It seems that the US Securities and Exchange Commission It has in look at Nvidiato the point of imposing a fine of $5.5 million dollars for not telling his investors how much of his income comes from purchases of crypto miners.
That is, from those who buy graphics cards and instead of using them to play the latest video games, they use them to generate cryptocurrencies in ‘farms’.
Specifically, this punishment corresponds to the years 2017 and 2018. The charge against him is ‘inadequate disclosures about the impact of crypto mining’.
It was in 2017 that those who were dedicated to building PCs had a difficult time getting a card from the company. All because of the crypto miners who saw in the technology of Nvidia an easy way to earn money. A situation that continues to worsen.
All due to the global shortage of chips caused by the coronavirus pandemic. COVID-19. In 2018, the company revealed that it had revenues of more than $9 billion, half of which came from the video game sector.
But this manufacturer did not mention which sales corresponded to crypto mining. The figures had a dramatic increase in fiscal year 2017, even reaching 52% in one quarter. Truly spectacular!
Authorities blame Nvidia for failing to disclose sales to crypto miners
The US Securities and Exchange Commissionalso known as SEQsays in your report what Nvidia failed to reveal that crypto mining was a ‘significant element of your material income’.
All due to the sale of their video game graphics cards to crypto miners. The fact is that the company, aware of the consumption of its products, currently handles special processors for those dedicated to crypto mining.
Despite this, many crypto miners continue to use graphics cards from Nvidia focused on video games to set up their coin mining operations; especially in China.
The fact is that the company cannot know exactly how many of its cards are used for said activity. You can only make estimates and nothing else. As for the fine, although it is considerable, it does not punish this manufacturer very much.
If you want to know more about Nvidia consult landgamer. We still have more information about technology in general. Follow our news on Google news so as not to miss any.
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