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Nvidia’s Role in Cryptocurrency Mining
Nvidia (NASDAQ: NVDA) is a leading provider of graphics processing units (GPUs) that can be used to mine Bitcoin (CRYPTO: BTC) and other cryptocurrencies. Although the share of Nvidia’s revenue from crypto mining is currently small, the company is positioned to play a significant role in mining remaining Bitcoin tokens as the supply of Bitcoin is capped at 21 million.
With the mining of new Bitcoin becoming increasingly challenging, Nvidia’s GPUs are in growing demand to meet the computational power needs. As of now, Nvidia’s core business is heavily centered on data center processors, and the demand for artificial intelligence (AI) applications is also contributing to strong revenue growth.
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