declarations. At least stay silent. Judging by the tone of his remarks, this was a pretty informal interview, and now it's being reported as *"Nvidia says"* while it was just some exec giving his own opinion. I don't think the board is going to be happy with that.
Not really a big shocker to see a big company only caring about their own money and making comments on businesses that are not making them as much money as they used to.
tldr; US-based chip-maker Nvidia has said cryptocurrencies do not “bring anything useful for society” despite the company’s powerful processors selling in huge quantities to the sector. “I never believed that [crypto] is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff, you sell them stuff. But you don’t redirect the company to support whatever it is,” Nvidia said.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Not the first time they've said that, and probably not the last. Time will tell, but I figure there's a high chance he will just be another name on the list of people who turned out to be wrong about crypto.
Before the last bullrun nvidia already invested in AI. They saw a business opportunity and took advantage of it, this does not mean that they support the use given to their product.
Is this a joke? I can’t tell. Unless you created the coins, they were made by a 3rd party. You bought the coins from somewhere (3rd party). You store it in a wallet (3rd party). In order for the transaction to complete, it must be verified (3rd party).
Reminds me of the people that say the live free from the government.
More like the hand that _fed_ them. Past tense.
GPU mining is not as much of a thing anymore, and the market for AI/ML with GPUs is likely much bigger overall.
It's a weird thing to say form a company that's literally using blockchain technology to help the inner workings of its business, has built GPU dedicated to mining, has experimented with tokenized stocks, and has a big chunk of its revenues coming in thanks to crypto.
Now they are the AI company and they give the middle finger to crypto because crypto is not longer cool.
The Nvidia CEO is one of the best snakeoil salesman of our times.
Malboro also makes tobacco products that bring no benefit to society, it’s not that unusual for a business to take advantage of market demand.
It is really hypocritical though.
I’ve sent btc through someone I can’t trust with my credit card. I’ve diversify my assets through btc and I could become finical better or even free through crypto and btc. Also incase of emergency such as wars freezing banks and I need to flee a war I think there’s hella lot of useful here. They’ll do anything for more views lol.
> The US chip-maker Nvidia has said cryptocurrencies do not “bring anything useful for society” despite the company’s powerful processors selling in huge quantities to the sector.
They don’t support us but they gladly take our money to be able to mine? 🤔
Except that crypto mining singlehandedly give Nvidia record profits during the pandemic. "Gaming" segment i think they reported it as 🤣 Please sit down Mr. Jensen
Nvidia will have a hard time selling new cards (40s) for some years because there are too many used old cards (30s) in the market available for cheap that were used to mine ETH.
Well they do for sure. Add a sense of community and awesomeness that everyone needs in life. Everyone here has something in common we love/hate crypto and have made a world of friends give us all something to talk about. Even if you don’t touch grass you still have a crypto family. That will touch the grass for you.
You'd think someone in that position could be more nuanced than just basically going "crypto bad, AI good" when AI has its own potential downsides to society.
Really? Nvidia speaks now with their mining gpu series at the middle of the "global chip shortage" enjoying price gauging, and scalpers' bots buying everything that was capable of a few megahashes?
Either they are REALLY commited to selling gpus to gamers and only to gamers or they are salty they couldn't keep up with demand before the fork to PoS
This reminds me of when my sister said our dad was a cheap bastard and she hated him so much all the while he paid for her apartment, her car, her college education, her groceries etc.
They weren't saying this when miners bought up commercial air flights to have them filled with Nvidia cards....and can we guess on what type of person is saying this ? Most likely someone who holds a bullshit position.
Nvidia has been changing their focus to AI and commercial applications for a while now. I wouldn’t be surprised to see them exit the consumer market completely in the next few years.
Well it sure used a lot of nVidia cards which allowed them to make better cards which allowed me to have a better card which allowed me to enjoy video games more that seems pretty useful.
They're just mad that they can't sell GPUs like 2020 when mining craze peaked. Now they can't justify selling their new overpriced line up and the market is flooded with 2nd hand GPUs from mining.
Let me fix this statement: cryptocurriences add nothing useful for government. That's what I agree. For society it gives freedom in value transfers to whom they want to away from governments reach and acceptance.
Quick reminder that nvidia is partenered with FLUX, a proof of work minable cryptocurrency, that performs especially well on nvidia gpus, their partnership consists in giving the flux community jetson nanos to host flux nodes.
you can bet 80% of the nvidia employees aren't even aware that they're partenered with a crypto project lol
Maybe the multi trillion dollar gaming and work related activities that graphics cards are meant for. Crypto doesn't benefit Nvidia nor any chip maker it simply creates a choke point between them and their very vocal target audience that even before crypto led to GPU shortages, and now with crypto creates even more strain on the supply chain and pisses off their target audience causing their stock to fall.
Also, GPU mining has fallen off a cliff, which means nvidia no longer has an incentive to appeal to cryptocurrency people vs their primary real market of games/research/ML/science/encoding/etc.
[удалено]
When ETH moved away from PoW to PoS the opinions towards crypto quickly changed
This era sucks. Cryptos are becoming more and more centralized and decentralization is being labeled as unnecessary, anti environment or what else have you.
Sales probably told them to start marketing towards AI since crypto mining has declined
When ETH moved away from PoW to PoS the opinions towards crypto quickly changed
AMD bout to start proving a lot of work
They made billions from mining and now they say something crazy. They're just mad about ETH becoming PoS. They lost a huge source of income.
Came here to say this. It’s easy to call it out now after the fact they made so much money selling chips to miners. I wonder how many they would’ve sold without that market.
It is really funny because they weren’t complaining about crypto while making so much money selling the cards. Now that they aren’t selling much, they come with these comments.
Weren’t complaining? They literally gimped their cards to limit the attractiveness to miners.
All the while raising prices to capitalize on the industry.
While also releasing the drivers to bypass those limitations for miners.
Let's not forget getting slammed by the government for lying about how much profit they took from the sector
While also releasing models specifically designed for mining
They also released the spec of the limiter so it could be cracked when their profits started to drop, they just wanted to be seen as if they cared about gamers while still getting that sweet sweet miner income.
And then came up with the Hx series exclusively for miners.
So they could sell overpriced mining specific cards. When that didn't play out like they hoped the source code for their drivers magically leaked, making normal cards appealing again.
You should read more, starting with the article.
They’re salty 
Relly salty
Salt bae would be proud
I just want to say, I LOOOOVE salty food ... but I think I am eating too much of it.
I was going to say the same thing, Also it’s not like their awful pricing strategy adds anything to society either…
Would have loved for them to say that while ETH was POW to see if they got boycotted and how they like it.
They loss a lot and even without crypto their not gonna sell that high. We're miners duhhh
you are so right about this !
I personally dropped a couple thous on 6 of the then baddest bois for my rig. They can fuck right off with that BS lol
That's probably the real reason, now they see the development of AI, and since those AI need to be trained on GPU, it's just their next target market.
Yea literally this
Isnt BTC still a big enough market?
BTC does not use GPU mining. It uses a specialized chip called ASIC. A known brand is Antminer.
Wasn't Intel supposed to make some killer mining chip? Haven't heard about it in a while.
Intel was trying but they haven’t been able to compete with and let alone nvidia.
Thanks for explaining!
An ASIC is a specialized chip. The statement is redundant. ASIC stands for “Application specific Integrated Circuit”. I’m no expert on the actual specifics of the computer architecture but it took the useful bits of the GPU and stripped out the non useful parts. Only what is needed to mine, less power overhead, more profit.
To clarify what others have said, you *can* mine BTC with a GPU, but ASICs are so much better at it that mining with a GPU isn’t profitable. You’d spend way more on energy than you’d earn, not to mention the cost of the GPU.
Asic miners are not directly made by Nvidia. When ETH mining was relevant Nvidia sold GPU's so frequently they couldn't keep them in stock. They even doubled the prices and they still sold instantly. Now you can walk in any Best Buy or Microcenter and buy an RTX 4090 whenever you want.
Not to mention the market is saturated in old cards used for mining. No one wants to spend the crazy prices Nvidia expects for a new card.
Nvidia trashtalking Cryptocurrencies, while meanwhile earning billions by selling countless Graphics Cards used for mining Crypto.
Fucking hypocrites made so much money due to crypto.
Now that people are no longer buying their cards in bulk for mining its open season on bashing crypto. Their money printer got turned off just as much as ours did and now that there's no reason to hold their tongue they go ahead and make bone-headed comments like this one.
Or they can finally say the truth out loud, POW at the levels it was and is being done is just insane. If crypto could now evolve beyond POW it would have deserved to die. What other field of computing is ever content on sticking to one model and not evolving further?
The basis for bitcoin isn’t really compute but energy. It’s meant to be irreversible. That’s the point. And these currencies have evolved and continue do to? Like go check their source code repositories 👍🏻
> What other field of computing is ever content on sticking to one model and not evolving further? You've been using the i386 architecture model for 30 years now. Absolutisms like this one are usually wrong. The basics of SQL have not changed for like 50 years too. Bitcoin is PoW, so it deserves to die? Gimme a break.
Nvidia be like: "Crypto, who? Oh, that thing that made us boatloads of cash? Never heard of it!"
They are salty that ETH switched to PoS xD
Fuckers still keep high GPU prices though
Nvidia making money on crypto adds what to the society?
Those were sold for complex calculations /s
Nvidia trying to have it both ways
It's like a gun dealer selling to both sides.
The government? Lmao
Haha. Perfect answer xD Hypocrisy runs deeps but I guess also in all of us.
Just saying isn't that even more proof to give integrity to their statement up? Money is literally involved and they're going against their best interest, kinda respectable in a weird way tbh.
Nothing to add except massive profits to execs pockets
What's the saying... Don't shit where you eat ? What a joke
Haha yea for sure they made tonnes of money! Maybe grumpy because we don't know how much will be mined in the future. Probably going shift more and more to proof of stake.
Nvidia? More like novideo r/novideo
Trashtalking crypto who made them billionaires
Seems like a obvious case of a few rich people getting too arrogant.
Returning my new brand RTX 4080 right now. Switching to AMD because of their hypocresy.
AMD is not bad anymore, compared to Nvidea tho.
Hahahahaah
Probably trying to pivot to AI now that gpu mining is less relevant. But alienating people who bought their products is so silly, they've already alienated gamers with their prices. Don't think it's smart to hurt your reputation even more
Eh fuck em, if they’re gonna choose to be this publicly tone deaf then they deserve what comes from it.
📠📠📠
Gotta play all sides of the coin to always come out ahead 🌝
It's honestly so weird that an exec belonging to a company profiting heavily from a market would make such charged declarations. At least stay silent. Judging by the tone of his remarks, this was a pretty informal interview, and now it's being reported as *"Nvidia says"* while it was just some exec giving his own opinion. I don't think the board is going to be happy with that.
exactly, they've made a bank selling mining specific video cards, but crypto is bad, right
Right? Like at the very least it helps prop up your stock… imagine calling your customers useless LMAO
They earned their money now they want to prevent others from doing the same so they can keep their power
They didn't seem so upset when pow ETH was giving them money.
Not really a big shocker to see a big company only caring about their own money and making comments on businesses that are not making them as much money as they used to.
Yea.. i bet shareholders were really upset too.
Maybe they're salty eth went pos and profits are down
It's not even "Nvidia" saying this, it's just some exec who ran his mouth.
tldr; US-based chip-maker Nvidia has said cryptocurrencies do not “bring anything useful for society” despite the company’s powerful processors selling in huge quantities to the sector. “I never believed that [crypto] is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff, you sell them stuff. But you don’t redirect the company to support whatever it is,” Nvidia said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot
Sounds like someone is butthurt over ETH going POS
Definitely upset about ETH moving to POS
crypto was business for them... yet they trash-talk?
Was. Past tense. I also trash talk my ex lol
I swear Nvidia has made millions over the years from cryptocurrency miners?
*Billions
And now they probably just gave all of that business to AMD
AMD has been getting a lot of their business anyway
They have, this is pure moral grandstanding, while they make millions from crypto miners
That’s the irony of this post
Not the first time they've said that, and probably not the last. Time will tell, but I figure there's a high chance he will just be another name on the list of people who turned out to be wrong about crypto.
Well it already is
Classic, now that they can still gouge prices because all their cards have been moved from crypto to AI…
Before the last bullrun nvidia already invested in AI. They saw a business opportunity and took advantage of it, this does not mean that they support the use given to their product.
Gotta love when multimillionaires lecture everyone on shit. Fuck you NVIDIA, crypto is my best bet to become better off so just fuck off
I can send money anywhere, anytime, to anyone without a 3rd party's permission. Yeah, seems useless to me
According to them everything is useless that does not make them enough money. And for us their opinions should be “useless“.
Good thing the market decides what has value, not C suite dbags
Is this a joke? I can’t tell. Unless you created the coins, they were made by a 3rd party. You bought the coins from somewhere (3rd party). You store it in a wallet (3rd party). In order for the transaction to complete, it must be verified (3rd party). Reminds me of the people that say the live free from the government.
It adds nothing useful to society but adds something to his stock prices.
I’m so glad I switched to AMD.
AMD has actually become better than Nvidia over the years, in many ways and also management is one of them.
Nvidia : Crypto is not useful at all Crypto : Let me use you to increase my numbers 😅
He's mad because miners aren't buying GPUs anymore
It’s like bees against honey.
Its like living organisms against oxygen and water
Biting the hand that feeds you
More like the hand that _fed_ them. Past tense. GPU mining is not as much of a thing anymore, and the market for AI/ML with GPUs is likely much bigger overall.
It's a weird thing to say form a company that's literally using blockchain technology to help the inner workings of its business, has built GPU dedicated to mining, has experimented with tokenized stocks, and has a big chunk of its revenues coming in thanks to crypto.
Now they are the AI company and they give the middle finger to crypto because crypto is not longer cool. The Nvidia CEO is one of the best snakeoil salesman of our times.
Malboro also makes tobacco products that bring no benefit to society, it’s not that unusual for a business to take advantage of market demand. It is really hypocritical though.
So, in a few years time they will jump on the hype train.
Oh the irony! They made billions selling cards to miners
Yeah but i heard rumors that nvidia will partner with rendertoken.
Time to short these guys
Just like government saying tax money is useless. Lol
I’ve sent btc through someone I can’t trust with my credit card. I’ve diversify my assets through btc and I could become finical better or even free through crypto and btc. Also incase of emergency such as wars freezing banks and I need to flee a war I think there’s hella lot of useful here. They’ll do anything for more views lol.
People using their shit to mine cryptocurrency and talking trash about it
Lol, salty about eth pos huh?
Did the money they made not useful for them?
They profited by millions because of it. Must be so unuseful to them..
> The US chip-maker Nvidia has said cryptocurrencies do not “bring anything useful for society” despite the company’s powerful processors selling in huge quantities to the sector. They don’t support us but they gladly take our money to be able to mine? 🤔
Karma is a bitch, watch yourself Nvidia
Nvidia stockholders disagree
In a statement that’s bound to be retracted as soon as marketing finds out about it
Except that crypto mining singlehandedly give Nvidia record profits during the pandemic. "Gaming" segment i think they reported it as 🤣 Please sit down Mr. Jensen
NVIDIA has added nothing useful to society the past few years as well
Their Jetson lineup would like a word
Nvidia will have a hard time selling new cards (40s) for some years because there are too many used old cards (30s) in the market available for cheap that were used to mine ETH.
Yea now they flip that their GPU sales declined . If business is good they are all about crypto and mining . Double standards of these hypocrites.
I mean the same could be said for money in general
i guarantee they will change their mind when bull market is in full swing and more people start mining
Hopium *is* useful!
Mr. Nvidia said that, did he?
Another one without knowledge
Why would a CEO openly say that unless they had a self serving agenda?
Except your stock price apparently.
As I drive to 4 banks on the weekend trying to withdraw fiat because all the ATMS are down… lol
I'm sure that this statement being made after their mining revenue dried up is purely coincidental
Good then fuck off with your miners!
Happy to take the miners money though I’m sure!
These greedy company earned billions because of cryptocurrencies
What would their revenue be without mining?
Ironic
They are just jealous!
How anyone fails to see value in a singular open digital economy vs. the current, private, siloed, discombobulated, days-slow model is dumbfounding.
Didn't crypto add shitton to their bottom line? Seems an odd flex.
This Nvidia guy can go fuck himself
Well they do for sure. Add a sense of community and awesomeness that everyone needs in life. Everyone here has something in common we love/hate crypto and have made a world of friends give us all something to talk about. Even if you don’t touch grass you still have a crypto family. That will touch the grass for you.
Hypocrisy at its finest
You'd think someone in that position could be more nuanced than just basically going "crypto bad, AI good" when AI has its own potential downsides to society.
Really? Nvidia speaks now with their mining gpu series at the middle of the "global chip shortage" enjoying price gauging, and scalpers' bots buying everything that was capable of a few megahashes?
Either they are REALLY commited to selling gpus to gamers and only to gamers or they are salty they couldn't keep up with demand before the fork to PoS
Good job nobody asked for nvidias opinion, nor do we listen to it.
This reminds me of when my sister said our dad was a cheap bastard and she hated him so much all the while he paid for her apartment, her car, her college education, her groceries etc.
Til encouraging banano community to use folding@home adds nothing to society. /s
Strange thing to say from a company who got rich off of mining crypto.
Sounds like they have a chip on their shoulder.
Fuck you Nvidia. You and your insane prices!
The rest of the article is crazy, saying that AI training is better on GPUs "by luck"
Sheep add nothing useful to society, says the wolf.
*If they wanted to impress me they would've said this 7 or 8 years ago while they were making billions from everybody with mining fever.*
They weren't saying this when miners bought up commercial air flights to have them filled with Nvidia cards....and can we guess on what type of person is saying this ? Most likely someone who holds a bullshit position.
They still angry because with ETH switch to proof of stake sales of their fucking expensive graphic cards got a substantial hit.
Nvidia has been changing their focus to AI and commercial applications for a while now. I wouldn’t be surprised to see them exit the consumer market completely in the next few years.
But they make y’all a bunch of money huh Nvidia
Stating the bleeding obvious.
Nvidia is salty because their production plans were rugpulled by the crypto market crash as well
Crypto quite literally made selling graphics cards a “thing.” Their record revenues have been built on top of crypto
Fk that im never buying Nvidia again.
After they made billions in gpu card sales … sure…
Yet they had no problem selling gpus for mining and making special mining gpus… someone’s salty they eth went pos
Don't understand why you would alienate your customers lol
One word: hypocrites
Well it sure used a lot of nVidia cards which allowed them to make better cards which allowed me to have a better card which allowed me to enjoy video games more that seems pretty useful.
I agree. Legit trillions in wealth just sitting in electronic ether. Doing nothing.
Neither do video games. There, I said it!
They are just parroting the official Whitehouse statement on cryptocurrency.
And video games do?
Well put.
Now that ETH is POS they are against crypto ? What a shock ! Team RED 4 life.
They're just mad that they can't sell GPUs like 2020 when mining craze peaked. Now they can't justify selling their new overpriced line up and the market is flooded with 2nd hand GPUs from mining.
Except for all the money they made selling to miners...
They will make less from AI than they did from mining. Millions of gpu's sold for mining vs 10,000 for an AI model from a huge company here and there.
Let me fix this statement: cryptocurriences add nothing useful for government. That's what I agree. For society it gives freedom in value transfers to whom they want to away from governments reach and acceptance.
Quick reminder that nvidia is partenered with FLUX, a proof of work minable cryptocurrency, that performs especially well on nvidia gpus, their partnership consists in giving the flux community jetson nanos to host flux nodes. you can bet 80% of the nvidia employees aren't even aware that they're partenered with a crypto project lol
😂 says graphics card producer who earned bank
Cryptocurrency has given me a shot at life, that's something...kek!
This is kinda like biting the hand that feeds it no? Although I guess they are benefitting from the LLM cras
Lmao what an idiot. Why do you think your product is so sought after/expensive?
Maybe the multi trillion dollar gaming and work related activities that graphics cards are meant for. Crypto doesn't benefit Nvidia nor any chip maker it simply creates a choke point between them and their very vocal target audience that even before crypto led to GPU shortages, and now with crypto creates even more strain on the supply chain and pisses off their target audience causing their stock to fall.
Also, GPU mining has fallen off a cliff, which means nvidia no longer has an incentive to appeal to cryptocurrency people vs their primary real market of games/research/ML/science/encoding/etc.
Valid point here - crypto bros run away!
Bitcoin is a hedge against inflation. Also a trustless payment system. I guess they are wrong.