Cryptocurrency makes Nvidia profits doubled due to demand for chips

Nvidia's semiconductor maker reported a net profit of $ 1.12 billion, nearly double the $ 655 million in the last quarter of 2016, after cryptomonas mining and high demand for data center chips increased sales of the company by 34%, to 2.91 billion dollars, according to Reuters.

The main source of revenue for the company remains, however, the video games sector, which generated $ 1.74 billion for the company, more than half of the total.

Nvidia dominates the video card market in front of the Advanced Micro Devices (AMD) rival.

Also, Nvidia supplies processors for Nintendo Switch game consoles, which have led to the revival of the Japanese company affected by smartphones.

On the other hand, AMD is the maker of the processors on Sony Play Station 4 and Microsoft Xbox One consoles.

Boom of virtual coins :
More recently, however, crypto coins boom has increased demand for graphics chips of Nvidia and AMD so much that the price of video cards has grown massively.

Crypto coins are generated by complex computer calculations by powerful computer networks. The power of the graphics chips is used to solve these calculations.

The virtual currency bubble has been deflated lately, after the Bitcoin price has fallen from $ 13,000 to $ 8,300.

Cloud computing :
Also, revenues from the sale of chips to data centers have doubled to $ 606 million. One of Nvidia's customers is Microsoft Azure, the giant cloud computing platform in Redmond.

It followed the era of self-driven cars :
The next step for the company is the entry into the auto field, the company designing chips for autonomous cars. Already Nvidia is producing chips for Tesla, but recently announced a partnership with Volkswagen for autonomous cars.

The Japanese SoftBank technology giant holds about 4% of Nvidia shares.