Nvidia’s crypto revenue drops as Ethereum heads to proof of stake

Chip mkaer Nvidia has seen its sales crash as Ethereum miners anticipate the cryptocurrency to change its protocols to a less processing heavy method. — REUTERS/File Photo

Chipmaking giant Nvidia Corp.’s revenue from cryptomining processors dropped by over 75% in the three months ended December compared to the previous quarter.

The decline comes as Ethereum miners anticipate the second largest cryptocurrency’s switch to a less intensive proof-of-stake consensus mechanism, which would no longer require powerful graphics cards or specialised computers to secure transactions.