AMD: GPU Sales to Crypto Miners Was 'Negligible' in Q3

AMD announced it saw "negligible" revenue from selling graphics cards to the crypto mining community over the past quarter.

AccessTimeIconOct 24, 2018 at 9:05 p.m. UTC
Updated Aug 18, 2021 at 10:07 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

AMD's sales of graphics cards to cryptocurrency miners have all but dried up.

The chip manufacturer generated "negligible" revenue from blockchain-related GPU sales in the third quarter, accounting for only a "high single digit percentage" of the company's top line, AMD said Wednesday. This followed a drop in this type of revenue in the previous quarter.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Overall, AMD'S computing and graphics revenue slid 14 percent from the second quarter, though revenue from this business line was up 12 percent compared to a year earlier.

    In its last quarterly report in July, AMD stated that about 6 percent of its second-quarter revenue came from selling to crypto miners – down from 10 percent in the first quarter.

    At the time, AMD said that it expected GPU sales to miners to continue to decline, a prediction that was borne out by Wednesday's report.

    On a July 25 conference call, CEO Lisa Su said the company was "expecting very little from blockchain," and it had lowered its forecast for revenue from the industry.

    The company has been tempering market expectations for revenue from GPUs since at least March, however. In its annual 10-K filing, AMD warned that the instability in the cryptocurrency market could hurt its revenue from sales in the sector.

    AMD image via JHVEPhoto / Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.