• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, August 19, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

Nvidia Fined $5.5M for Hiding Cryptomining Revenue in 2018

May 9, 2022
in Trading
Reading Time: 2 mins read
A A
ShareShareShareShareShare

Related articles

Iran Begins Paying for Imports with Cryptocurrencies

August 10, 2022

Justin Sun Starts Trading Ethereum Potential Hard Fork Tokens Earlier Than Scheduled

August 9, 2022

The Nvidia Corporation has agreed to pay a penalty of $5.5M for not properly disclosing its revenue from cryptocurrency mining in 2018. The American tech hardware corp received a civil charge for violating the Securities Exchange Act and misleading investors during the 2017-2018 cryptocurrency boom.

Nvidia failed to disclose “that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units (GPUs) designed and marketed for gaming”, the recent Securities and Exchange Commission (SEC) order stated.

Gaming GPUs Were Used to Mine Crypto

2017 witnessed the unprecedented growth of the crypto market, as the prices of digital coins soared to historic highs. The resulting boom of the cryptocurrency mining industry created excessive demand for high-end GPUs, eventually leading to shortages.

At the time, GPUs were one of the most effective tools for mining digital coins. Their prices reached extreme new highs, and led to Nvidia’s market value almost tripling during the crypto-mining boom. As Bitcoin’s price crashed in 2018, GPU demand slumped accordingly, leading to a decrease in Nvidia’s revenue in the final quarter of 2018.

In consecutive quarters of Nvidia’s 2018 fiscal year, the company reported growth in revenue of its gaming hardware. As later reported by the SEC, Nvidia was aware that the increase in gaming GPU sales was largely caused by cryptocurrency mining hype. Despite this fact, Nvidia failed to disclose these significant earnings, which were associated with the volatile industry, to its customers, as it was required to do. 

Investors accused Nvidia of falsely reporting that the demand for GPU came from gamers, not cryptocurrency miners. According to them, Nvidia claimed that the reduced demand from crypto miners would not negatively impact its business. As a result, the decline witnessed in Nvidia’s revenue and stocks in 2018 led investors to record losses, who later launched a class-action lawsuit against the company.

According to the current SEC order, Nvidia misled customers by providing information about its growing gaming business, without also disclosing the fact that other aspects of the company’s business were being driven by demand for digital currencies. Nvidia therefore created the impression “that the company’s gaming business was not significantly affected by cryptomining.” 

Nvidia has reportedly agreed to a “cease-and-desist” order, and will pay a $5.5 million fine. The SEC has not provided any further details on the terms by when the penalties will be carried out.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Today Instagram May Announce NFTs Support: Report

Next Post

Hoskinson Appreciates EUTxO As An Easy Tool For Devs

Related Posts

Iran Begins Paying for Imports with Cryptocurrencies

August 10, 2022

The import request made by the Iranian government this week was confirmed by the Tasnim agency, according to Reuters. This...

Justin Sun Starts Trading Ethereum Potential Hard Fork Tokens Earlier Than Scheduled

August 9, 2022

On Sunday, August 7th, Justin Sun surprised traders as he opened up trading for “potential forked” Ethereum (ETH) tokens ETHW...

Bitcoin Stock-to-Flow model creator PlanB promotes ‘quant investing’ via ByBit to ‘100x’ HODL strategy

August 8, 2022

PlanB, the infamous creator of the stock-to-flow (S2F) model for Bitcoin, has seemingly abandoned the HODL strategy in favor of...

Ethereum breaks $1.8K first time since June crash – up 104% from local market bottom

August 8, 2022

The price of Ethereum has broken $1,800 for the first time since the market crash in June amid the Terra...

Poloniex launches new trading system focused on speed, stability and usability

August 1, 2022

Cryptocurrency exchange Poloniex has launched a new trading system to provide users with greater stability, speed, and usability.The new trading...

Load More
Next Post

Hoskinson Appreciates EUTxO As An Easy Tool For Devs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Will BONE Double in Price Before Shibarium Launch?

August 12, 2022

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

August 12, 2022

India’s ED freezes $46 million of Vauld’s funds on money-laundering charges

August 12, 2022

Weekly NFT Sales Show Improvement, Fantom and Immutable X NFT Volume Spikes – Markets and Prices Bitcoin News

August 14, 2022

After WazirX, Valud is Under ED’s Radar – Decoding The Complete Truth – Coinpedia – Fintech & Cryptocurreny News Media

August 14, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • How Will Bitcoin (BTC) Price Perform In the Last 4 Months of 2022?
  • ‘De-risking’ Crypto Firms Potentially Creates ‘Opacity in Financial Conduct’ – Regulation Bitcoin News
  • Cosmoverse is bringing the best of the Cosmos ecosystem to Latin America

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$21,773.00-7.26%
  • ethereumEthereum(ETH)$1,734.51-6.22%
  • tetherTether(USDT)$1.000.05%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • binancecoinBNB(BNB)$284.50-7.81%
  • Binance USDBinance USD(BUSD)$1.00-0.12%
  • rippleXRP(XRP)$0.341114-9.75%
  • cardanoCardano(ADA)$0.469852-13.03%
  • SolanaSolana(SOL)$36.25-11.44%
  • dogecoinDogecoin(DOGE)$0.069886-13.82%
  • polkadotPolkadot(DOT)$7.47-11.81%
  • Shiba InuShiba Inu(SHIB)$0.000013-12.85%
  • Lido Staked EtherLido Staked Ether(STETH)$1,687.86-6.01%
  • daiDai(DAI)$1.00-0.19%
  • AvalancheAvalanche(AVAX)$22.37-13.45%
  • tronTRON(TRX)$0.064779-5.18%
  • matic-networkPolygon(MATIC)$0.79-12.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$21,775.00-7.13%
  • OKBOKB(OKB)$19.04-9.36%
  • leo-tokenLEO Token(LEO)$5.14-3.46%
  • ethereum-classicEthereum Classic(ETC)$34.67-15.07%
  • litecoinLitecoin(LTC)$55.36-9.22%
  • FTXFTX(FTT)$27.68-8.62%
  • NEAR ProtocolNEAR Protocol(NEAR)$4.44-13.53%
  • chainlinkChainlink(LINK)$7.11-12.93%
  • CronosCronos(CRO)$0.129692-9.27%
  • UniswapUniswap(UNI)$7.08-11.78%
  • cosmosCosmos Hub(ATOM)$10.48-11.51%
  • moneroMonero(XMR)$152.75-9.31%
  • stellarStellar(XLM)$0.108818-10.03%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • FlowFlow(FLOW)$2.31-12.64%
  • bitcoin-cashBitcoin Cash(BCH)$119.21-10.90%
  • algorandAlgorand(ALGO)$0.309368-9.85%
  • vechainVeChain(VET)$0.026155-11.06%
  • filecoinFilecoin(FIL)$6.72-17.72%
  • ChainChain(XCN)$0.082116-3.30%
  • ApeCoinApeCoin(APE)$5.26-14.89%
  • Internet ComputerInternet Computer(ICP)$6.39-13.62%
  • decentralandDecentraland(MANA)$0.85-12.92%
  • The SandboxThe Sandbox(SAND)$1.07-12.32%
  • HederaHedera(HBAR)$0.065247-12.02%
  • tezosTezos(XTZ)$1.62-12.83%
  • FraxFrax(FRAX)$0.99-1.36%
  • QuantQuant(QNT)$102.36-8.96%
  • Axie InfinityAxie Infinity(AXS)$14.75-13.65%
  • eosEOS(EOS)$1.31-9.79%
  • Lido DAOLido DAO(LDO)$2.19-10.81%
  • AaveAave(AAVE)$87.67-11.90%
  • true-usdTrueUSD(TUSD)$1.000.02%